The Groceries Transportation Global Market Report 2024 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 Groceries Transportation Global Market Report 2024, The groceries transportation market size has grown strongly in recent years. It will grow from $56.48 billion in 2023 to $60.5 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to the rise of online grocery shopping, the expansion of urban areas, regulatory changes, consumer demand for freshness, and the expansion of retail chains.
The groceries transportation market size is expected to see strong growth in the next few years. It will grow to $80.08 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to e-commerce expansion, sustainability initiatives, globalization of supply chains, changing consumer preferences, and environmentally friendly transportation practices. Major trends in the forecast period include AI-driven logistics, the adoption of advanced analytics, the integration of blockchain technology, advancements in cold chain technology, and advancements in autonomous vehicles.
The expansion of online grocery shopping is expected to propel the growth of the grocery transportation market going forward. Online grocery shopping refers to purchasing groceries and household essentials through digital platforms and delivering them to one’s doorstep. The expansion of online grocery shopping is driven by the convenience of 24/7 availability, doorstep delivery, and access to a wide selection of products. Groceries transportation services ensure timely delivery, maintain product freshness, and meet customer expectations for reliable service in online grocery shopping. For instance, in March 2023, according to Adobe, a US-based computer software company, with $73.7 billion spent online in 2020, the e-grocery market grew by 103% year on year (YoY), $79.2 billion in 2021, up 7.2% YoY. Additionally, consumers spend an average of $6.7 billion monthly on groceries, up from $3.1 billion before the outbreak. Therefore, the expansion of online grocery shopping will drive the growth of the grocery transportation market.
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The groceries transportation market covered in this report is segmented –
1) By Product Type: Vegetables And Fruits, Dairy Products, Meat And Seafood, Other Product Types
2) By Transportation Mode: Roadways, Railways, Seaways, Airways
3) By Application: Retail, Food And Beverage, Consumer Goods, Other Applications
Major companies operating in the grocery transportation market are focusing on integrating artificial intelligence (AI)-powered logistics solutions such as route optimization, to enhance customer convenience and improve overall efficiency in the supply chain. Route optimization technologies refer to advanced systems that use machine learning (ML) techniques to optimize transportation routes and schedules efficiently. For instance, in March 2024, Walmart Inc., a US-based retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores, launched Element, an AI-powered software solution aimed at optimizing truck delivery routes and schedules for goods to its stores. This AI-powered technology is expected to boost operational efficiency and enhance customer experiences for Walmart’s partners. The software’s pricing model is designed to be flexible based on usage volume and frequency, addressing the complexities of deploying AI models at scale. It also offers benefits such as freedom from vendor lock-in, cost savings, and improved reliability, making it easier for businesses to adopt AI and ML solutions.
The groceries transportation market report table of contents includes:
1. Executive Summary
2. Groceries Transportation Market Characteristics
3. Groceries Transportation Market Trends And Strategies
4. Groceries Transportation Market – Macro Economic Scenario
5. Global Groceries Transportation Market Size and Growth
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32. Global Groceries Transportation Market Competitive Benchmarking
33. Global Groceries Transportation Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Groceries Transportation Market
35. Groceries Transportation Market Future Outlook and Potential Analysis
36. Appendix
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