APAC hailed as largest F&B stores market in 2020

Globally, the market is expected to benefit from a steady economic growth.

Asia Pacific emerged as the largest region in the global food and beverage stores market in 2020, accounting for 63% of the market, according to a report from The Business Research. It is followed by Africa, which accounted for 12% of the global market.

The global food and beverage stores market size is expected to grow from $1.71t in 2020 to $1.87t in 2021 at a compound annual growth rate (CAGR) of 9.7%, mainly attributed to the companies rearranging their operations and recovering from the pandemic.

The market is expected to reach $2.47t in 2025 at a CAGR of 7%, as it will benefit from steady economic growth forecasted for many developed and developing countries. The International Monetary Fund predicts that the global GDP growth will be 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. Emerging markets are also 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 report stated.