Pune, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Online Grocery Market Size Analysis:
“The Online Grocery Market, valued at USD 369.2 billion in 2023, is projected to surge to USD 2789.1 billion by 2032, reflecting an impressive CAGR of 25.2% from 2024 to 2032.”
Overview of the Market
The online grocery sector is witnessing unprecedented growth due to evolving consumer preferences for digital shopping and significant advancements in technology. Key drivers of this market expansion include the increasing demand for convenience and the rise of digital shopping platforms.
Consumers are increasingly opting for online grocery purchases for their ease and efficiency. This trend is further supported by advancements in delivery logistics, enabling faster and more reliable services. The widespread adoption of mobile apps and user-friendly web platforms has also accelerated this trend, offering a seamless shopping experience and boosting consumer engagement.
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Major Players Analysis Listed in this Report are:
- Target Brands, Inc.
- Tesco.com
- The Kroger Co.
- Walmart
- Alibaba.com
- Amazon.com, Inc
- Instacart, JD.com
- Supermarket Grocery Supplies Pvt. Ltd.
- AEON CO., LTD., Inc.
Online Grocery Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 369.2 Billion |
| Market Size by 2032 | USD 2789.1 Billion |
| CAGR | CAGR 25.22 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Consumers prefer the ease of shopping from home with quick delivery options. • Rising demand for healthier, organic, and specialty food options drives online purchases. |
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Segment Analysis
By Product:
- Staples & Cooking Essentials: Leading the market in 2023 with a notable 31.0% revenue share, this segment benefits from the ongoing necessity for staple items such as flour, food grains, and cooking essentials, especially in the Asia Pacific region. This stable demand supports consistent market growth.
- Breakfast and Dairy: Expected to experience significant growth, this segment benefits from rising demand for dairy and non-dairy products. The convenience of doorstep delivery aligns with the increasing trend of online grocery shopping among busy consumers.
By Delivery:
- Scheduled Delivery: Dominating the market with over 59% share in 2023, Scheduled Delivery is preferred for its alignment with consumer schedules, reducing wait times and fitting into busy lifestyles.
- Instant Delivery: Projected to exhibit the highest CAGR, Instant Delivery caters to the growing demand for on-demand grocery services. Its appeal lies in providing quick access to groceries, matching the increasing preference for immediate delivery options.
By Platform:
- App: Leading the market with over 60% share in 2023, Apps are favored for their convenience and speed. They offer personalized features such as tailored recommendations and notifications, enhancing user experience and encouraging repeat purchases.
- Web-Based Platforms: While trailing behind apps, Web-Based Platforms are set to experience the highest CAGR. These platforms provide a comprehensive view of products and detailed comparisons, catering to users who prefer a larger screen or wish to avoid additional app installations.
By Purchase:
- Subscription Model: Holding the largest market share of around 58% in 2023, the Subscription Model is preferred for its convenience and automated replenishment of essential items. It suits customers who prefer regular deliveries of frequently used products, offering benefits like discounted prices and free delivery.
- One-Time Purchase: This segment represents a traditional shopping approach where customers make purchases as needed. It appeals to those who prefer flexibility and do not wish to commit to regular deliveries.
Online Grocery Market Segmentation:
By Platform
- Web-Based
- App-Based
By Product
- Fresh produce
- Breakfast & dairy
- Snacks & beverages
- Meat & seafood
- Staples & cooking essentials
- Others
By Delivery
- Instant Delivery
- Schedule Delivery
By Purchase
- One-Time
- Subscription
Asia Pacific Leads the Online Grocery Market; North America Set for Significant Growth
In 2023, Asia Pacific emerged as the dominant online grocery market, capturing an impressive 62.0% of the total revenue. This leadership is fueled by supportive government policies in countries like India and China, which advance e-commerce and digitalization. The region's growth is also driven by a rising population, increasing disposable incomes, and a sophisticated, food-conscious consumer base.
North America is poised for significant growth during the forecast period. The region is home to major online grocery players like Walmart, Instacart, Amazon.com, Inc., Target, and Kroger Co., with the U.S. experiencing steady growth in e-commerce sales. This expansion is driven by strong consumer demand and a notable shift towards online grocery shopping, positioning North America as a key player in the evolving market landscape.
Recent Developments
- August 2024: Walmart introduced a new AI-powered inventory management system to enhance its online grocery operations, improving stock accuracy and reducing delivery times. This development highlights ongoing technological advancements.
- July 2024: Amazon Fresh expanded its delivery service to new urban areas across the U.S., incorporating advanced logistics technologies to meet the growing demand for online grocery services.
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Key Takeaways
- The Online Grocery Market is on a robust growth trajectory, driven by increasing consumer preference for digital shopping and technological advancements.
- Leading segments such as Staples & Cooking Essentials and Scheduled Delivery are dominating the market, with emerging trends like Instant Delivery showing significant potential.
- North America and Asia Pacific are the dominant and fastest-growing regions, respectively, with major companies implementing innovative solutions to capture market share.
- Recent developments emphasize the ongoing advancements in technology and services, further propelling market growth and enhancing consumer experiences.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Online Grocery Market Segmentation, by Platform
8. Online Grocery Market Segmentation, by Product
9. Online Grocery Market Segmentation, by Delivery Type
10. Online Grocery Market Segmentation, by Purchase Type
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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