High usage of smart phones and the convenient online shopping experience of international and national brand among the millennials and the corporate individual is boosting the market.
According to the current analysis of Introspective Market Research, the global Online Grocery Market was valued at USD 279.46 Billion in 2019 and is expected to reach USD 1292.16 Billion by the year 2026, at a CAGR of 24.70%.
Online retailers are developing a well-maintained supply chain to have a minimal delivery time which is playing a positive role for the customers and the retailers. Major Market players have witnessed a sudden boost in their revenue in 2020 due to the temporary closure of traditional grocery stores. In April 2020, Big Basket, an online grocery store in India, reported 84% growth in the number of new customers compared to pre-lockdown, while the consumption rate grew by 60%. Consumers have shifted their preference to e-grocery stores to purchase necessary products for the safety precautions and the varied food and non-food items available online.
According to the analyst, the social media influence and the initiatives by the smart phones manufacturing companies to have an easy and accessible application for the users is increasing the growth for the online grocery market. Also, the online grocery startups are receiving investment over USD 100 million for the upcoming forecast period.
The Online Grocery market is segmented by Product type (Fresh Produce, Breakfast & Dairy, Snacks & Beverages, Meat & Seafood, Staples & Cooking Essentials and Others), by Purchase type (One time and Subscriber), by Delivery Type (Home Delivery and Click & Collect), by End-User Industry (Individual & Distribution). The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.
Further Key Findings From The Report Suggest:
- More consumers are likely to have an access and shop from the online grocery stores for over 50% and increase the online grocery market share by 45.90% in the year 2021.
- Due to the outbreak of corona virus and the lockdown restrictions witnessed across the globe, there was an increase of 40% online grocery shops and the market witnessed exponential boost.
- The segment breakfast and dairy witnessed a large growth during the year 2109-2020 due to the consumers leaning more towards the health benefits and their preference for the various international food products.
- According to our research, Walmart had an acquisition from Flipkart of 77% worth for USD 16 billion in the year 2018 to expand the business in India.
Key Participants like NetGrocer.com Inc., Grofers India Pvt Ltd., AEON Co. Ltd., Amazon India Pvt Ltd., Koninklijke Ahold Delhaize N.V., Fresh Direct LLC., Schwan Food Company, My Brands Inc., Instacart, Wal-Mart Stores Inc and Many Others.
For this report, Introspective Market Research have segmented the Online Grocery markets market on the basis of Region:
Regional Outlook (Revenue in USD Billion; Volume in Units, 2019-2025)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM