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Convenience Stores Market to grow by USD 930 Billion (2024-2028), driven by rising demand for convenient food products, Report with AI-powered market evolution – Technavio

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NEW YORK  , Dec. 16, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global convenience stores market size is estimated to grow by USD 930 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6.78%  during the forecast period. Growing demand for convenient food products is driving market growth, with a trend towards increase in demand for private-label brands. However, changing buying behavior due to increasing online retailing and e-commerce  poses a challenge. Key market players include Alimentation Couche Tard Inc., Amazon.com Inc., BP Plc, Caseys General Stores Inc., EG Group, Heineken NV, ITOCHU Corp., Krause Group, Kwik Trip, Magnit, Mitsubishi Corp., Murphy USA Inc., Parkland Fuel Corp., PT Sumber Alfaria Trijaya Tbk, PT. Indomarco Prismatama, Retail Group N.V., Royal Farms, Sheetz Inc., and Walmart Inc..

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Convenience Stores Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 6.78%

Market growth 2024-2028

USD 930 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.24

Regional analysis

North America, APAC, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 35%

Key countries

US, China, Japan, Germany, and France

Key companies profiled

Alimentation Couche Tard Inc., Amazon.com Inc., BP Plc, Caseys General Stores Inc., EG Group, Heineken NV, ITOCHU Corp., Krause Group, Kwik Trip, Magnit, Mitsubishi Corp., Murphy USA Inc., Parkland Fuel Corp., PT Sumber Alfaria Trijaya Tbk, PT. Indomarco Prismatama, Retail Group N.V., Royal Farms, Sheetz Inc., and Walmart Inc.

Market Driver

In 2022, private-label grocery and apparel products experienced significant growth worldwide. Major retailers, who dominate the industry, have expanded their private-label product lines. Popular private grocery items, including soft drinks, frozen and refrigerated foods, alcohol, snacks, confectionery, meat, dairy, and sausages, have seen increased demand. Private-label brands offer these products at lower prices, driving demand from retailers. Changing consumer expectations demand premium products at affordable prices, leading to the launch of new private-label brands. This trend is boosting the growth of discount convenience stores. Thus, the rising preference for private-label brands presents lucrative opportunities for the growth of discount convenience stores during the forecast period. 

Convenience stores have become a staple in urban areas due to fast-paced living and increased population density. These retail establishments offer necessities like groceries, household goods, and essentials. Impulse purchases, such as snacks, soft drinks, and confectionery items, also drive sales. Emergency products and fresh food are growing trends, with some stores expanding into the foodservice segment. Traditional corner stores are evolving into mini, expanded, and hyper convenience stores. Strategic locations, self-checkout systems, contactless payment options, and mobile apps are key features. Kiosks and franchising concepts are popular, with home deliveries and fresh food becoming important offerings. Societal trends like holidays and urban lifestyles influence promotional strategies. Necessities like groceries, essentials, and household consumables remain the backbone, while impulse items, such as periodicals, tobacco products, and alcohol, continue to attract customers. Retail investments are on the rise, making convenience stores a lucrative retail business opportunity. 

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 Market Challenges

The e-commerce sector’s continuous growth and the changing consumer buying behavior have significantly impacted the convenience stores market. With the increasing use of technology and the widespread availability of the Internet, consumers now prefer online shopping due to its convenience and flexibility. E-commerce platforms offer secure transactions, cash-on-delivery options, convenient return policies, integrated customer service, product availability, and 24-hour accessibility. These services have encouraged consumers to purchase consumer goods online, leading to a decrease in sales for traditional convenience stores. The growing preference for online shopping among millennials, who have a higher purchasing power, further exacerbates this trend. As a result, the global convenience stores market is expected to experience a negative growth during the forecast period.Convenience stores face several challenges in today’s market. With increased population density in metropolitan areas, retail investments, leading to more retail establishments in congested venues. Franchising concept is popular, but offering unique product offerings, including important items like home consumables, packaged beverages, confectionery items, tobacco products, periodicals, and fresh produce, is crucial. Holidays and emergency purchases drive sales, especially for items like ice, milk, eggs, and cigarettes and tobacco. Traditional stores must adapt to digital transformation, offering home delivery, online goods, foodservice, and time-saving options like self-checkout and inventory management systems. Real estate costs are high in urban areas, making it essential to cater to middle-class populations’ everyday needs. Sustainability initiatives like low-alcoholic beverages, fresh, organic, and low-sugar options are important. Private label brands and national brands must coexist, and plastic waste reduction is a pressing concern.

