Apr 08, 2021
Online Grocery Delivery Services Market to Top US$ 500 Bn Valuation by 2031: Fact.MR
by Team Fact.MR
Online grocery delivery services have gained wide popularity over the past years, creating lucrative growth scope for industry players. While increase in inclination towards online purchases and doorstep deliveries pushed the demand-supply curve for online grocery delivery services upward, the outbreak of COVID-19 further amplified demand growth. Additionally, rise in demand for breakfast, dairy, fresh produce, and others through online grocery delivery services is expected to fuel sales of industry players considerably.
A recent report on online grocery delivery services by Fact.MR offers a thorough analysis of the global industry, while focusing on crucial factors and demand-supply trajectories during the forecast period of 2021 to 2031. As stated in the report, Asia Pacific will be the major contributor to industry growth, followed by Europe and North America, while technical and digital advancements will further augment growth of the industry, making it a 500 Bn dollar industry by 2031.
Key Takeaways from Market Study
- The global online grocery delivery services market is expected to ascend at over 20% CAGR through 2031.
- Rise in requirement for fresh and frozen vegetables and fruits to boost demand.
- China and India to dominate the Asia Pacific regions for online grocery delivery services.
- The United States to propel growth of North America for online grocery delivery solutions and services.
- Germany to remain in the focus of industry players in Europe.
- The United Kingdom, Canada, Italy, France, and Japan to maintain positive industry outlook throughout the forecast period.
“Demand for online grocery delivery services is spiraling upward, while proliferation of user-friendly applications and websites such as Amazon, Grofers, Alibaba, and Bigbasket, to name a few, is aiding industry growth,” says a Fact.MR analyst.
How is Growing Inclination towards Doorstep Delivery Bolstering Industry Growth?
With the Internet taking over the world, people have become more habituated with online services, including grocery delivery. Furthermore, the unprecedented impacts of COVID-19 indirectly favored industry players due to sudden surge in demand for online grocery delivery services, especially in 2020.
According to the Centers for Disease Control and Prevention (CDC), there is likely to be low risk of COVID spreading from products or packaging that are shipped over a period of time. This has further impacted customer purchasing pattern, indirectly. Furthermore, technical advancements and digitization have enabled people in gaining access to a flurry of convenient online services such as delivery apps and websites. This, in turn, has been encouraging people to fall back on online grocery delivery services since the past few years.
Who is Winning in this Space?
With the competition getting tougher, key players providing online grocery delivery services are launching new advanced solutions to retain and gain more customers.
- Walmart Inc. launched its new extensive customizable categories such as Easy Family Meals, along with its Pick up & Delivery Services. As of 2020, Walmart surpassed Amazon in online grocery share.
- Alibaba Group Holding Ltd. launched its new extensive range of Premium and Convenient Online Grocery Shopping Solutions a couple of years back.
More Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the online grocery delivery services market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product (fruits, vegetables, dairy products, fresh produces, frozen foods, and others), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
About the Retail & Consumer Goods Division at Fact.MR
Retail and consumer goods analysts at Fact.MR have been categorically tracking the broader sub-industries to keep themselves abreast of the recent happenings in the market. Our practical approach to product design and pricing strategy contributes to the growth of businesses that are struggling to hit the ‘move-the-needle’ bottom line. With unmatched analytical diligence, the team at Fact.MR helps organizations design product differentiation strategies and introduce exclusive product(s) to their existing portfolio.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant –Retail & Consumer Goods
E-mail: [email protected]