Market Outlook: US Convenience Store Retailing—Charting New Paths Through Structural Headwinds

Published – March 2025

Despite persistent spending pressures and increased competition from grocery and mass merchandisers, convenience stores remain a crucial retail channel in the US, valued for their accessibility, speed and on-the-go essentials. However, to stay ahead, industry players must adapt to fundamental shifts, including declining tobacco sales, fuel gross margin expansions, evolving foodservice offerings and greater M&A (mergers and acquisitions) activity.

In this Market Outlook, we explore the size and trajectory of the US convenience store sector and key factors impacting growth. We also detail the overall sector’s competitive landscape and present key themes we are watching in 2025 and beyond.

Data in this research report include:

• Total sales and year-over-year growth at US convenience stores, 2020–2029E
• Proprietary survey data on the types of prepared food consumers purchase from convenience stores and what factors influence these purchases
• Top 10 categories at convenience stores by sales, 2023 and 2024
• Private-label penetration rate at convenience stores, 2019–2024

Introduction

The Sector

• Market Scale and Opportunity
• Category Breakdown
• Market Factors
• The Companies

Competitive Landscape

• Themes We Are Watching

What We Think

Notes and Methodology

Appendix: Ranking Retailers by Store Numbers

16-page PDF report

Alimentation Couche-Tard, Casey’s General Stores, DoorDash, Gopuff, Instacart, Love’s Travel Stops, Maverik, Murphy USA, QuikTrip, Seven & i Holdings

1. US Convenience Stores: Total Sales (Left Axis; USD Bil.) and YoY Growth (Right Axis; %)
2. US Convenience Stores: Top 10 Categories by Sales* (USD Bil.)
3. Alimentation Couche-Tard (US) and Casey’s General Stores: Cents Per Gallon*
4. US Convenience Stores: Name Brand and Private-Label Sales Value (% of Total Sales)
5. The US: Urban Population Penetration (Above; % of Total Population)* and Proportion of Single- and Two-Person Households (Below; % of Total Households)
6. The US: Real-World Fuel Economy (mpg) for Vehicle Model Year
7. US Convenience Stores: Tobacco Sales* YoY Growth, in Dollar and Unit Terms (%)
8. US Convenience Stores: Selected Categories Unit Sales Growth (YoY % Change for the 13 Weeks Ended Each Date)*
9. US Convenience Stores: Major Retailers’ US Revenues (USD Bil.)
10. US Convenience Stores: Major Retailers’ Operating Margins (%)
11. Top US Convenience Store Retailers by Store Count
12. US Major Convenience Store Retailers’ Store Traffic: YoY % Change
13. US Electric Vehicle Sales (in Thousands) and YoY Change (%)
14. US Convenience Stores: Foodservice Sales (Left Axis; USD Bil.) and YoY Growth (Right Axis; %)
15. US Consumers: Types of Prepared Foods Purchased at a Convenience Store in the Past 12 Months (% of Respondents)
16. US Food Shoppers: Important Factors When Purchasing Prepared Food at a Convenience Store (% of Respondents)
17. Timeline of Major M&As in the US Convenience Store Industry in 2023, 2024 and 2025

Appendix

1. Top 50 Convenience Store Retailers by US Store Numbers