The global online grocery market size is expected to reach USD 1.1 trillion by 2027, expanding at a CAGR of 24.8% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. Increasing number of smartphones, their use, and rising number of smartphone users are anticipated to boost the market growth over the forecast period. Along with these factors, recent pandemic of corona virus is another major contributor of rising number of online grocery shoppers across the globe.
Increasing adoption of online shopping is expected to fuel the market growth during the forecast period. Shopping convenience and better discounts are the primary reasons that have led people to shift from traditional shopping to online shopping. Developing countries have witnessed a notable rise in the number of online shoppers in recent years. According to the India Brand Equity Foundation (IBEF), the number of online shoppers in India was around 120 million in 2018 and is estimated to reach 220 million by 2025. This growing trend and surge in the number of shoppers have developed a huge potential for the market growth.
Security concerns among customers and lack of physical evidence are the major factors that impede the market growth. However, the adoption of Internet of things (IoT) is expected to open new avenues for the online grocery market over the forecast period. IoT helps e-commerce organizations maintain inventory by using IoT enabled devices within the network. IoT provides real-time data and helps retailers analyze the demand for several products in different regions.
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Further key findings from the study suggest:
The fresh produce segment is projected to expand at a CAGR of over 22.0% during the forecast period owing to increasing adoption of e-commerce platforms for buying fruits, vegetables, and other grocery items
Asia Pacific is estimated to record the highest CAGR from 2020 to 2027 owing to rising younger population in the region that is more inclined toward online grocery buying
The market is fragmented in nature and is characterized by high competition with the presence of global players such as Walmart; Amazon.com, Inc.; JD.com, Inc.; and Rakuten.
The key players in the online grocery market are opting for strategies such as acquisitions, mergers, and collaborations to expand their regional presence in the market.
Grand View Research has segmented the global online grocery market on the basis of product type and region:
Online Grocery Product Type Outlook (Revenue, USD Billion, 2016 - 2027)
Breakfast & Dairy
Snacks & Beverages
Meat & Seafood
Staples & Cooking Essentials
Online Grocery Regional Outlook (Revenue, USD Billion, 2016 - 2027)
Middle East & Africa
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