Consumers’ need for instant fulfilment with ready-to-eat meals, drinks and a wide variety of fast-moving consumer goods (FMCG) products has contributed to the growth of convenience stores across Asia.
In our latest quarterly Asia Consumer Insights, we put the spotlight on Taiwan and the Philippines focusing on the development of convenience stores in these two major markets.
Global FMCG value share by channel indicates that convenience stores now account for only 4.2% of the market with a healthy growth of 2.5%. It’s forecast that there will not be much change by 2025 in terms of value contribution. In contrast, across almost all Asian markets there is huge potential of growth for convenience stores, especially in developing markets where this retail format is showing a solid performance and expanding rapidly.
The paper also reveals that Asian FMCG has maintained a stable growth of 4.7% in Q3 2019 while the non-food sector has continuously grown ahead of total FMCG market. Finally, we identify challenges and opportunities for convenience stores to acquire new shoppers to continue growing.
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