Online Grocery Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Online grocery refers to the digital purchase of food and household items through websites or mobile apps, with the convenience of home delivery or pickup. Online grocery shopping is a convenient, efficient, and cost-effective replacement for traditional grocery store purchases, offering a large selection of items.

Sizing and Forecast
The online grocery market size has grown exponentially in recent years. It will grow from $445.99 billion in 2023 to $542.72 billion in 2024 at a compound annual growth rate (CAGR) of 21.7%.  The  growth in the historic period can be attributed to continued growth in e-commerce, expansion of ultrafast delivery services, focus on sustainability, increased investment in last-mile logistics, enhanced payment solutions.

The online grocery market size is expected to see exponential growth in the next few years. It will grow to $1180.95 billion in 2028 at a compound annual growth rate (CAGR) of 21.5%.  The growth in the forecast period can be attributed to internet penetration and access, advancements in e-commerce, improved logistics and delivery systems, mobile technology proliferation, covid-19 pandemic-induced surge. Major trends in the forecast period include technology integration, focus on sustainability, enhanced customer experience, partnerships with brick-and-mortar retailers, contactless and cashless transactions.

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Segmentation & Regional Insights
The online grocery  market covered in this report is segmented –
1) By Product: Fresh Produce, Staple And Cooking Essentials, Ready-To-Eat Food, Snacks And Beverages, Bakery And Confectionery, Dairy Products, Breakfast And Cereal
2) By Food Platform: Mobile Application, Website
3) By Delivery Type: Instant Delivery, Schedule Delivery
4) By End User: Individual, Distributors, Other End Users

Asia-Pacific was the largest region in the online grocery market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the online grocery  market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
A shifting preference towards digital shopping for convenience and safety is expected to propel the growth of the online grocery market in the coming years. Digital shopping, often known as shopping online or e-commerce, is the process of buying products or services via an internet connection using a mobile app or a website. Digital shopping in grocery stores is convenient and time-saving, allowing customers to browse, choose, and purchase goods from the convenience of their own homes, with the bonus of doorstep delivery. For instance, in February 2023, according to Eurostat, a Europe-based intergovernmental organization, in the survey, 68% of individuals aged 16 to 74 reported buying or ordering products or services online in the past 12 months, a 1% rise from 2021. Among internet users in the last 3 months, 51% were e-shoppers in 2022. Therefore, shifting preferences towards digital shopping for convenience and safety is driving the online grocery market.

Key Industry Players
Major companies operating in the online grocery  market report are Amazon.com Inc., The Kroger Company, Alibaba Group, Target Corporation, Koninklijke Ahold Delhaize N.V., Edeka group, Albertsons Companies, Inc., Getir, Uber Eats, Delivery Hero, Doordash, ALDI Inc., Flipkart Supermart, Just Eat, Jio Mart, Auchan SA, ASDA Groceries, Instacart, Safeway Inc., FreshDirect LLC.

The online grocery market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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