According to the research report titled ‘Global Food & Grocery Retail Market Size study, by Product (Packaged Food, Unpackaged Food, Drinks, Tobacco and Household Products), by Application (Bakery & Confectionery, Meat, Poultry & Seafood, Dairy Products, Beverages and Others) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global food & grocery retail market was valued at USD 12.29 trillion in 2020 and is expected to grow at a healthy rate of 5%, over 2021-2027, reaching a valuation of USD 17.29 trillion by the end of the forecast period.
 

Rising retail sales and a surge in middle-class consumers are propelling the growth of global food & grocery retail market. Furthermore, increasing food demand, rising e-commerce sales, and a burgeoning food processing sector are likely to open new opportunities for businesses operating in this domain.
 

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Despite the positive outlook, supply chain disruptions are likely to impede market growth during the forecast period. 
 

Based on product type, the market is categorized into household products, packaged foods, unpackaged foods, tobacco, and drinks. In terms of application, the market is classified into convenience stores, supermarkets & hypermarkets, and online. 
 

From the regional standpoint, global food & grocery retail industry spans across Asia Pacific (India, Japan, South Korea, China, Australia), North America (U.S., Canada), Europe (Germany, Italy, UK, France, Spain), and Latin America (Mexico, Brazil).
 

Of these, Asia-Pacific market is projected to exhibit a strong growth during the forecast period, propelled by a steady rise in e-commerce retail sales, a big market for processed and packaged food, government regulations aimed at promoting transport & manufacturing, and enhanced private sector investment in the region.
 

The competitive landscape of worldwide global food & grocery retail industry is defined by companies like EnPro Industries Inc., Parker-Hannifin Corporation, Smiths Group Plc, Freudenberg Group, Flowserve Corporation, A.W. Chesterton Company, AB SKF, Trelleborg AB, Aesseal Plc, and IDEX Corporation among others.
 

The report offers a detailed analysis of the key market players by defining their business profiles and product offerings to offer a better understanding of the competitive hierarchy of this business vertical.