Updated News: Increasing Adoption of IOT Is Expected to Boost the Growth of the Global Online Grocery Market During the Forecast Period
Global Online Grocery Market: Key Highlights
- The global online grocery market is estimated to reach USD 1100.21 Billion by 2027 at a CAGR of 23.6% during the review period
- The global online grocery market is segmented by into product type, deliver type, shopper and end-user.
- Based on basis of product type, the market is bifurcated into fresh produce, breakfast & dairy, staples & cooking essentials, snacks & beverages, baked product, ready to eat food and others. The staples and cooking essentials segment is projected to have the highest growth. Hence, these is being attributed to the majorly shopping of staples such as food grains, flours, and oil.
- On the bases of region, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa
- Asia-Pacific is projected grow at the fastest growth rate with the initiatives taken by the government of India and China to improve the digitalization and e-commerce sector by their countries
- Top players that account for the major share include Amazon.com, Inc., Walmart Inc., Best Buy Co Inc., Costco Wholesale Corporation, Fresh Direct, LLC., Instacart, Peapod LLC and among others.
Global Online Grocery Market: Key Market Dynamics
- The growing adoption of Internet of Thing (IoT) by the retailers throughout the globe is projected to fuel the market growth in the forecast period
- The rising penetration of internet services is also lead to enhance online grocery market growth
- Further, the outbreak of Covid-19 pandemics is also lead to enhances online grocery market growth. These has led to rise the customers demand for buying the grocery thought online in order to avoid going to the store as well as to limit the social contact
- However, high operating cost is hindering the growth of the market during assessment period
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Global Online Grocery Market: Regional Overview
- North America region is further divided in to US, Canada and Mexico. Globally, North America accounted for the major market share
- In the region, major market with the various prominent players in the region as well as the growing e-commerce sales in the US is excepted to boost the market demand
- The rising penetration of smart devices, rising growth for functional food as well as the availability of attractive discounts on grocery items will boost industry demand in the region
- The Sobeys Inc. is the second largest food retailer in Canada, with over 1,500 stores operating across Canada under a variety of banners. On 2020, the Voilà by Sobeys launches in the Greater Toronto Area (GTA)
- As per the US Census Bureau, the e-commerce sales for retailers in the US was valued at USD 461 billion in 2017 as compared to USD 397.3 billion in 2016
- Asia-Pacific region is segmented into five major countries including China, Japan, India, Australia, and South Korea
- Asia-Pacific region is expected to grow at the fastest growth rate with growing government initiative in the countries such as India and China to promote digitalization as well as the e-commerce sector in their countries
- As per the India Brand Equity Foundation (IBEF), the number of Internet users in the country is projected to grow more than 600 million in 2019 to around 800 million by 2021
- For example, the Indian government has also introduces the Digital India campaign to boost the nation digitally
Global Online Grocery Market: Key Players
Some of the key players operating in the market include Amazon.com, Inc., Best Buy Co Inc., Costco Wholesale Corporation, Fresh Direct, LLC., Instacart, Peapod LLC, Publix Super Markets Inc., Target Corporation, Walmart Inc. and among others.
Global Online Grocery Market: Key Developments
- In December 2018, Rakuten, Inc. and Walmart, Inc. has opened the first Walmart e-Commerce store in Japan named as Walmart Rakuten Ichiba Store.
- In August 2020, NYC extends food drive in partnership with FreshDirect to address food insecurity.
- In September 2020, Instacart and Sephora partnered to launch same-day delivery across North America.
- On September 2020, the Walmart is piloting on-demand drone delivery with Flytrex. The Flytrex an end-to-end drone delivery company.
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