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What is the Expected Growth Rate of the Online Grocery Market from 2024 to 2033?

The online grocery market has seen significant growth in recent years. It is projected to expand from $445.99 billion in 2023 to $542.72 billion in 2024, reflecting a CAGR of 21.7%. This growth is driven by continued growth in e-commerce, the expansion of ultrafast delivery services, a focus on sustainability, increased investment in last-mile logistics, and enhanced payment solutions.

The online grocery market is expected to experience exponential growth, reaching $1180.95 billion by 2028 at a CAGR of 21.5%. This growth is fueled by increased internet penetration, advancements in e-commerce, improved logistics, and mobile technology proliferation. Key trends include technology integration, sustainability, enhanced customer experiences, partnerships with brick-and-mortar retailers, and contactless transactions.

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What Key Factors Are Fueling the Growth of the Online Grocery Market?

The increasing preference for digital shopping for convenience and safety is expected to fuel the growth of the online grocery market. Digital shopping enables customers to browse and purchase items from home, with the added benefit of doorstep delivery. A February 2023 report by Eurostat showed that 68% of individuals aged 16 to 74 in Europe bought products or services online in the past year, a 1% increase from 2021. Therefore, the shift towards digital shopping is driving the growth of the online grocery market.

What Are the Major Segments of the Online Grocery Market?

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

What New Trends Are Transforming the Online Grocery Market?

Companies in the online grocery market are adopting subscription models, such as B2B membership platforms, to better meet consumer needs. A B2B platform connects businesses within the supply chain and facilitates transactions between suppliers, distributors, and retailers. For instance, in October 2023, Swiggy, an India-based online food ordering platform, launched Swiggy One Lite, an affordable membership that offers perks like free delivery and discounts on meals, groceries, and services. This membership, priced at Rs 99 for three months, is available as a B2B membership and includes benefits from brand partners in telecom and banking.

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Which Regions Are Driving Growth in the Online Grocery Market?

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.

The Online Grocery Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the online grocery market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Online Grocery Market Include

1. Online Grocery Market Executive Summary

2. Online Grocery Market Segments

3. Online Grocery Market Size And Template Market Growth Rate

4. Key Online Grocery Market Trends

5. Major Online Grocery Market Drivers

……

25. Key Mergers And Acquisitions In The Online Grocery Market

26. Top Online Grocery Companies

27. Online Grocery Market Opportunities And Strategies

28. Online Grocery Market, Conclusions And Recommendations

29. Appendix

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