SAN FRANCISCO, April 8, 2020 /PRNewswire/ -- 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.
Key suggestions from the report:
- 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.
Read 107 page research report with ToC on "Online Grocery Market Size, Share & Trends Analysis Report By Product Type (Fresh Produce, Breakfast & Dairy, Snacks & Beverages, Staples & Cooking Essentials), By Region, And Segment Forecasts, 2020 - 2027' at: https://www.grandviewresearch.com/industry-analysis/online-grocery-market
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.
Grand View Research has segmented the global online grocery market based on product type and region:
- Online Grocery Product Type Outlook (Revenue, USD Billion, 2016 - 2027)
- Fresh Produce
- Breakfast & Dairy
- Snacks & Beverages
- Meat & Seafood
- Staples & Cooking Essentials
- Others
- Online Grocery Regional Outlook (Revenue, USD Billion, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- Japan
- India
- China
- Latin America
- Middle East & Africa
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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