Global Online Grocery Market Business Overview And Forecast Research Study 2028 With CAGR Of 31.2%

The online grocery market has seen a surge in popularity in recent years, and it shows no signs of slowing down. As more and more consumers turn to online shopping for their daily necessities, the demand for online grocery stores has increased significantly.

According to a recent report by [Research Firm], the global online grocery market is expected to reach US$ 36.97 Billion by 2028 with a compound annual growth rate of 31.2%. This growth can be attributed to various factors, such as the increasing penetration of smartphones and the internet, rising consumer awareness regarding online shopping, and the convenience and ease of online grocery shopping.




Growth factors of the market:

1. Convenience: Online grocery shopping offers convenience to customers who can order groceries from the comfort of their homes or on the go, saving them time and effort.

2. Availability: Online grocery stores operate 24/7, allowing customers to shop at any time of the day or night, unlike traditional brick-and-mortar stores that have fixed operating hours.

3. Variety: Online grocery stores offer a wider variety of products, including specialty items and international products, that may not be available in traditional grocery stores.

4. Competitive Pricing: Many online grocery stores offer competitive pricing, and the ability to easily compare prices and products, enabling customers to make informed purchase decisions.

5. Safety and Security: Online grocery stores offer a safe and secure shopping experience, with secure payment options, contactless delivery, and strict hygiene measures.

6. Personalization: With the help of data analytics and customer insights, online grocery stores can personalize the shopping experience for customers, offering recommendations based on their previous purchases, preferences, and behavior.

These factors contribute significantly to the online grocery market's growth, making it an attractive option for customers looking for a convenient, safe, and personalized shopping experience.

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Market analysis:

The Key Market segments are:
By Market Players:
Carrefour
Kroger
Wholefood
Tesco
Walmart
Amazon
Coles Online
BigBasket
Schwan Food
My Brand
Fresh Direct
Honestbee
Yihaodian
Alibaba
Grocery Gateway

By Type:
Meat & Poultry Products
Fresh Produce
Beverages & Dairy Products
Bakery
Breakfast & Cereal

By Application:
Public
Business




Expansion of delivery options in the online grocery market:

· Same-day delivery: Many online grocery stores now offer same-day delivery, allowing customers to receive their orders within a few hours of placing them.

· Scheduled delivery: Online grocery stores offer scheduled delivery, allowing customers to choose a specific date and time for their groceries to be delivered, catering to their busy schedules.

· Contactless delivery: In response to the COVID-19 pandemic, many online grocery stores have introduced contactless delivery options, where the delivery person drops off the order at the customer's doorstep, ensuring minimal physical contact.

· Subscription services: Online grocery stores offer subscription services, where customers can receive regular deliveries of their favorite items, eliminating the need for frequent trips to the grocery store.

· Pick-up options: Online grocery stores now offer pick-up options, where customers can place their orders online and then pick them up at a designated location, saving them time and effort.





Innovative business models adopted by online grocery stores:

1. Dark stores: Some online grocery stores have introduced dark stores, which are fulfillment centers that are designed exclusively for online orders. These stores are located in urban areas and are optimized for faster order processing and delivery.

2. Micro-fulfillment centers: Micro-fulfillment centers are small, automated warehouses that are located closer to customers, enabling faster order processing and delivery.

3. Virtual stores: Some online grocery stores have introduced virtual stores, which are digital storefronts that can be accessed through mobile apps or websites. These stores offer a wide range of products, and customers can place orders and have them delivered to their doorstep.

4. Online marketplaces: Online marketplaces are platforms that allow multiple vendors to sell their products to customers. Online grocery stores are now introducing marketplaces, offering customers access to a wider range of products from different vendors.

5. Subscription models: Many online grocery stores offer subscription models, where customers can pay a monthly or annual fee to receive discounts and other benefits such as free delivery and personalized recommendations.

These innovative business models have helped online grocery stores optimize their operations, reduce costs, and improve the customer experience, providing customers with various options based on their needs and preferences.




