US$ 37.0 Billion, Indian Online Grocery Market Size Rise at +31.3% CAGR by 2028

According to the latest report by IMARC Group, titled "Indian Online Grocery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the Indian online grocery market size reached US$ 6.8 Billion in 2022. Looking forward, the market value is projected to reach US$ 37.0 Billion by 2028, expanding at a CAGR of 31.3% during 2023-2028.

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Online grocery refers to various e-commerce web- or mobile-based applications that are used for purchasing food and other necessary household products over the internet. It can be either an independent online grocery retailer or a brick-and-mortar grocery store and supermarket with online ordering facilities. The online grocery offers various advantages such as convenience, ease of shopping, and access to a wide selection of products at any time of the day. Apart from this, it allows customers to pre-pay orders online and schedule the time and intervals of the home deliveries as per their requirements directly from the local department store or third-party e-retailing businesses. These platforms provide a variety of goods, including beverages, bakery, canned products, dairy, frozen foods, meat, personal care, fresh fruits and vegetables, and homecare cleaners, among others.

Indian Online Grocery Market Trends:

The flourishing e-commerce industry, backed by the penetration of smartphones and the rising proliferation of the internet due to declining data tariffs, is primarily driving the market growth in India. Besides this, the widespread adoption of online shopping among consumers in Tier-I cities and various government initiatives promoting digital literacy and the digital economy framework are creating a positive outlook for the market. Additionally, rapid urbanization, the expanding working population, inflating disposable incomes, and hectic schedules are prompting individuals to employ customizable and convenient online channels for grocery shopping, which, in turn, is favoring the market growth. Moreover, innovative advancements, such as the introduction of better voice search features and local languages over English, are presenting lucrative opportunities for the market's growth. Concurrent with this, attractive offers, including low delivery charges, fast delivery, cashback offers, and flexible return policies by online grocery stores, are fuelling the product demand in the country.

Furthermore, extensive private equity (PE) and venture capital (VC) funding in the retail sector to upgrade existing systems and develop an efficient supply chain, transportation system, and inventory to meet evolving consumer needs are acting as other growth-inducing factors. Apart from this, the rising inclination of younger demographics toward convenience, changing consumer preferences for premium and organic food, new market entrants, and the intensive focus on expanding the e-commerce business are propelling the market growth.

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Key Market Segmentation:

Competitive Landscape:

• Aaram Shop Private Limited
• Amazon Retail India Pvt. Ltd
• Godrej Nature's Basket
• Blink Commerce Private Limited
• Innovative Retail Concepts Pvt Ltd (Bigbasket)
• Paytm E-Commerce Pvt. Ltd

Product Type Insights:

• Food Grains
• Bread, Bakery and Dairy Products
• Fruits and Vegetables
• Personal Care
• Dry and Baking Products
• Household Products
• Beverages
• Meat and Meat Products
• Others

Payment Method Insights:

• Online
• Cash on Delivery

Platform Insights:

• App-based
• Web-based

Regional Insights:

• North India
• East India
• West India
• South India

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.