The global convenience store market size is expected to grow by $806.4 billion from 2022 to 2027, a new report from TechNavio concludes. The two fastest-growing geographic markets will be the Asia-Pacific and North America, with the U.S. accounting for most of the growth in the latter region, the report from the technology research and advisory company finds.
The leading reason for the market’s growth is the increasing demand for convenient food products. “Convenience food products can be referred to as processed, ready-to-eat food that only requires a little bit of preparation before eating, the report notes. “Factors such as an increase in working women and hectic schedules are fueling the increasing preference for convenient food products such as processed meat and poultry products among consumers.”
The market’s momentum translates into an annual percentage growth rate of 6.29 percent during the forecast period.
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