The Business Research Company’s Food And Beverage Stores Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, April 28, 2021 /EINPresswire.com/ — Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
Self-checkout technology is being widely used in department stores, specialty stores, and small convenience stores to automate payments. Self-checkout systems are integrated with a mobile software application to collect purchase data and to automatically receive payment. They make use of Near Field Communication (NFC) or a quick response code (QR code), which is a machine-readable optical label. This eliminates the need for checkouts, queues, loading and unloading and employees to operate the checkout counter. This type of automation reduces operational costs and saves the time spent on manual billing. Self-checkout systems are being used extensively by retail stores in the USA and the UK. For instance, according to a survey on self-service checkouts of multiple countries found 90% of respondents use self-checkouts, of which Australia and Italy were leading. Wal-Mart has installed 10000 self-checkout systems in its 1200 stores across the USA. Thus, self-checkouts are among key food and beverage stores industry trends.
The food business market consists of sales of food and beverages and related services by entities (organizations, sole traders and partnerships) that retail food and beverages merchandise, from fixed point-of-sale locations. This retail industry includes grocery stores, specialty food stores, convenience stores and beer, wine and liquor stores.
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The global food and beverage stores market is expected to grow from $1.71 trillion in 2020 to $1.87 trillion 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 $2.47 trillion in 2025 at a CAGR of 7%.
Asia Pacific is the largest region in the global food and beverage stores market, accounting for 63% of the market in 2020. Africa was the second largest region accounting for 12% of the global market. The Middle East was the smallest region in the global food and beverage stores market.
Major companies in the food and beverage industry include Philip Morris International Inc, PepsiCo, Nestle SA, JBS S.A, and Anheuser Busch InBev.
The global food and beverage stores market is segmented by type into specialty food stores, beer, wine & liquor stores and by ownership into retail chains and independent retailers.
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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