New York, Dec. 11, 2023 (GLOBE NEWSWIRE) -- The Online Grocery Market has emerged as a rapidly growing industry, reshaping traditional shopping experiences by enabling consumers to conveniently purchase a wide array of groceries and household essentials through digital platforms. This market's evolution is fueled by the increasing adoption of e-commerce and mobile-based services, offering customers the ease of selecting and ordering items ranging from fresh produce to pantry staples and even prepared meals, all available for doorstep delivery. As consumers seek convenience and flexibility in their shopping routines, the online grocery market continues to revolutionize the way people procure their daily necessities, emphasizing accessibility and a diverse product range tailored to individual preferences. Request Sample Report
What is the projected growth rate and size of the Online Grocery Market from 2023 to 2027?
The global online grocery market is anticipated to witness significant growth, with an estimated increase at a CAGR of 13.14% between 2022 and 2027, resulting in a market expansion of USD 740.88 billion during this period.
Could you provide an overview of the Online Grocery Market?
The online grocery market is a rapidly growing industry allowing consumers to purchase groceries and household items online. Its growth is attributed to the increased popularity in grocery purchases via e-commerce platforms, the rise of fast grocery delivery services, and the convenience it offers customers in selecting from a wide range of products, including fresh produce, pantry staples, and prepared meals, all available for home delivery.
What factors are driving the growth of the Online Grocery Market?
The rapid expansion in e-commerce, especially mobile-based services, is a key driver for the online grocery market. The competition in this market has innovative approaches to delivery services, particularly for fresh produce and pantry essentials. The availability of a wider selection of products, including specialty items, organic produce, and international brands, alongside deals and discounts, significantly influences increased purchases and higher sales volumes. To get more insights on the market driver, download the sample report
What performance metrics are crucial for online grocery platforms?
Performance metrics that are significant for online grocery platforms include efficient and reliable delivery services, diverse product selection, competitive pricing strategies, loyalty programs, and streamlined return policies. These metrics enhance customer experience, encourage repeat purchases, and ensure a seamless shopping journey.
What trends are shaping the growth of the Online Grocery Market?
The growing demand for functional food and beverages among health-conscious consumers is rapidly boosting the market. The convenience, accessibility, and wide selection offered by online platforms contribute to the increasing preference for purchasing these products online.
Are there any challenges affecting the growth of the Online Grocery Market?
Major challenges faced by the online grocery market include strong competition from offline retail stores, especially unorganized local grocers. Additionally, ensuring the quality and freshness of perishable items throughout the supply chain poses a significant challenge. Managing returns and refunds while maintaining secure transactions amidst cybersecurity threats are also hurdles influencing market growth.
Which segment is expected to exhibit significant growth in the Online Grocery Market by product?
The food products segment is forecasted to witness substantial growth during the forecast period. This segment includes a wide range of commonly consumed fresh produce and essential pantry items. The market growth is propelled by diverse options, commitment to enhancing customer experience, and competitive pricing strategies.
Which region is estimated to contribute significantly to the Online Grocery Market growth?
The APAC region is expected to contribute around 63% to the global market growth. Factors such as the increasing middle-class population, growing demand for food and non-food products, rising smartphone penetration, and expanding e-commerce channels contribute to the substantial growth prospects in this region.
Can you provide an overview of the major companies in the Online Grocery Market?
Several major companies dominate the online grocery market, including Amazon.com Inc., Walmart Inc., Tesco Plc, Target Corp., Alibaba, Flipkart, and more. These companies employ various strategies such as partnerships, geographical expansion, and product launches to enhance their market presence and cater to the diverse needs of online grocery shoppers. For more detailed insights, buy the full report.
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Instant Grocery Market: The instant grocery market share is expected to increase to USD 123.85 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 16.88%.
Online Grocery Delivery Services Market: The online grocery delivery services market is poised to grow by USD 652.45 billion accelerating at a CAGR of 19.43% between 2023 and 2027. Additionally, the market is fragmented in nature and shows a YOY growth of 18.26%.
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