Online Grocery Market Worth US$ 2,160.3 Billion To 2023-2028 | Exclusive Report by IMARC Group

IMARC Group, a leading market research company, has recently releases report titled "Online Grocery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the global online grocery market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the online grocery market?

The global online grocery market size reached US$ 420 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,160.3 Billion by 2028, exhibiting a growth rate (CAGR) of 30.8% during 2023-2028.

What is online grocery?

Online grocery refers to purchasing food and other household items through digital platforms and delivering them to the customer's doorstep. It involves using e-commerce websites, mobile applications, or dedicated online grocery platforms to browse products, add them to a virtual cart, make payments, and schedule delivery. It offers convenience, time-saving benefits, and several options for consumers. Customers can explore numerous products in an online grocery setup, including fresh produce, pantry staples, dairy products, meats, beverages, and personal care items. In addition, customers can search for specific items, compare prices, read product descriptions, and access customer reviews to make informed purchasing decisions. The process typically involves selecting items, specifying quantities, and proceeding to checkout once the order is confirmed. Payment is made, and the online retailer or grocery service provider assembles the items. A delivery team ensures the products reach the customer's specified location within the chosen time slot and delivery options that suit customers' convenience, such as same-day or next-day delivery slots. As a result, online grocery shopping is gaining traction due to its convenience, special offers, discounts, and loyalty programs, enhancing the value proposition for customers and eliminating the need for physically visiting supermarkets, waiting in queues, and carrying heavy grocery bags.

What are the growth prospects and trends in the online grocery industry?

The market is primarily driven by the widespread adoption of online grocery among individuals. In addition, the busy lifestyles of individuals, hectic working hours, and working professionals are contributing to the market growth. As online grocery offers convenience to consumers, provides a convenient alternative to traditional brick-and-mortar stores. Additionally, customers can browse and purchase groceries from the comfort of their homes or offices, saving time and effort, with the easy availability of delivery and pick-up options further enhances convenience, allowing customers to receive their groceries at their doorstep or collect them at a convenient location influencing the market growth. Moreover, several technological advancements, the proliferation of smartphones, improved internet connectivity, and user-friendly mobile applications made online grocery shopping more accessible and convenient, representing another major growth-inducing factor. Also, retailers are investing in developing robust online platforms, offering intuitive interfaces, personalized recommendations, and efficient search functionalities propelling market growth. Along with this, numerous innovations such as barcode scanning, voice-enabled shopping, and artificial intelligence-powered virtual assistants are enhancing the shopping experience for consumers augmenting the market growth. Besides this, the recent onset of the coronavirus disease (COVID-19) pandemic with social distancing and lockdown restrictions led many consumers to turn to online platforms for their grocery needs accelerating the growth of the online grocery market. Furthermore, the expanding e-commerce and digital technologies are shifting consumer behavior toward online grocery for convenience are also creating a positive market outlook.

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What is included in market segmentation?

The report has segmented the market into the following categories:

Product Type Insights:

Vegetables and Fruits
Dairy Products
Staples and Cooking Essentials
Snacks
Meat and Seafood
Others

Business Model Insights:

Pure Marketplace
Hybrid Marketplace
Others

Platform Insights:

Web-Based
App-Based

Purchase Type Insights:

One-Time
Subscription

Breakup by Region:

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa

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Who are the key players operating in the industry?

The report covers the major market players including:

Amazon.com, Inc.
Carrefour
Costco Wholesale Corporation
Edeka Group
HappyFresh
Koninklijke Ahold Delhaize N.V.
Reliance Retail Limited (Reliance Industries Limited)
Safeway Inc. (Albertsons Companies, Inc.)
Schwan's Home Delivery
ShopFoodEx
Tesco PLC
The Kroger Co.
Walmart Inc.
Wm Morrison Supermarkets Limited

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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