How Big Is the Online Grocery Market?
How big is the global online grocery market? What is its growth rate? The global market for online groceries is estimated to reach US$198.5 billion by 2020 and US$550.7 billion by 2027, with a 15.7% compound annual growth rate. Below is a breakdown of the market, broken down by product type and platform like online marketing software. We will also discuss the factors driving growth. Here are some of the most important facts. Let’s begin!
Global online grocery market size
The global online grocery market is composed of various segments, including countries, regions, and types. The North American Online Grocery Market is the largest by revenue, while the European, Asian, Latin, and Indian markets are the second-largest. The report also includes a detailed analysis of each segment, including sales volume and forecasts. The study is based on the opinions and experiences of various industry players. It offers a comprehensive analysis of the Online Grocery Market.
Breakup by product type
The global online grocery market is segmented by product type, business model, platform, purchase types, and various stages of the value chain. The analysis highlights the key factors driving the growth of the market and the competitive landscape. The breakdown also includes the key players in the space. The online grocery market has experienced a high level of competition, resulting in a range of business models and product portfolios. The following chart shows the breakdown of the market by product type.
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The growth of online grocery is being driven by several factors, including rapid urbanization, advancements in technology, and a paradigm shift in consumer purchasing habits. Furthermore, innovative business models such as subscription delivery and on-demand fulfillment are encouraging consumers to shop for groceries online. Moreover, rising disposable income is fueling the growth of the market. In addition, the convenience of shopping at home can be complemented by attractive discounts offered by service portals.
Effects of COVID-19 on the market
The effects of COVID-19 on the online grocery industry may not be immediate, but the impact is still felt across the globe. Retailers were forced to restock best-selling items, and the total number of SKUs in online grocery stores was reduced by almost twenty percent. This situation also affected brick-and-mortar stores, which are heavily reliant on in-person transactions. Smaller stores may not be able to invest as much in e-commerce platforms, and may therefore miss out on sales opportunities.