Some recent developments in the online grocery market:

· Walmart has announced plans to launch a new subscription service called Walmart+. This service will offer free unlimited delivery, discounts on fuel, and other benefits to its customers.

· Amazon has recently launched its first cashier-less grocery store in the United Kingdom, called Amazon Fresh. The store uses advanced technology, including cameras and sensors, to allow customers to walk in, pick up items, and walk out without waiting in line or paying at checkout.

· Instacart, a leading online grocery delivery platform, announced that it had raised $500 million in funding to expand its operations and invest in new technology.

These developments demonstrate the continued growth and evolution of the online grocery market, as companies invest in new technologies and business models to meet the changing needs of customers.

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Some health and wellness trends that are impacting the online grocery market:

1. Organic and natural products: Customers are increasingly interested in organic and natural products, as they look for healthier and sustainable options. Online grocery stores are responding to this trend by offering a more comprehensive range of organic and natural products.

2. Plant-based and vegan products: Plant-based and vegan diets are becoming more popular, with many customers seeking plant-based and vegan options in their grocery shopping. Online grocery stores are offering a wider range of plant-based and vegan products, including meat substitutes, dairy alternatives, and plant-based snacks.

3. Functional foods and supplements: Functional foods and supplements are products that have specific health benefits beyond basic nutrition. These products are becoming increasingly popular, with customers looking for products that can improve their health and well-being. Online grocery stores are offering a wider range of functional foods and supplements, such as probiotics, vitamins, and superfoods.

4. Other trends include allergen-free products and meal kits.

These health and wellness trends are shaping the online grocery market, as customers become more health-conscious and seek out products that align with their dietary needs and preferences. Online grocery stores are responding to these trends by offering a wider range of products that meet these needs, providing customers with more options to choose from.




Conclusion:

· The online grocery market has experienced significant growth and innovation in recent years, driven by factors such as convenience, cost savings, and changing consumer preferences. As the world becomes more digital, online grocery stores are adapting to meet customers' changing needs, investing in new technologies, expanding delivery options, and adopting innovative business models.

· Moreover, health and wellness trends are also impacting the online grocery market, with customers increasingly interested in organic and natural products, plant-based and vegan options, functional foods and supplements, allergen-free products, and meal kits. Online grocery stores are responding to these trends by offering a wider range of products that meet these needs, providing customers with more options to choose from.

· Overall, the online grocery market is expected to continue to grow and evolve in the coming years, as customers increasingly turn to online shopping for their grocery needs, and as online grocery stores continue to innovate and adapt to meet the changing needs of customers.




FAQs covered in the report:

1. What is the size of the online grocery market?
2. What are the major players in the online grocery market?
3. What are the key growth drivers of the online grocery market?
4. What are the major challenges facing the online grocery market?
5. How are online grocery stores addressing the challenges of product freshness and quality?
6. How has the COVID-19 pandemic impacted the online grocery market?
7. What are the most popular items purchased through online grocery stores?
8. How are online grocery stores utilizing data and technology to improve the customer experience?
9. What are the delivery and pickup options offered by online grocery stores?
10. What are the future trends and opportunities for the online grocery market?




Key Reasons to Purchase:

To know insightful analyses and a comprehensive understanding of the global market and its industrial landscape.
Assess the manufacturing processes, foremost issues, and answers to mitigate the development risk.
To recognize the maximum affecting and restraining forces within the market with its effects on the international market.
Learn the market strategies which are being followed by leading respective organizations.
To recognize the future outlook and prospects for the market.
Besides the standard reports, we additionally offer customizations with unique requirements.

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Table of contents of the report:

1. Executive Summary
2. Introduction
3. Market Size and Trends
4. Competitive Landscape
5. Business Models and Delivery Options
6. Customer Behavior and Preferences
7. Challenges and Opportunities
8. Regulatory Environment
9. Impact of COVID-19
10. Future Outlook
11. Conclusion
12. References

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This release was published on openPR.