Asia-Pacific food and grocery retail market is significantly rising due to growing urbanization, growing population, increasing disposable income, and growing economy at a CAGR of 6.5% during the forecast period 2022-2028. With the growing population and highly growing economies, the Asia-Pacific market has become the hot talk for the food and grocery retail market businesses and market players. The market will expect higher growth due to changing customer buying behavior, convenience offered by supermarkets, hypermarkets, and online retailers, and growing technological adoption in the market.
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Key Trends and Developments Around Asia-Pacific Food and Grocery Retail Market
- Global market players are expanding their businesses through the launch of new stores and outlets in the Asia-Pacific market, driving the growth of the market. For instance, in January 2024, according to NikkeiAsia, Lawson and Seven & I Holdings are expected to top 63,000 combined stores in the Asia-Pacific region by February 2026. 7-Eleven is planning to add about 3,600 stores in the next three years to build a network of 50,000 stores outside of Japan. Whereas Lawson intends to double its entire Asian presence by opening approximately 6,800 stores in China and Southeast Asia.
- Technological innovation and integration to make the customer experience better in the food and grocery retail market in Asia-Pacific are driving sustainable market growth. For instance, in September 2023, A2Z Smart Technologies and HEX 1011 partnered to deploy 20,000 smart carts across the Asia Pacific (APAC) food and grocery retail market from 2023 through 2025. It will increase retailer’s efficiency and customer experience during food and grocery shopping.
- Online businesses are growing their presence in the food and retail grocery market in APAC, especially after COVID-19. These businesses are collaborating with various logistics and supply chain players for effective integration. For instance, in May 2023, Freshippo, Alibaba Group’s digital intelligence-powered new retail company partnered with 13 world-renowned retailers, brands, associations, and consulting firms, to expand its range of quality imports, at the same time as it leverages its global supply chain to tailor premium products with its brands for consumers in China. These retailers include Australian supermarket chain Coles, beef suppliers NH Foods Australia and O’Connor, and Swiss supermarket chain Migros, among others.
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The key market players in the Asia-Pacific food and grocery retail market are Lawsons, Coles, Kroger Co, Carrefour, ALDI Purchasing GmbH & Co. oHG, Amazon, Albertsons Companies, Ahold Delhaize, Target Brands, Inc., Walmart, Schwarz Gruppe, Tesco PLC, Costco Wholesale Corporation, and 7-Eleven, Inc., among others. The market is growing due to strategic investments made by the following key players in the form of mergers, acquisitions, expansions, collaborations, and product launches. The market is expected to grow further due to the high adoption of advanced technology in the retail market. For instance, in September 2022, C&S wholesale grocers partnered with TCS to build an AI-powered distribution model on Google Cloud to enable faster, more predictable, and sustainable distribution.
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