LONDON--(BUSINESS WIRE)--The online grocery delivery services market is expected to grow by USD 631.84 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Growing urban population, rising disposable incomes, hectic work schedules, and rapid urbanization have increased the consumer preference for easy and convenient models such as online shopping. Besides, the rapid penetration of the internet has increased the popularity and adoption of e-commerce platforms worldwide. For instance, in 2017, there were over 200 million digital buyers in the US generating about USD 460.35 million in the online retail market that included the sales of products across various segments, including groceries. In developing countries such as China and India, vendors are looking for expansion opportunities and tap the high growth potential. These factors are fueling the growth of the global online grocery delivery services market.
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As per Technavio, the rapid growth in m-commerce will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Online Grocery Delivery Services Market: Rapid Growth in M-commerce
The increased adoption of smartphones has significantly contributed to the growth of the global m-commerce market. The penetration m-commerce is high in developed regions such as North America and Europe due to the high adoption of laptops and desktops. The m-commerce industry is also gaining traction in many developing countries such as BRICS as people in these regions rely more on smartphones for internet access. Besides, prominent e-commerce players such as Amazon, eBay, and Alibaba are focusing on expanding their distribution channels, supply chains, and increasing their presence across the globe. These factors are positively influencing the growth of the global online grocery delivery services market.
“Growing popularity of fast delivery services and the rise in the urban population in developing countries will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Online Grocery Delivery Services Market: Segmentation Analysis
This market research report segments the online grocery delivery services market by End-user (Individuals and Others) and Geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the online grocery delivery services market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the expansion of the middle-class population in the region.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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