The global convenience store market size was USD 1,360.4 billion in 2022, expected to reach USD 2,321.9 billion by 2031, expanding at a CAGR of 6.12%. The United States has over 150,000 convenience stores generating about $616 billion annually, with each store averaging about $4 million in sales and $1.7 million in in-store sales. The average net profit ranges from $60,000 to $100,000 annually.
Market Growth Drivers and Trends
Convenience stores offer quick and easy shopping options, catering to busy lifestyles and increasing demand for convenience. Emerging economies with rising populations and disposable incomes are driving market growth.
Industry Landscape and Challenges
California alone has 153,237 convenience stores generating significant revenue per store. While major chains dominate the market, small operators can also succeed with appropriate standards and technology. Price competitiveness, market drivers, and regulatory restraints influence industry dynamics.
Future Market Outlook
The convenience store market is projected to grow to USD 3.73 trillion by 2030, with a 5.9% CAGR over 2023-2030. The US convenience store industry continues to expand, facing challenges and opportunities in product offerings and operational efficiency.