The online grocery market is predicted to be valued at US$ 377.4 billion in 2023 and US$ 3396.9 billion by 2033. Over the projection period, sales in the online grocery market are expected to increase at a CAGR of 24.60%.
With the help of AI and customer data, online grocers can offer personalized nutrition plans and product recommendations tailored to individual health needs. This presents an opportunity to tap into the growing health and wellness segment. Consumers increasingly prioritize ecofriendly and locally sourced products. Online grocers can collaborate with local farmers and artisans, promoting sustainability and supporting the community while differentiating them in the market.
Targeting niche markets, such as gluten free, vegan, or keto, can open doors for egrocers. Offering a wide variety of specialty products caters to health conscious and dietary restricted consumers. Online grocery stores can collaborate with chefs or nutritionists to provide virtual cooking classes. This not only adds value to the shopping experience but can also be monetized. Integration with smart kitchen appliances like fridges or ovens could enable automatic reordering of staple items as they run low. This seamless replenishment service can boost customer loyalty.
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Key Takeaways from the Online Grocery Market
- The online grocery market is led by China, projecting a 32.50%CAGR until 2033.
- France is at the forefront, anticipating 22.90% CAGR growth by 2033.
- Canada is poised for a 16.70% CAGR by 2033.
- The product type (packed foods) segment is set to dominate with a market share of 62.70% in 2023.
- FMI predicts the delivery (home delivery) segment to hold a market share of 58.20% in 2023.
“Analysts assert that the online grocery market is poised for exponential growth, driven by evolving consumer preferences and technology advancements, making it a pivotal sector for investors and retailers alike,” says Sneha Verghese, Senior Consumer Goods and Products Consultant at Future Market Insights (FMI).
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How Key Players Are Revolutionizing the Online Grocery Market?
Key players are revolutionizing the online grocery market through innovative strategies and customer centric approaches, reshaping the way consumers shop for food and essentials. Companies like Amazon, Walmart, and Instacart have led the charge by offering diverse products, seamless digital platforms, and rapid delivery options.
These key players leverage technology to enhance user experiences. Features like personalized recommendations, user friendly interfaces, and easy to navigate mobile apps create a convenient shopping journey. Integration of AI and data analytics enables tailored suggestions, streamlining the purchase process and ensuring customer satisfaction.
Delivery efficiency has been a focal point. Same day delivery services and expanded geographical coverage redefine convenience. Companies invest in robust logistical infrastructures and partnerships to ensure swift and reliable deliveries, meeting the increasing demand for speed and reliability in the fast paced world of today.
Who is winning?
Some of the key players operating in the online grocery market are
- Amazon.com Inc.
- Walmart Inc.
- The Kroger Co.
- Peapod LLC
- Fresh Direct LLC
- Publix Super Markets Inc.
- Target Corporation
- Best Buy Co. Inc.
- Instacart
- Costco Wholesale Corporation
- Safeway Inc.
- Carrefour S.A.
- Edeka Group
- Tesco PLC
- Aldi
- Alibaba Group
- JD.com
- Honestbee
- Grofers India Pvt. Ltd.
- Avenue Supermarts Ltd.
Product Portfolio:
- Discover a vast product portfolio at Amazon.com Inc., offering an extensive range of products from electronics and fashion to books and more. With top tier customer service and fast shipping, Amazon provides the ultimate shopping experience for all.
- Explore Walmart Inc. has a diverse product portfolio, featuring affordable goods in groceries, clothing, electronics, and more. Walmart is your one stop shop for everyday essentials with a commitment to providing value and convenience.
- The Kroger Co. proudly presents its product portfolio, including fresh groceries, household items, and more. With a focus on quality and community, Kroger offers a wide range of products that cater to the needs of shoppers nationwide.
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Market Segmentation
Product Type:
- Packed Foods
- Snacks
- Chips & Crisps
- Salty Snacks
- Dried Fruits
- Mixed Nuts
- Popcorn
- Baked Products
- Cookies
- Cakes & Pastries
- Breads & Rolls
- Frozen Desserts
- Confectioneries
- Breakfast & Cereal
- Cereal & Breakfast Bars
- Granola & Muesli
- Energy Boosting Breakfast
- Others (Syrups, Pancakes, etc.)
- Ready To Eat Foods
- Instant Noodles
- Pasta
- Sandwiches
- Smoked Fish
- Ready To Drink Beverages
- Aseptic Juice
- Iced Tea
- Flavored Milk
- Soft Drinks
- Energy Drinks
- Instant Coffee
- Canned Sodas
- Non-Alcoholic Drinks
- Dairy Products
- Milk
- Yogurt
- Cheese
- Butter
- Others
- Staples & Cooking Essentials
- Salt & Spices
- Sauces
- Coffee/ Tea Powder
- Pickles
- Oils/ Vinegar
- Honey/ Jam
- Snacks
- Fresh Produce
- Fruits & Vegetables
- Meat & Seafood
Purchaser Type:
- One Time Purchase
- Subscription
Delivery Type:
- Home Delivery
- Company Owner Stores
- Third-Party Stores
- Click & Collect
End User:
- Individuals
- Distributors
By Region
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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