The global online grocery market size is expected to reach USD 1,894.15 Billion by 2030 according to a new study by Polaris Market Research. The report “Online Grocery Market Share, Size, Trends, Industry Analysis Report, By Product Type (Fresh Produce, Breakfast & Dairy, Snacks & Beverages, Meat & Seafood, Staples & Cooking Essentials, Others); By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasingly busy lifestyle, the prevalence of broadband services, the proliferation of smart devices, and the availability of simple online payment methods that make e-commerce platforms easier to use, as well as an increase in the working population, are the factors significantly contributing to the growth of the industry.
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Moreover, the growth of the industry is associated with a greater focus on expanding e-commerce businesses, easy product delivery to customers' doorsteps, improved product quality, and the use of attractive promotion strategies such as free delivery policies and significant discounts.
Based on the type, the staples & cooking essentials segment accounted for the largest share in 2021. The growth of the segment is expected to be driven by the increased demand for staple foods such as rice, corn, wheat, etc., and cooking essentials including oil, seasonings & spices, sugar, and others, as these are consumed in large quantities by huge population on a regular basis.
Asia Pacific accounted for the largest share in 2021 and is expected to continue dominating the industry over the forecast period. The growing demand for the industry is attributed to the rapid urbanization, rise in per capita income, penetration of e-commerce platforms, as well as rising investments in R&D activities for integrating technologies.
Industry participants such as AEON Co., Ltd., Alibaba.com, Amazon.com, Inc., Blinkit (formerly Grofers), Instacart, JD.com, Inc., Natures Basket Limited, Rakuten, Reliance Retail (Reliance Fresh), Supermarket Grocery Supplies Pvt. Ltd. (BigBasket), Target Brands, Inc., Tesco.com, The Kroger Co., and Walmart are some of the key players operating in the industry.
For instance, in March 2022, Blinkit, an online grocery store in India, in order to launch its quick-commerce service with the goal of becoming the first e-commerce company to deliver groceries and other necessities within 10 minutes of a customer’s order. The company has a presence in over 30 locations, with 10-minute delivery available in 12 cities and standard same-day delivery in the other 18 cities.
Polaris market research has segmented the online grocery market report on the basis of product type and region:
Online Grocery, Product Type Outlook (Revenue - USD Billion, 2018 - 2030)
Online Grocery, Regional Outlook (Revenue - USD Billion, 2018 - 2030)