The Business Research Company’s Food And Beverage Stores Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, June 29, 2021 /EINPresswire.com/ — Asia Pacific is the largest region in the global food and beverage stores market, accounting for 63% of the market in 2020. Africa is the second largest region accounting for 12% of the global market. The Middle East is the smallest region in the global food and beverage stores market.
The global food and beverage stores market size is expected to grow from $1707.29 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%.
Major companies in the market include Philip Morris International Inc, PepsiCo, Nestle SA, JBS S.A, Anheuser Busch InBev.
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As per food and beverage stores market research, the industry is 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.
The food and beverage stores market segments in TBRC’s report are divided by type into specialty food stores, beer, wine & liquor stores and by ownership into retail chain, independent retailer.
Food And Beverage Stores Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides food and beverage stores market overview, forecast food and beverage stores market size and growth for the whole market, food and beverage stores market segments, and geographies, food and beverage stores market trends, food and beverage stores market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Source: EIN Presswire