Online Grocery Market 2024 - By Size, Share, Industry Growth Analysis Report By 2033

The Business Research Company recently released a comprehensive report on the Global Online 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.

According to The Business Research Company's, The online grocery market size has grown exponentially in recent years. It will grow from $445.99 billion in 2023 to $542.72 billion in 2024 at a compound annual growth rate (CAGR) of 21.7%. The growth in the historic period can be attributed to continued growth in e-commerce, expansion of ultrafast delivery services, focus on sustainability, increased investment in last-mile logistics, enhanced payment solutions.

The online grocery market size is expected to see exponential growth in the next few years. It will grow to $1180.95 billion in 2028 at a compound annual growth rate (CAGR) of 21.5%. The growth in the forecast period can be attributed to internet penetration and access, advancements in e-commerce, improved logistics and delivery systems, mobile technology proliferation, covid-19 pandemic-induced surge. Major trends in the forecast period include technology integration, focus on sustainability, enhanced customer experience, partnerships with brick-and-mortar retailers, contactless and cashless transactions.

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Market Drivers and Trends:

A shifting preference towards digital shopping for convenience and safety is expected to propel the growth of the online grocery market in the coming years. Digital shopping, often known as shopping online or e-commerce, is the process of buying products or services via an internet connection using a mobile app or a website. Digital shopping in grocery stores is convenient and time-saving, allowing customers to browse, choose, and purchase goods from the convenience of their own homes, with the bonus of doorstep delivery. For instance, in February 2023, according to Eurostat, a Europe-based intergovernmental organization, in the survey, 68% of individuals aged 16 to 74 reported buying or ordering products or services online in the past 12 months, a 1% rise from 2021. Among internet users in the last 3 months, 51% were e-shoppers in 2022. Therefore, shifting preferences towards digital shopping for convenience and safety is driving the online grocery market.

Major companies operating in the online grocery markets are adopting subscription models and membership programs, such as the B2B membership platform, to better meet the needs of their existing consumers. A B2B membership platform in online grocery serves as a digital hub connecting businesses within the supply chain, facilitating transactions and collaboration among suppliers, distributors, and retailers. For instance, in October 2023, Bundl Technologies Private Limited (Swiggy), an India-based company that operates an online food ordering platform, launched Swiggy One Lite. Swiggy One Lite is a new and more economical variant of Swiggy One, the membership club, that provides advantages for meals, groceries, and pick-up and delivery services. Swiggy One Lite provides several perks, including free delivery, special deals, and discounts, for a starting price of Rs 99 for three months. One Lite is available as a B2B membership, packaged with offerings from major brand partners in the telecom and banking sectors.

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Major Key Players of the Market:

Major companies operating in the online grocery market report are Amazon.com Inc., The Kroger Company, Alibaba Group, Target Corporation, Koninklijke Ahold Delhaize N.V., Edeka group, Albertsons Companies, Inc., Getir, Uber Eats, Delivery Hero, Doordash, ALDI Inc., Flipkart Supermart, Just Eat, Jio Mart, Auchan SA, ASDA Groceries, Instacart, Safeway Inc., FreshDirect LLC.

Online Grocery Market 2024 Key Insights:

• The online grocery market is expected to grow to $1180.95 billion in 2028 at a compound annual growth rate (CAGR) of 21.5%.
• Shifting Preferences Toward Digital Shopping For Convenience And Safety Propels The Online Grocery Market
• Focus On B2B Memberships And Subscription Models For Enhanced Customer Benefits
• Asia-Pacific was the largest region in the online grocery market in 2023

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