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Segment Overview 

This convenience stores market report extensively covers market segmentation by  

Ownership 1.1 Independent retailer1.2 Retail chainType 2.1 Traditional convenience store2.2 Mini convenience store2.3 Hyper convenience store2.4 Expanded convenience store2.5 OthersGeography 3.1 North America3.2 APAC3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 Independent retailer-  Independent retailers, privately owned businesses selling manufactured goods, come in two sizes: small and large. Smaller retailers specialize in niche products like vinyl records or photography supplies, which larger retailers often overlook. Larger independent retailers offer a broader range of items, providing a platform for smaller brands. The growing consumer preference for convenience store food products fuels market expansion. Additionally, e-commerce platforms’ increasing penetration in the distribution of convenience products will significantly contribute to market growth during the forecast period.

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Research Analysis

The Convenience Stores market has experienced significant growth in recent years, particularly in urban areas with increased population density. Retail investments have surged in metropolitan areas, leading to an expansion of convenience retail establishments. The franchising concept has played a crucial role in this growth, allowing retail chains to quickly establish a presence in congested venues. Staple products such as household groceries, beverages, and home consumables remain the backbone of convenience stores. However, impulse products and emergency items have also gained importance, catering to the needs of customers on-the-go. Kiosks and Mini Convenience Stores have emerged as popular formats, offering a more focused and streamlined shopping experience. Traditional Convenience Stores have expanded their offerings to include the Foodservice segment, providing hot and cold food options, while Hyper Convenience Stores offer an even wider range of products. The market is diverse, with offerings ranging from necessities to luxury items, including packaged beverages and home deliveries. The convenience retail business continues to evolve, meeting the changing needs of consumers in urban areas.

Market Research Overview

The Convenience Store market is thriving in metropolitan areas due to increased population density and the need for time-saving retail solutions. Retail investments, with franchising concepts becoming increasingly popular. Important items such as home consumables, packaged beverages, confectionery items, tobacco products, periodicals, and emergency purchases are staple offerings. Traditional stores coexist with mini, expanded, and hyper convenience stores, catering to various consumer needs. Strategic locations near railways stations, fuel stations, and local corner stores enhance accessibility. Home delivery, prepared foods, and online goods add to the convenience. Societal trends like digital transformation, low sugar options, and fresh food have influenced product offerings, with private label brands and national brands vying for market share. Essential goods like ice, milk, eggs, and necessities remain in high demand, especially in congested areas. Emergency products, kiosks, and self-checkout systems are essential for catering to fast-paced living. Contactless payment options, mobile apps, and promotional strategies are key to staying competitive. The market is diverse, catering to everyday needs and impulse purchases, with fresh food, alcohol products, and household groceries driving sales in urban areas. The retail business continues to evolve, adapting to societal trends and consumer preferences.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

OwnershipIndependent RetailerRetail ChainTypeTraditional Convenience StoreMini Convenience StoreHyper Convenience StoreExpanded Convenience StoreOthersGeographyNorth AmericaAPACEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Chef Robotics Physical AI Models Can Now Automate Baked Goods Packing

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SAN FRANCISCO, April 29, 2026 /PRNewswire/ — Chef Robotics, a leader in physical AI for the food industry, today announced that Chef robots can now automate tray assembly for baked goods packing. The application places baked products, such as burger buns, chocolate chip cookies, biscotti, butter cookies, biscuits, fortune cookies, granola bars, rusks, and shortbreads into trays and packaging containers before sealing.

Watch Chef robots in action.

