The global convenience stores products market size was valued at USD 514.2 billion in 2022 and is expected to expand at a CAGR of 4.2% from 2023 to 2030. Growing demand for convenience stores products, such as snacks, beverages, and ready-to-eat food, is a major factor driving the market during the forecast period. In addition, the growing number of convenience stores and the increasing demand for convenience stores products from the urban population are expected to drive the convenience stores products market.

The increasing penetration of convenience stores in rural areas is expected to be a major factor driving the market. Additionally, the growing consumption of convenience stores products, such as health drinks, energy drinks, and ready-to-drink beverages, is expected to propel the demand for convenience stores products. Furthermore, the growing demand for ready-to-eat food and convenience stores products due to busy lifestyles is expected to further boost the market.

Furthermore, the rising demand for organic products is likely to be a major factor boosting the demand for organic convenience stores products. The rising awareness regarding health and wellness is also expected to drive the demand for organic convenience stores products. Additionally, the growing demand for private label products is expected to be a major factor driving the market. Private label products are gaining traction among consumers due to their low prices, which is likely to drive the market.

Furthermore, the increasing demand for online delivery and the emergence of online convenience stores are expected to drive the convenience stores products market. Furthermore, the growing demand for convenience stores products due to the increasing number of working women is expected to drive the market. The growing popularity of convenience stores products, such as snacks and beverages, among the young population is expected to boost the market. Moreover, the growing popularity of health drinks, energy drinks, and ready-to-drink beverages, is expected to propel the demand for convenience stores products.

The snacks segment led the market and accounted for a share of around 32.4% in 2021. The rising demand for ready-to-eat snacks among consumers is a major factor driving the growth of the market. According to an article published by Food Business News, in August 2020, convenience stores have seen the highest growth in product categories such as ready-to-eat snacks, beverages, and bakery products. Furthermore, the rising popularity of convenience stores in the US and other countries, is further increasing the demand for snacks and other products from such stores.

The beverages segment is anticipated to expand at a CAGR of 8.4% over the forecast period. The increasing demand for health drinks, carbonated drinks, and energy drinks is driving the growth of the segment. Furthermore, the rising popularity of ready-to-drink beverages among consumers and the introduction of new flavors are boosting the sales of beverages from convenience stores. According to an article published by the National Restaurant Association, in January 2020, the sales of carbonated soft drinks in convenience stores increased by 1.3%, while the sales of energy drinks increased by 1.7%.

The convenience stores segment is anticipated to reach a market share of 34.1% in 2022. Convenience stores are one of the most preferred outlets for shopping of convenience products such as packaged foods, beverages, health and beauty care products, and other household products. Consumers prefer convenience stores due to their convenience, as they are located near residential areas and offer a wide selection of products. Furthermore, the presence of convenience stores in rural areas has reduced the gap in the availability of convenience products.

The online segment is anticipated to expand at the highest CAGR of 8.9% over the forecast period. The increasing penetration of the internet in rural areas and the growing trend of online shopping are expected to drive the growth of the segment. The increasing trend of cashless transactions and the availability of discounts and offers on online platforms have been supporting the growth of the segment. Additionally, the growing trend of subscription-based services for convenience products is expected to further drive the growth of the segment.

The packaged food segment accounted for the largest revenue share of 53.7% in the year 2022. This segment is expected to grow at a CAGR of 8.1% during the forecast period. This is attributed to the growing demand for packaged food such as chips, snacks, ready-to-eat meals, and frozen food among consumers. Moreover, the increasing emphasis on healthy eating habits and the proliferation of convenience stores across the globe are also driving the demand for packaged food.

The beverage segment is anticipated to expand at the highest CAGR of 8.5% during the forecast period. Rising health concerns among consumers have increased the demand for healthy beverages such as smoothies, juices, and energy drinks. Moreover, the increasing trend of on-the-go consumption is also driving the demand for convenient beverages from convenience stores. Furthermore, the increasing disposable income of consumers and the increasing trend of urbanization are driving the demand for convenience store beverages.

North America is expected to witness the fastest growth in the coming years. The region is home to prominent convenience stores such as 7-Eleven and Wawa, which offer a wide range of products and services, including food, beverages, and other goods. It is expected that the increasing popularity of convenience stores due to their convenient locations and extended hours of operation will drive the growth of the market in this region.

Asia Pacific is expected to witness the second-fastest growth over the forecast period. Increasing demand for convenience stores in the region is expected to be driven by the growing population, rising disposable income, and increasing urbanization. In addition, the emergence of online convenience stores is expected to provide a significant boost to the market growth in this region. For instance, in January 2021, Amazon opened its first Amazon Go convenience store in India.

In this part of the convenience store products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for the convenience store. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a convenience store products business comes from the sale of products such as food, beverages, cigarettes, magazines, and other items. Projected income from sales should be done by taking into account the current market prices, trends, and the size of the store. Other sources of income include loyalty programs and discounts for frequent customers.

Projecting Expenses
In this section, all the regular expenses related to running the convenience store business will be described. The list of operating expenses includes rent, wages, inventory costs, utilities, insurance policies, advertising, and others. It is important to consider how much of the inventory will be sold and how much will need to be replaced. Additionally, the cost of any necessary permits or licenses should be taken into account.

Some of the key companies operating in the convenience store market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In August 2022, 7-Eleven Inc. launched ‘7-Eleven Now’, a mobile app that allows customers to order items for in-store pickup.

– In September 2022, Circle K launched its new rewards program, ‘Circle K Rewards’, which gives customers discounts and rewards points when they purchase items at Circle K stores.

– In October 2022, Wawa Inc. launched ‘Wawa Rewards’, a loyalty program that gives customers discounts and rewards points when they purchase items at Wawa stores.

Some of the prominent players in the convenience store market include:

– 7-Eleven Inc.
– Circle K
– Wawa Inc.
– Sheetz, Inc.
– Casey’s General Stores, Inc.
– The Pantry, Inc.
– Couche-Tard
– Alimentation Couche-Tard Inc.
– Speedway LLC
– Kum & Go, Inc.

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global convenience store products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Convenience Food
– Dairy Products
– Frozen Foods
– Snacks & Baked Goods
– Soft Drinks
– Alcoholic Beverages
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Convenience Stores
– Online
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Single-Serve
– Multi-Serve

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What is the Potential of Product Innovation?
[A]: Convenience stores are increasingly leveraging technology to improve their customer experience and product offerings. The use of digital and mobile platforms, such as self-checkout kiosks and mobile ordering solutions, can help drive customer loyalty and product innovation. Additionally, the increasing popularity of online ordering for convenience store products is expected to drive product innovation and sales.

[Q]: Who are the Key Players in the Convenience Stores Products Market?
[A]: Key market players in the convenience stores products market include 7-Eleven, Inc., Alimentation Couche-Tard, Inc., Euro Garages, Grocery Outlet, Inc., The Kroger Co., The Pantry, Inc., and Walmart, Inc.

[Q]: Which Region Offers the Largest Opportunity for Sales of Convenience Stores Products?
[A]: North America is expected to be the largest market for convenience stores products, owing to the presence of major convenience stores and the rising demand for convenience stores products in the region.

[Q]: What are the factors driving the Convenience Stores Products Market?
[A]: Factors such as the increasing demand for convenience stores products due to a busy lifestyle, the growth of online ordering, and the availability of a wide range of products are driving the growth of the global convenience stores products market.