Online Grocery Market to Reach $965,440.4 million, Globally, by 2032 at 14.3% CAGR: Allied Market Research

The online grocery market is driven by technological advancements and expanding internet penetration.

PORTLAND, Ore., Sept. 29, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Online Grocery Market By Product Type (Fresh Produce, Staple And Cooking Essentials, RTE Food, Snacks And Beverages, Bakery And Confectionery, Dairy Products, Breakfast And Cereal, Household And Cleaning Products, Beauty And Personal Care, Baby Food And Care, Pet Food And Care), By Delivery Type (Instant Delivery, Schedule Delivery).". According to the report, the global Online Grocery Market generated $258.6 billion in 2022 and is anticipated to generate $965.4 billion by 2032, witnessing a CAGR of 14.3% from 2023 to 2032. 

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The online grocery market has witnessed numerous recent developments that are focused on improvement and enhancement of online grocery delivery services. One of the major industry players such as Amazon, which operates as Amazon Fresh, an online grocery company, has invested largely in the Indian market.

Prime determinants of growth

The online grocery market is driven by technological advancements and expanding internet penetration. The continuous progress in e-commerce technology, mobile applications, and logistics has significantly enhanced the overall shopping experience for consumers. User-friendly interfaces and secure payment gateways ensure a seamless and efficient purchasing process, which attracts more customers to adopt online grocery shopping. Furthermore, the market has seen partnerships as the popular choice among the companies for expanding their market presence and businesses. Companies come together to deliver better services to their customers by utilizing each other's existing market capabilities and technologies due to high competition among key online grocery providers. 

Report coverage & details:

 

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The Fresh Produce segment to maintain its leadership status throughout the forecast period

Based on product type, the fresh produce segment held the highest market share in 2022, accounting for more the one-fifth of the global online grocery market revenue and is estimated to maintain its leadership status throughout the forecast period. Personalized recommendations and subscription services for fresh produce also surge the market demand for the fresh produce segment in the market. However, the RTE food segment is projected to manifest the highest CAGR of 15.2% from 2023 to 2032, due to consumers increasingly seeking quick and hassle-free solutions for their busy lifestyles. Health-conscious RTE choices, including organic and plant-based options, are also gaining popularity.

The Scheduled Deliveries segment to maintain its leadership status throughout the forecast period

Based on delivery type, the scheduled deliveries segment held the highest market share in 2022, accounting for more than three-fifths of the global online grocery market revenue and is estimated to maintain its leadership status throughout the forecast period. Consumers are opting for scheduled deliveries that align with their preferred time slots, accommodating busy schedules and reducing waiting times. However, the instant delivery segment is projected to manifest the highest CAGR of 14.5% from 2023 to 2032. The market trends of instant delivery in the online grocery market include a growing preference for quick and on-demand grocery services.

North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global online grocery market revenue, due to increase in consumers' preference toward convenience and time-saving shopping experiences has fueled the growth of online grocery platforms in this region.  However, the Asia-Pacific region is expected to witness the fastest CAGR of 15.4% from 2023 to 2032. In the Asia-Pacific region, online grocery market trends include rapid growth driven by increasing internet penetration and smartphone adoption.

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Leading Market Players: -

• Rakuten Group, Inc.
• Reliance Retail Limited
• Amazon.com, Inc.
• Walmart Inc.
• The Kroger Co.
• Albertsons Companies, Inc.
• Tesco PLC
• Woolworths Group Limited
• J Sainsbury plc.
• Target Corporation

The report provides a detailed analysis of these key players in the global online grocery market. These players have adopted different strategies such as collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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