Major companies in the supermarkets and hypermarkets market include Target CorporationCarrefour; Aldi; Wal-Mart; Tesco and Carrefour. The global supermarkets and hypermarkets market is expected to grow from $2498.
New York, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Supermarkets And Hypermarkets Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018892/?utm_source=GNW
09 billion in 2020 to $2632.72 billion in 2021 at a compound annual growth rate (CAGR) of 5.4%. 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 $3289.6 billion in 2025 at a CAGR of 6%.
The supermarkets and hypermarkets market consists of sales all sorts of goods and some services by entities (organizations, sole traders and partnerships) that are engaged in retailing, fresh, frozen and canned foods and dry goods by, including such as tea, coffee, spices, sugar, and flour; fresh fruits and vegetables; and fresh and prepared meats, fish, and poultry to ultimate users. They also have nonfood items in their portfolio. They typically operate on the self-service principle. The supermarkets and hypermarkets market is segmented into supermarkets and hypermarkets.
North America was the largest region in the global supermarkets and hypermarkets market, accounting for 30% of the market in 2020. Western Europe was the second largest region accounting for 26% of the global supermarkets and hypermarkets market. Middle East was the smallest region in the global supermarkets and hypermarkets market.
Supermarkets and hypermarkets are increasingly using blockchain technology to track product details such as source, manufacturing location, transportation modes. Blockchain technology can be described as a data structure that holds transactional records and ensures security, transparency, and decentralization. Due to rising awareness about healthy eating, shoppers are actively looking for the origin and food production methods to understand the entire food supply chain. Blockchain technology enables the users to access labelling information on smartphones giving the user in-depth tracking of data that ensures food quality. For instance, in September 2019, Walmart launched the Walmart Food Traceability initiative that allows users to trace fresh, leafy produce from farm to table in real-time using the IBM Food Trust Network.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the supermarkets and hypermarkets 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 supermarkets and hypermarkets 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 supermarkets and hypermarkets are adopting a robust and cohesive strategy for data analytics in management. This technology is being deployed to enhance supply chain efficiency, streamline operations to engage customers and building loyalty, data has become critical for most retail operations. With the rapid growth in retail data and the availability of technologies to analyse data it will become easier for supermarkets and hypermarkets to identify and meet the needs and expectations of their customers , thus it is expected to drive the market going forward.
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