Major companies in the food and beverage stores market include Philip Morris International Inc; PepsiCo; Nestle SA; JBS S. A and Anheuser Busch InBev. The global food and beverage stores market is expected to grow from $1707.
New York, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Food And Beverage Stores Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018888/?utm_source=GNW
29 billion in 2020 to $1872.9 billion in 2021 at a compound annual growth rate (CAGR) of 9.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2472.93 billion in 2025 at a CAGR of 7%.
The food and beverage stores’ market consists of sales of food and beverages and related services by entities (organizations, sole traders and partnerships) that retail food and beverages merchandise, from fixed point-of-sale locations. This industry includes grocery stores, specialty food stores, convenience stores and beer, wine and liquor stores. The food and beverage stores market is segmented into specialty food stores and beer, wine & liquor stores.
Asia Pacific was the largest region in the global food and beverage stores market, accounting for 63% of the market in 2020. Africa was the second largest region accounting for 12% of the global food and beverage stores market. Middle East was the smallest region in the global food and beverage stores market.
Self-checkout technology is being widely used in department stores, specialty stores, and small convenience stores to automate payments. Self-checkout systems are integrated with a mobile software application to collect purchase data and to automatically receive payment. They make use of Near Field Communication (NFC) or quick response code (QR code), which is a machine-readable optical label. This eliminates the need for checkouts, queues, loading and unloading and employees to operate the checkout counter. This type of automation reduces operational costs and saves the time spent on manual billing. Self-checkout systems are being used extensively by retail stores in the USA and the UK. For instance, according to a survey on self-service checkouts of multiple countries found 90% of respondents use self-checkouts, of which Australia and Italy were leading. Wal-Mart has installed 10000 self-checkout systems in its 1200 stores across the USA.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the food and beverage stores market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in decline in manufacture and trade of non-essential goods and an overall decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the food and beverage stores market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The food and beverage stores market are expected to benefit from steady economic growth forecasted for many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a decline in the historic period is further expected to be a significant factor driving economic growth. The US economy is expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Greater economic growth is likely to drive public and private investments, joint ventures, foreign direct investments in the end-user markets, thereby driving the market during forecast period.
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