Food And Beverages E-Commerce Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Food And Beverages E-Commerce by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Food And Beverages E-Commerce, The food and beverages market size has grown strongly in recent years. It will grow from $6576.96 billion in 2023 to $7000.88 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increasing internet penetration, and rising disposable income.

The food and beverages market size is expected to see strong growth in the next few years. It will grow to $8817.63 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to increase in smart phone users, rapid urbanization, and new payment modes. Major trends in the forecast period include rising subscription products, mobile shopping of grocery, technological development, partnerships, and collaborations and buy now, pay later (bnpl)..

An increase in smartphone users has given a boost to food and beverage (F&B) e-commerce sales worldwide. Smartphone users are the primary online shoppers for the F&B industry, and with the increasing number of them, there is a potential increase in online shopping for food and beverages. As per an article published by DataReportal, the number of smartphone users in 2020 reached 5.22 billion which was about 66% of the world’s population. General Mills, a US-based grocery store chain, is already seeing 10% of its sales occur online, and by 2022, online grocery shopping is expected to be a $100 billion business. Hence, an increase in smartphone users and internet penetration is driving growth in F food & beverages e-commerce market.

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The food and beverages e-commerce market covered in this report is segmented –

1) By Type: Grocery Delivery And Pickup, Dtc Products, Meal Kits And Fresh Ready-To-Eat Meals, Restaurant Meal Delivery

2) By Delivery Channel: Store Pick-Up, Home Delivery

3) By End Users: Households, Businesses

With an increase in technology and changing human interaction with any product or service, online shopping and web surfing for Food & Beverage (F&B) products or services is diurnal. This is positively affecting F&B e-commerce. In 2022, there were 2.14 billion online shoppers which accounted for 27% of total world population. 80% of consumers prefer detailed information about purchases and consider this crucial to making buying decisions. Hence, this trend will boost and increase the scope for online food and beverage businesses.

The food and beverages e-commerce market report table of contents includes: