Demand for Contactless Payments Pushes and Growing demand for Fresh Groceries in the UK may Propel the Growth of the Online Grocery Market in Europe. The Asia Pacific represents the largest market for online grocery.
NEWARK, DEL, Oct. 26, 2022 /PRNewswire/ -- The global online grocery market is expected to showcase lucrative growth opportunities by exhibiting a CAGR of 23% from 2022 to 2032. The global market is anticipated to generate a revenue of US$ 2778.4 billion by 2032, up from US$ 350.55 billion in 2022. According to Future Market Insights analysis, smartphone apps account for around 90% (by volume) of online grocery orders with web-based platforms making up the remaining 10%.
Over the last three quarters, top companies around the world have invested more than US$ 100 million in online grocery start-ups. Online shopping for convenience food is likely to increase. On the basis of product type, packed food is anticipated to account for around 50% of the global online grocery market by the end of the year. North America is predicted to account for a significant share of the global market. Proliferating e-commerce platforms and rapid digitization across the region are expected to be supportive of the expansion of the online grocery market.
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Over the forecast period, the Asia Pacific region is expected to continue its dominance over the global online grocery market, by accounting for the largest market share in 2022. Factors responsible for the increased demand for online grocery markets include population growth, increasing disposable income, and sophisticated food lovers across the region are among the factors driving the increase in demand for the industry. In addition to that, rising mobile accessibility and broadband adoption are yet another prominent factor challenging the traditional grocery-buying business model, allowing customers to buy food anywhere, anytime.
Key Takeaways
- The global online grocery market is expected to grow as disposable income rises. People these days are looking for products that can meet their comfort levels. People are more likely to spend money on services they can easily obtain and are more willing to save time by shopping online. Online grocery shopping has become an easy and convenient option for many people. Their willingness to pay for these goods is also higher than usual.
- Rapid urbanization has led to a surge in incomes which resulted in a rise in the standard of living. Online grocery markets have rapidly gained traction due to the growth of middle-class populations and advances in internet infrastructure. As a result of being relieved from physically going to stores, people are expecting to dispose of their income a little bit more when ordering products online from the comfort of their homes.
- The online grocery business is expected to run on two pillars packing up orders and delivering them. Owing to a surge in technological advances and automation, large grocers are spending heavily on making online shopping more popular.
- The implementation of automation has proven to be extremely helpful for retailers as it helps fulfill the grocery demands of consumers efficiently. Automated pickup has already been implemented in developed countries such as the U.S., Canada, the U.K., etc. In the future, consumers will turn to online groceries for convenience as a result of such automation.
- Packaged foods are one of the major portions of this segment. This segment is dominated by packaged foods due to the wide array of food products available to consumers. Some of these foods include bread, tinned vegetables, dairy products, meat products, cakes, biscuits, ready-to-eat meals, and much more.
Competitive Landscape
Companies are drastically focusing on strategic expansion through acquisitions and partnerships in order to gain a competitive edge over other companies through expansion into new regions, which is highly competitive.
Key Companies Profiled in Online Grocery Market are Amazon.com Inc., Walmart Inc., The Kroger Co., Peapod LLC, Fresh Direct LLC, Publix Super Markets Inc., Target Corporation, Best Buy Co. Inc., Instacart, Costco Wholesale Corporation, Safeway Inc., Carrefour S.A., Edeka Group, Tesco PLC, Aldi, Alibaba Group, JD.com, Honestbee, Grofers India Pvt. Ltd., Avenue Supermarts Ltd.
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More Insights into the Online Grocery Market
Europe is expected to emerge as a dominant region by focusing on expanding its existing base. A significant investment in promotional campaigns is anticipated to boost the growth of the online grocery market. Moreover, the growing penetration of advanced technologies, such as artificial intelligence (AI), the internet of things (IoT), and big data, is also contributing to the market's growth.
The surge in government administrations and financial organizations actively promoting the use of mobile payment methods to contain virus spread is expected to boost market revenue. Several payment firms have shifted to contactless payments attributing to the growth of the market.
Market Segmentation
Product Type:
- Packed Foods
- Snacks
- Baked Products
- Breakfast & Cereal
- Ready To Eat Foods
- Ready To Drink Beverages
- Dairy Products
- Staples & Cooking Essentials
- Fresh Produce
Purchaser Type:
- One Time Purchase
- Subscription
Delivery Type:
- Home Delivery
- Click & Collect
End User:
- Individuals
- Distributors
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
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