New York, United States, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The Global Online Grocery Market Size is to Grow from USD 365.74 Billion in 2022 to USD 2827.63 Billion by 2032, at a Compound Annual Growth Rate CAGR of 22.69% during the projected period.
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The market for online groceries is a digital platform where consumers can purchase food and household goods via the Internet. This online marketplace offers consumers convenience, a diverse product selection, and time savings. As a result of a greater emphasis on expanding e-commerce businesses and implementing appealing marketing strategies, the industry is expanding. As a result of rising competition and the availability of a large number of shops in unorganized sectors, online stores are increasingly adopting free delivery policies and offering significant discounts. Customers value on-time and hassle-free delivery, which drives the online grocery industry forward. Furthermore, the growth of the industry can be attributed to easier doorstep product delivery, higher quality products, and the absence of geographical boundaries. Consumers prefer online shopping to physical shopping because of the convenience of door-to-door delivery. These days, businesses that sell their goods online offer better quality products, which motivates clients to place repeat orders from a particular website. However, the inability to touch and feel the product to check its freshness and durability, as well as the lack of personalized involvement, are expected to stymie market growth. Market growth is also expected to be hampered by a growing lack of trust in online payment methods, particularly in emerging economies.
COVID 19 Impact
The e-commerce industry has grown significantly over the last decade, and the pandemic has had a significant impact on changing consumer behaviour. The ability to buy all necessary items with a single click or tap and have them delivered to one's door has not only created a trend but also created an opportunity for online retailers.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Online Grocery Market Size, Share, and COVID-19 Impact Analysis, By Type (Vegetables & Fruits, Staples & Cooking Essentials, Snacks, Dairy Products, Meat & Seafood, Others), By Platform (App-Based, Web-Based), By Delivery Type (Schedule Delivery, Instant Delivery), By Business Model (Pure Marketplace, Hybrid Marketplace, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The vegetables & fruits segment dominates the market with the largest revenue share over the forecast period
Based on the type, the global online grocery is segmented into vegetables & fruits, staples & cooking essentials, snacks, dairy products, meat & seafood, and others. Among these, the vegetables & fruits segment is dominating the market with the largest revenue share over the forecast period. Purchasing vegetables and fruits online is the best option because consumers are increasingly looking for quick and easy solutions to their hectic lifestyles. These working professionals mostly used these options. Such factors will boost market growth in the forecast period.
The app-based segment is witnessing significant CAGR growth through the forecast period
On the basis of platform, the global online grocery is segmented into app-based, and web-based. Among these, the xx segment is witnessing significant CAGR growth over the forecast period. App-based platforms may encourage loyalty through integrated reward programs, resulting in a more engaged customer base. Because of the convenience of shopping on the go and push notifications with exclusive deals, app-based platforms are very appealing to tech-savvy consumers.
The instant delivery segment is expected to hold the largest share of the global online grocery during the forecast period.
Based on delivery type, the global online grocery is classified into scheduled delivery and instant delivery. Among these, the instant delivery segment is expected to hold the largest share of online grocery during the forecast period. The instant cart delivery model is generating high levels of customer satisfaction globally and emerging as a dynamic business differentiator, it is also raising concerns about viability and sustainability.
The pure marketplace segment accounted for the largest revenue share over the forecast period.
Based on the business model, the global online grocery is segmented into pure marketplace, hybrid marketplace, and others. Among these, the pure marketplace segment dominates the market with the largest revenue share over the forecast period. You enable customers to shop from multiple vendors on a single platform, enhancing the user experience and fostering loyalty. Apart from that, many pure marketplaces make investments in cutting-edge technology to encourage repeat purchases, such as the use of artificial intelligence (AI), personalized recommendations, and robust search options.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific dominates the market with the largest market share over the forecast period. Asia has the longest working hours, necessitating the need to buy products online to save time and effort. As a result, the industry's growth will likely accelerate. Furthermore, the regional market is expected to expand as a result of government initiatives in countries such as India and China to promote e-commerce and digitization.
North America is expected to grow the fastest during the forecast period. This is primarily due to the presence of several significant players with base units in developed countries such as the United States and Canada. The rate of e-commerce sales in the United States is expected to rise steadily.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global online grocery are Walmart Inc., Auchan SA, The Kroger Co., TESCO PLC, com Inc., Royal Ahold Delhaize NV, Blink Commerce Private Limited, ASDA, Albertsons Companies, Inc., ALDI, Fresh Direct, LLC. and others.
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Recent Developments
- In April 2023, Woolworths Group Limited collaborated with Takeoff Technologies, a company that provides micro-fulfilment eGrocery solutions. This collaboration will improve customers' online shopping experiences.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global online market based on the below-mentioned segments:
Online Grocery Market, Type Analysis
- Vegetables & Fruits
- Staples & Cooking Essentials
- Snacks
- Dairy Products
- Meat & Seafood
- Others
Online Grocery Market, Platform Analysis
- App-based
- Web-based
Online Grocery Market, Delivery Type Analysis
- Schedule Delivery
- Instant Delivery
Online Grocery Market, Business Model Analysis
- Pure Marketplace
- Hybrid Marketplace
- Others
Online Grocery Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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