According to the latest research report by IMARC Group, titled “Online Grocery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group offers a comprehensive analysis of the industry, which comprises insights on the online grocery market.
Is online grocery industry good for investment or future trend?
The global online grocery market size reached US$ 420 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,160.3 Billion by 2028, exhibiting a growth rate (CAGR) of 30.8% during 2023-2028.
What is online grocery?
Online grocery comprises processed meat, seafood, eggs, milk, cheese, yogurt, butter, vegetables, fruits, pulses, cereals, oils, juices, jams, jellies, biscuits, sauces, spices, herbs, and bakery and canned food products. It is stored in cold storage and warehouses to increase the overall shelf life. It is packaged by sellers in bubble wrap and parchment papers and delivered in cartons or cardboard boxes to the doorstep of the buyers. Online grocery is managed by following specific warehouse protocols that are meant for handling perishables to maintain their fresh quality for an extensive period. It enables individuals to shop remotely anytime without traveling to stores and supermarkets and standing in long queues.
It assists buyers in comparing prices, quality, and quantity of fruits and vegetables from various websites and applications. It allows individuals to save money by availing various coupon and referral codes and other lucrative offers. It also aids grocers by eliminating the requirement of maintaining a physical store and hiring appropriate employees for effective management. It can be purchased in bulk and tracked through the shopping website or application. It prevents individuals from impulse buying, helps them stick to their budget, and keeps track of their purchase histories. As it can be replaced or returned when delivered in rotten or damaged conditions, the demand for online grocery is rising worldwide.
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What is the drivers of change in trends for the online grocery market:
At present, the increasing demand for online grocery to avail contactless delivery service represents one of the primary factors influencing the market positively. Besides this, online grocery sellers are providing various beneficial offers to the buyers, such as cash-on-delivery (COD) services, multiple payment options, and fast delivery, which are supporting the growth of the market. In addition, the rising adoption of innovative business models by sellers, such as subscription, on-demand, slotted, and express delivery options, to enhance the shopping experience of their customers and attract new buyers is strengthening the growth of the market.
Apart from this, the growing number of online grocery stores selling organic products due to the rising health consciousness and environmental awareness among the masses is offering a favorable market outlook. Additionally, online grocers are selling premium quality edible products and various exotic seafood and fruits, which is bolstering the growth of the market. Moreover, there is a rise in the development of grocery delivery apps and websites as they enable sellers to expand their business while saving money and time spent on running a physical store. This, along with the increasing online shopping activities of individuals to purchase fresh groceries, is propelling the growth of the market.
Global Online Grocery Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
Top Online Grocery Companies Worldwide:
- Amazon.com Services LLC
- Costco Wholesale Corporation
- EDEKA ZENTRALE Stiftung & Co. KG
- Fresh Direct, LLC
- HappyFresh Group
- Koninklijke Ahold Delhaize N.V.
- Reliance Industries Limited (RIL)
- Albertsons Companies, Inc.
- Cygnus Home Service, LLC
- Shopfoodex Co Inc.
- Tesco PLC
- The Kroger Co.
- Walmart Inc.
- Wm Morrison Supermarkets Limited
- Vegetables and Fruits
- Dairy Products
- Staples and Cooking Essentials
- Snacks
- Meat and Seafood
- Others
- Pure Marketplace
- Hybrid Marketplace
- Others
- Web-Based
- App-Based
- One-Time
- Subscription
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa