Instant Grocery Market Growth and Demand Analysis 2024

"The Business Research Company recently released a comprehensive report on the Global Instant Grocery Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The instant grocery market size has grown exponentially in recent years. It will grow from $172.85 billion in 2023 to $208.18 billion in 2024 at a compound annual growth rate (CAGR) of 20.4%. The growth in the historic period can be attributed to increasing environmental sustainability, growing urbanization, growing demand for convenient shopping options, a rising focus on health and wellness, and rising operational costs.

The instant grocery market size is expected to see exponential growth in the next few years. It will grow to $444.05 billion in 2028 at a compound annual growth rate (CAGR) of 20.9%. The growth in the forecast period can be attributed to changing consumer lifestyles, rising adoption of online channels, growing demand for meal kits, a rising number of working populations, and the and the expansion of reliable and efficient last-mile delivery networks. Major trends in the forecast period include technological advancements, the integration of IoT technologies, the integration of AI and machine learning, the integration of blockchain for supply chain transparency, collaborations, and partnerships.

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Market Drivers and Trends:

The significant proliferation of the e-commerce sector is expected to propel the growth of the instant grocery market going forward. E-commerce refers to buying and selling goods and services online or through other electronic means. The proliferation of the e-commerce sector is due to increasing internet penetration and competitive pricing strategies among online retailers. Instant grocery services have become integral to the e-commerce sector, transforming how consumers purchase and receive everyday essentials. These services offer a blend of convenience, speed, and efficiency that aligns with the evolving expectations of modern shoppers. For instance, in May 2024, according to the United States Census Bureau, a US-based government agency, in the first quarter of 2024, U.S. retail e-commerce sales totaled approximately $289.2 billion, marking a 2.1% increase (±0.7%) from the fourth quarter of 2023. Therefore, the significant proliferation of the e-commerce sector is driving the growth of the instant grocery market.

Major companies operating in the instant grocery market are focusing on developing innovative solutions, such as a quick grocery shopping service, to meet the growing demand for quick delivery. Quick grocery shopping service refers to a retail model designed to provide consumers with the convenience of receiving their grocery orders rapidly, often within minutes to a few hours of placing the order. For instance, in June 2024, Uber Eats, a US-based online food ordering company, launched Pick Pack Pay, a quick grocery shopping service that allows couriers to shop for groceries at stores and deliver them directly to customers' homes. Through this service, customers can order a wide selection of approximately 3,000 grocery items available at My Basket stores. The Uber Eats couriers will then go to the store, purchase the items using a digital credit card, and deliver the groceries to the customer's home. This Pick Pack Pay service offers customers faster, on-demand grocery delivery than traditional online grocery services. It also makes it easier for small stores to participate in the Uber Eats platform without needing their own staff to fulfill orders.

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Major Key Players of the Market:

Amazon.com Inc., The Kroger Co., Reliance Industries Limited, Target Corporation, Koninklijke Ahold Delhaize N.V., 7-Eleven Inc., Albertsons Companies Inc., Safeway Inc., Uber Technologies Inc., Rite Aid Corporation, Meijer Inc., Wegmans Food Markets Inc., Yandex.Lavka, HelloFresh SE, DoorDash Inc., Ralphs Grocery Company, Maplebear Inc., GoPuff, Postmates Inc., Boxed Inc., Giant Food LLC, Ocado Retail Limited, Shipt Inc., Mercato Inc., Buymie Technologies Ltd.

Instant Grocery Market 2024 Key Insights:

• The instant grocery market size is expected to see exponential growth in the next few years. It will grow to $444.05 billion in 2028 at a compound annual growth rate (CAGR) of 20.9%.
• Impact Of E-Commerce Proliferation On Instant Grocery Market
• Innovative Quick Grocery Shopping Services To Meet Growing Demand For Rapid Delivery
• Asia-Pacific was the largest region in the instant grocery market in 2023

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