Baked goods packing has historically been difficult to automate for high-mix production. Each item behaves differently on the production line—a granola bar compresses under the wrong grip, while a biscotti or rusk can crack if placed at the wrong angle. Surface textures range from glazed and smooth to crumbly and irregular, and strict presentation requirements leave little room for error. This variability has made it challenging for automation systems to reliably handle baked goods at production speeds, leaving food manufacturers dependent on manual labor and traditional bakery equipment.

To address this, Chef built its baked goods packing application on its existing piece-picking capability, which uses Chef’s AI-powered computer vision and physical AI models trained across diverse real-world production environments. This allows Chef robots to assess each item’s position, shape, and orientation in real time and determine how to pick the items from the pan and place them quickly and precisely without damaging them.

The baked goods packing application supports four distinct placement capabilities.

First, Chef’s vision system detects the angle at which each item sits in the pan and reorients it after picking, placing it on the tray at the exact angle required, regardless of its original position, enabling retail-ready presentation for SKUs that require precise angular placement.

Second, Chef robots can place multiple baked goods into the same packaging container in a single automated pass, completing full tray assembly without manual intervention.

Third, for packaging containers with multiple small compartments, Chef robots can precisely place items into each designated section, including multiple items in the same compartment, using Chef’s AI vision model to detect compartment positions and orientations in real time.

Fourth, Chef’s vision system identifies the exact center of each tray and places every item at a predefined offset from that center, ensuring a uniform, consistent arrangement across every pack regardless of how trays arrive on the conveyor.

For food manufacturers evaluating bakery systems and baked goods packaging automation, the application offers higher throughput, reduced labor dependency, and consistent presentation across shifts. The capability runs on Chef’s existing robotic hardware and software, allowing manufacturers to deploy it without requiring any changes to their production lines.

Chef’s baked goods packing application is available in the U.S., Canada, Germany, and the UK and is included as part of Chef’s robotics-as-a-service (RaaS) pricing model.

About Chef Robotics
Chef is the first company to have commercialized a scalable AI-driven food robotics solution. With over 104 million servings made in production, Chef leverages ChefOS, an AI platform for food manipulation, to offer a Robotics-as-a-Service solution that helps industry-leading food companies increase production volume and meet demand. Headquartered in San Francisco, CA, Chef aims to empower humans to do what humans do best by accelerating the advent of intelligent machines. Visit https://chefrobotics.ai to learn more.

View original content:https://www.prnewswire.com/news-releases/chef-robotics-physical-ai-models-can-now-automate-baked-goods-packing-302756923.html

SOURCE Chef Robotics

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Technology

Chef Robotics Physical AI Models Can Now Automate Baked Goods Packing

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on

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SAN FRANCISCO, April 29, 2026 /PRNewswire/ — Chef Robotics, a leader in physical AI for the food industry, today announced that Chef robots can now automate tray assembly for baked goods packing. The application places baked products, such as burger buns, chocolate chip cookies, biscotti, butter cookies, biscuits, fortune cookies, granola bars, rusks, and shortbreads into trays and packaging containers before sealing.

Watch Chef robots in action.

Baked goods packing has historically been difficult to automate for high-mix production. Each item behaves differently on the production line—a granola bar compresses under the wrong grip, while a biscotti or rusk can crack if placed at the wrong angle. Surface textures range from glazed and smooth to crumbly and irregular, and strict presentation requirements leave little room for error. This variability has made it challenging for automation systems to reliably handle baked goods at production speeds, leaving food manufacturers dependent on manual labor and traditional bakery equipment.

To address this, Chef built its baked goods packing application on its existing piece-picking capability, which uses Chef’s AI-powered computer vision and physical AI models trained across diverse real-world production environments. This allows Chef robots to assess each item’s position, shape, and orientation in real time and determine how to pick the items from the pan and place them quickly and precisely without damaging them.

The baked goods packing application supports four distinct placement capabilities.

