Global Hypermarkets Market Trends 2024, Forecast To 2033
26 Sep, 2024
The hypermarkets market has experienced robust growth in recent years, with its size increasing from $1784 billion in 2023 to $1924.93 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.9%. This growth can be attributed to factors such as the expansion of urban populations, heightened demand for efficient shopping experiences, economies of scale, evolving consumer preferences, and the widespread adoption of omni-channel retailing strategies. Looking ahead, the hypermarkets market is poised for continued strong growth, projected to reach $2581.52 billion in 2028, with a CAGR of 7.6%. Anticipated growth drivers in the forecast period include the integration of e-commerce, adoption of sustainable practices, emphasis on personalization and data analytics, increasing health consciousness among consumers, and regulatory changes. Additionally, key trends expected to shape the market landscape include the digitization of operations, the introduction of flexible store formats, emphasis on partnerships and collaborations, prioritization of experience-driven retail models, and the ascent of private labels.
Major Driver In The Hypermarkets Market
The projected expansion of the hypermarkets market is fueled by the development of personalized experiences, which entail tailoring communication and services based on an organization's understanding of individual customers' needs and preferences. This strategic approach is crucial for meeting diverse consumer demands effectively and enabling manufacturers, hypermarkets, and supermarkets to optimize their financial returns. A notable example of the impact of personalized experiences can be seen in a report published by Psychology & Marketing (P&M) in May 2022, which attributed a 5%–15% increase in revenue for senior marketing leaders directly to successful personalization implementation. Consequently, the integration of personalized experiences is driving the growth trajectory of the hypermarkets market, with market sizes expected to be $3.51 billion in 2023, $5.69 billion in 2024, and $8.75 billion in 2028.
Request A Free Sample Of The Global Hypermarkets Market ReportHypermarkets Market Competitive Landscape
Albrecht-Diskont (ALDI), Walmart Inc., Carrefour, Edeka Group, Lotte Corporation, Renrenle Commercial Group Co. Ltd., RT-Mart International Ltd., Beijing Hualian Group, Target Corporation, Costco Wholesale Corporation, E. Leclerc, Metro Cash & Carry, Auchan, Emart Inc., Shinsegae Inc.
Key Hypermarkets Market Trend
Artificial intelligence is a key trend gaining popularity in the hypermarkets market. Major companies operating in the hypermarket market are adopting artificial intelligence to strengthen their position in the market. The creation of intelligent machines and intelligent computer programs that require human intelligence is the focus of the artificial intelligence (AI) subfield of computer science. For instance, LuLu Group International, an Indian Emirati-based conglomerate company that operates a chain of hypermarkets and retail companies, launched Salem, an AI-powered customer experience or service channel on WhatsApp by which customers will receive in-app purchase receipts, track online order deliveries, and seek purchase-related assistance. The service is powered by Yellow.ai, a US-based Conversational AI platform. Salem can effectively engage with customers throughout their buy journey owing to deep backend integration with the retailer's CRM and Order Management system. This has significantly increased customer satisfaction by up to 60%.
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Global Hypermarkets Market Segmentation
The hypermarkets market covered in this report is segmented –
1) By Ownership: Retail Chain, Independent Retailer
2) By Marketing Channel: Traditional Marketing Channel (Offline), Online Channel
3) By Application: Consumer Electronics, Furniture, Food and Beverage, Toy And Stationery, Personal Care, Cosmetic, Home Textile, Dress, Other Applications
By Geography:The regions covered in the hypermarkets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea,; UK, USA, Canada, Italy, Spain.
North America was the largest region in the hypermarkets market in 2023.
The Hypermarkets Global Market Report 2024 furnishes information about the global hypermarkets market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.