LONDON--(EON: Enhanced Online News)--Technavio analysts forecast the global online grocery market to grow to USD 142.15 billion by 2021, at a CAGR of more than 20% over the forecast period, according to their latest report.
“The growth of various e-commerce platforms, increase in ease of access to various e-commerce websites, and promotion of the omnichannel model of shopping are positively impacting the online grocery shopping market”
The research study by Technavio on the global online grocery market for 2017-2021 provides detailed industry analysis based on product (food products and non-food products) and geography (the Americas, Europe, APAC, and MEA).
|The Americas comprise the largest segment of the global online grocery market, occupying over 36% of the overall shares. More than 33% of the revenue generated from the sales of grocery products is through the online medium, which is a key factor responsible for the dominance of the market segment.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global online grocery market:
- Growing e-commerce in emerging markets
- Growth in digital consumerism
- Faster adoption in major Western economies
Growing e-commerce in emerging markets
“The growth of various e-commerce platforms, increase in ease of access to various e-commerce websites, and promotion of the omnichannel model of shopping are positively impacting the online grocery shopping market,” says Poonam Saini, a lead analyst at Technavio for retail goods and services research.
Further, emerging markets such as China and India are the largest consumers of consumer goods and grocery, and the swift penetration of Internet in these countries has led to a growing preference for e-commerce, thereby, fueling demand for online grocery.
Growth in digital consumerism
The demographic and psychographic indicators of consumers have changed greatly over the last few years. The increased penetration of wireless broadband internet, high adoption of smartphones and tablets, and the increased number of social media users have provided consumers with the access to various online forums and platforms on-the-go. This has helped consumers become more empowered and have given them the data to make informed decisions. The rise in this digital consumerism trend is resulting in increased online grocery shopping, thereby driving the growth of the market.
Faster adoption in major Western economies
“Major western countries such as the US, the UK, and Germany are witnessing swift adoption rates for online grocery shopping platforms. The major factors driving this demand for online grocery are the already existing base of e-commerce shoppers and the growing demand from millennials,” says Poonam.
The emergence of boutique online-only grocery services has helped overcome the logistical and consumer behavioral barriers related to e-commerce models and has been building credibility for the category as a whole. The rise of these stores is also positively impacting the market.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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