First, Chef’s vision system detects the angle at which each item sits in the pan and reorients it after picking, placing it on the tray at the exact angle required, regardless of its original position, enabling retail-ready presentation for SKUs that require precise angular placement.

Second, Chef robots can place multiple baked goods into the same packaging container in a single automated pass, completing full tray assembly without manual intervention.

Third, for packaging containers with multiple small compartments, Chef robots can precisely place items into each designated section, including multiple items in the same compartment, using Chef’s AI vision model to detect compartment positions and orientations in real time.

Fourth, Chef’s vision system identifies the exact center of each tray and places every item at a predefined offset from that center, ensuring a uniform, consistent arrangement across every pack regardless of how trays arrive on the conveyor.

For food manufacturers evaluating bakery systems and baked goods packaging automation, the application offers higher throughput, reduced labor dependency, and consistent presentation across shifts. The capability runs on Chef’s existing robotic hardware and software, allowing manufacturers to deploy it without requiring any changes to their production lines.

Chef’s baked goods packing application is available in the U.S., Canada, Germany, and the UK and is included as part of Chef’s robotics-as-a-service (RaaS) pricing model.

About Chef Robotics
Chef is the first company to have commercialized a scalable AI-driven food robotics solution. With over 104 million servings made in production, Chef leverages ChefOS, an AI platform for food manipulation, to offer a Robotics-as-a-Service solution that helps industry-leading food companies increase production volume and meet demand. Headquartered in San Francisco, CA, Chef aims to empower humans to do what humans do best by accelerating the advent of intelligent machines. Visit https://chefrobotics.ai to learn more.

View original content:https://www.prnewswire.com/news-releases/chef-robotics-physical-ai-models-can-now-automate-baked-goods-packing-302756923.html

SOURCE Chef Robotics

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Air Products to Expand Industrial Gas Supply for Samsung Electronics’ Next-Generation Semiconductor Fab in South Korea

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New investment underscores the company’s long-term commitment to Korea and its leading role in the global semiconductor industry 

LEHIGH VALLEY, Pa., April 29, 2026 /PRNewswire/ — Air Products (NYSE:APD), a world-leading industrial gases company and serving Samsung globally, today announced it has been selected by Samsung to supply industrial gases for its new advanced semiconductor fab in Pyeongtaek, Gyeonggi Province, South Korea.

Under the agreement, Air Products will build, own and operate multiple state-of-the-art production facilities and a bulk specialty gas supply system to supply nitrogen, oxygen, argon, and hydrogen for Samsung’s new semiconductor fab. The new facilities are expected to come onstream in multiple phases from 2028 through 2030.

Air Products has a long track record of executing multiple phase expansions in Pyeongtaek to support Samsung’s growing manufacturing needs. This latest project represents Air Products’ largest investment to date in the semiconductor industry and will establish Pyeongtaek as the company’s single largest operations site globally supporting the electronics industry. 

“Air Products is honored to be selected once again by Samsung and to have their continued confidence as a trusted partner supporting their strategic growth plans,” said SR Kim, President, Air Products Korea. “This significant investment reinforces Air Products’ role as a leading global supplier to the semiconductor industry and underscores our long-standing commitment to supporting our strategic customers with safety, reliability, efficiency and excellent service.”

Air Products has served the global electronics industry for more than 40 years, supplying industrial gases safely and reliably to many of the world’s leading technology companies. The company has operated in Korea for more than 50 years and has established a strong position in electronics and manufacturing sectors.

About Air Products

Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 years focused on serving energy, environmental, and emerging markets and generating a cleaner future. The Company supplies essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, medical and food. As the leading global supplier of hydrogen, Air Products also develops, engineers, builds, owns and operates some of the world’s largest clean hydrogen projects, supporting the transition to low- and zero-carbon energy in the industrial and heavy-duty transportation sectors. Through its sale of equipment businesses, the Company also provides turbomachinery, membrane systems and cryogenic containers globally.

Air Products had fiscal 2025 sales of $12 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedInXFacebook or Instagram.

This release contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and other factors disclosed in our filings with the Securities and Exchange Commission. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.

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