Online Grocery Market to surpass USD $2074.9 B by 2030 from USD $285.16 B in 2021 at a CAGR of 24.80% in the coming years, i.e., 2021-30.
We are residing in a connected commerce era where consumers aren't entirely into the online or in-store shopping category; rather they're taking a blended approach i.e. choosing in step with their needs. Adoption of intersecting points of the physical and virtual world and leveraging technology to satisfy customers is a success mantra for retailers and makers. The online grocery shopping trend is driven in numerous parts by the idea of maturation of the digital native: Millennials and Generation Z.
Online Grocery Market to surpass USD $2074.9 B by 2030 from USD $285.16 B in 2021 at a CAGR of 24.80% in the coming years, i.e., 2021-30.. The online Grocery market has grown enormously in importance in recent months due to the changing lifestyle of consumers, increasing urbanization, and the tech-savvy generation who prefer to buy products online. Use convenient and customizable online platforms to shop for groceries instead of going to local vendors.
The online Grocery market is segmented by Product Type into Fresh Produce, Breakfast & Dairy, Snacks & Beverages, Meat & Seafood, Staples & Cooking Essentials, and Others. The Staples and Cooking Essentials segment held a notable share in 2020 attributed to the repetitive shopping of staples that include food grains, flours, and essentials like oil that are fundamental requirements of the many households within the Asia Pacific. Furthermore, changing lifestyles and rising income are paving the way for growth over the following seven years.
The online Grocery market is segmented by Payment Method into Online and Offline. The Online segment dominated the Online Grocery market in 2020 and is expected to grow with the highest CAGR in the forecast period. The growth in this segment is due to the growing preference for online payments.
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Online Grocery Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. Europe Online Grocery Market accounted for the biggest amount of share in 2019. The presence of leading retail grocery chains and therefore the growing popularity of online shopping in countries like the United Kingdom, Germany, Spain, France, and Italy are driving the regional market growth. The COVID-19 pandemic is providing a big short-term boost to the industry. In keeping with Waitrose & Partners, a brand of supermarkets, out of 2,000 consumers within the UK, 60% have shopped online for groceries since the pandemic with 40% citing convenience as the primary reason.
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