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Online Grocery Market is estimated to reach USD 1,637.1 billion in 2029 registering a 24.1% CAGR during 2022-2029 | Size, Share & Forecast
Online Grocery Market
Online Grocery Market generated a revenue of USD 291.0 billion in 2021 and is forecast to reach USD 1,637.1 billion in 2029, exhibiting a CAGR of CAGR 24.1% over the upcoming years
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/online-grocery-market/
The factors driving the growth of Online Grocery Market includes growing internet penetration rates, expansion of the e-commerce industry, rise in the sales of smartphones around the world and increase in the number of online grocery start-ups around the world. According to the report published by Statista, the Global E-Commerce Market was calculated around USD 4.23 trillion in 2022 and the market volume is predicted to reach USD 5.88 trillion by the end of 2025, expanding at a CAGR of 11.58% over the forecast period (2022-2025), which is expected to boost the market growth in the coming years. Moreover, rising popularity of contactless delivery services, availability of wide range of online payment options at the online grocery stores, technological advancements in mobile applications and growing trend of online shopping across the globe, are some of the additional factors supplementing the Online Grocery Market share. In addition, the increasing investments by leading players on research and development, rising disposable incomes, rapid urbanization, and growing population growth rates, are further accelerating the Online Grocery Market size.
However, the growth of Online Grocery Market is hindered due to growing concerns related to recession worldwide.
The major players operating in the market are Rakuten Inc., Target Brands, Inc., Tesco.com Ltd., AEON Co., Ltd., Alibaba Group Holding Ltd., Amazon.com, Inc., Walmart Inc., Grofers India Pvt. Ltd., Instacart Inc. and JD.com, Inc., among others.
Based on Product, the Staples & Cooking Essentials segment captured the largest market share in 2019
Staples such as flours and food grains are increasingly used in the local cuisine in Asia, is the major factor propelling the segment's growth.
On the Other hand, the Breakfast & Diary segment is anticipated to expand at a remarkable CAGR over the forecast period attributed to busy lifestyles and growing consumption of yogurts and flavored milk products.
Based on Region, the North American region projected to hold the highest market share over the forecast period
As per the Online Grocery Market Research, strong internet penetration rates, presence of the leading e-commerce companies such as eBay, Walmart and Amazon.com, Inc., proliferation of smartphones, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North America.
Key Developments:
In 2018, Kroger Co. entered into partnership with Alibaba Group Holding Ltd., to expand its product offerings in the Chinese market.
In 2018, Walmart partnered with Rakuten Inc., to launch its online grocery store service in Japan.
Market Segmentation
Segmentation by Product
Fresh Produce
Breakfast & Diary
Snacks & Beverages
Meat & Seafood
Staples & Cooking Essentials
Others
Segmentation by Business Model
Pure Play
Hyperlocal Delivery
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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