The global online grocery market size is expected to reach USD 1.1 trillion by 2027, expanding at a CAGR of 24.8% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. Increasing number of smartphones, their use, and rising number of smartphone users are anticipated to boost the market growth over the forecast period. Along with these factors, recent pandemic of corona virus is another major contributor of rising number of online grocery shoppers across the globe.
Increasing
adoption of online shopping is expected to fuel the market growth during the
forecast period. Shopping convenience and better discounts are the primary
reasons that have led people to shift from traditional shopping to online
shopping. Developing countries have witnessed a notable rise in the number of
online shoppers in recent years. According to the India Brand Equity Foundation
(IBEF), the number of online shoppers in India was around 120 million in 2018
and is estimated to reach 220 million by 2025. This growing trend and surge in
the number of shoppers have developed a huge potential for the market growth.
Security
concerns among customers and lack of physical evidence are the major factors
that impede the market growth. However, the adoption of Internet of things
(IoT) is expected to open new avenues for the online grocery market over the
forecast period. IoT helps e-commerce organizations maintain inventory by using
IoT enabled devices within the network. IoT provides real-time data and helps
retailers analyze the demand for several products in different regions.
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Further key
findings from the study suggest:
- The fresh produce segment is
projected to expand at a CAGR of over 22.0% during the forecast period
owing to increasing adoption of e-commerce platforms for buying fruits,
vegetables, and other grocery items
- Asia Pacific is estimated to
record the highest CAGR from 2020 to 2027 owing to rising younger
population in the region that is more inclined toward online grocery
buying
- The market is fragmented in
nature and is characterized by high competition with the presence of
global players such as Walmart; Amazon.com, Inc.; JD.com, Inc.; and
Rakuten.
- The key players in the
online grocery market are opting for strategies such as acquisitions,
mergers, and collaborations to expand their regional presence in the market.
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Grand View Research has segmented
the global online grocery market on the basis of product type and region:
Online Grocery
Product Type Outlook (Revenue, USD Billion, 2016 - 2027)
- Fresh Produce
- Breakfast & Dairy
- Snacks & Beverages
- Meat & Seafood
- Staples & Cooking
Essentials
- Others
Online Grocery
Regional Outlook (Revenue, USD Billion, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based
market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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