The global online grocery market is anticipated to witness USD 1.1 Trillion by 2027, expanding at a CAGR of 24.8% till 2027, according to a study by Grand View Research, Inc. Growing use of the smartphone and technological penetration in the consumer market is likely to enhance the market growth. In addition, growing scope of E-commerce and shopping sites are emerging as game changers in the consumer market.
The popularity of online shopping sites in the global marketspace is gaining a huge traction owing to effective customer service. For instance, contact centers working 24*7*365 are readily available for customer assistance on call. This has added to the brand value of online companies in the B2C space. Simultaneously, online companies are experiencing positive growth in the consumer base Y-O-Y basis.
Emergence of AI technology and personal assistant offered by several companies are proving effective in the way of customer service and is also helping in the customer retention. Adoption of machine learning for product development has gained a tremendous traction in the past few years. Although many companies across various domains have tried to catch-up with AI, but online grocery companies in the retail business have a high adoption and are leading from the front from the technological perspective. For instance, Amazon, eBay and other online giants have integrated AI technology with payment solutions.
Covid-19 Effect:
Amid the pandemic effect on retail sector, search queries for online grocery rose by 68% in the past few months on the backdrop of covid related lockdowns throughout nations. A recent trend tells more about online consumer behaviour. Nearly 40% of the consumers shifted to online marketspace to purchase more groceries and other essentials due to coronavirus. Therefore, in the past few months, online shopping has managed to cope up with the new normal across the world.
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Further Findings from the report suggest:
Based on product, the online grocery market can be segmented as breakfast, fresh produce, dairy, staples, and cooking essentials, meat and seafood, snacks and beverages. Staples and cooking essentials accounted for a significant growth in the forecast period
Asia Pacific held a notable position and is expected to register a significant growth in the following years due to the rise in millennial population with a high preference for online buying
The key players in the online grocery domain are adopting mergers and acquisitions to capture more market. For instance Target acquired Shipt to protect and help it gain market share
Kroger Co. has reported notable earnings in June 2020 and has also partnered with Britain’s Ocado Group Plc.
Major Key Players:
l Walmart Inc.;
l JD.com Inc.,
l Amazon.com Inc.;
l Alibaba.com
l Rakuten
Product Type Insights
On the basis of product type, the market is segregated into fresh produce, breakfast and dairy, snacks and beverages, meat and seafood, staples and cooking essentials, and others. The staples and cooking essentials segment held a notable share of over 25.0% in 2019. This share is attributed to the repetitive shopping of staples that include food grains, flours, and essentials like oil that are fundamental requirements of many households in the Asia Pacific. Furthermore, changing lifestyles and rising disposable income are paving the way for growth over the next seven years.
The breakfast and dairy segment is projected to expand at a CAGR around 24% from 2020 to 2027 owing to the growing demand for dairy products such as milk, yogurt, and curd. These products are a daily necessity for people and have a short lifespan as compared to other products. Furthermore, these products cannot be stored for a longer period of time and need to be consumed within a specific duration.
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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)
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Fresh Produce
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Breakfast & Dairy
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Snacks & Beverages
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Meat & Seafood
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Staples & Cooking Essentials
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Others
Online Grocery Regional Outlook (Revenue, USD Billion, 2016 – 2027)
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North America
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U.S.
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Canada
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Europe
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U.K.
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Germany
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France
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Asia Pacific
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China
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India
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Japan
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Latin America
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Middle East & Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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