Private label expansion is a key driver in the sales growth of the global convenience store marketplace, according to a report from Technavio.
From 2024 to 2028, the market is estimated to grow at a compound annual growth rate of 6.78%, with a total sales growth of $930 billion. Increased demand for convenient food products is driving market growth, with a trend toward increasing demand for private label brands.
Along with private label growth, convenience stores are playing a larger role in the lives of consumers. More shoppers today view c-stores as the go-to place for household necessities, the report said. Impulse purchases - such as snacks, soft drinks and confectionery items - also continue driving sales.