Online Grocery Market to Grow at a CAGR of 20.63% Due to COVID-19

PUNE, India, April 16, 2020 — The Coronavirus pandemic has shaken up several industries in 2020.  The manufacturing industry, for example, has taken a hit in terms of production due to the closing down of factories as a result of increased focus on promotion of isolation practices. However, some markets are growing tremendous growth during this period. The demand for online delivery services has gone through the roof. One such market that is showing considerable growth during these times of peril is that of the global online grocery market. The consumers are preferring to stay indoors and place grocery orders in order to reduce the chances of contracting the virus. This is especially true in cases of families with infants and the elderly. There has been a massive surge in terms of the number of new users that are resorting to online applications for the delivery of groceries. In the U.S., for instance, global e-commerce giant Amazon has put the new grocery customers on hold due to the monumental surge in demand. The company is prioritizing grocery delivery to the existing customers.

The global online grocery market is also gaining further traction with advancement in internet infrastructure and the proliferation of smart devices. The customers are also being provided with an option to collect their orders directly from stores after processing payment through online transactions. This allows the customers to avoid large crowds at supermarkets and reduces the risk of being affected by the virus. Grocery applications are also focussing on delivering farm-fresh products directed to the consumers. Fresh Direct, LLC., for example, delivers freshly procured vegetables and fruits directly to the consumer’s doorsteps. It is estimated almost 10% of the consumers in the U.S. use grocery applications frequently. Packaged consumer goods are extremely popular among consumers.  With the disruption caused by the digitization in retail markets, many of the traditional grocery shops are venturing into the online grocery delivery model through mobile applications. The global online grocery market provides attractive investment opportunities and is also expected to grow considerably during the forecast years.

The detailed research study provides qualitative and quantitative analysis of online grocery market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

Key Findings of the Report:

Online Grocery Market:

By Type

By Product Type

By Business Model

By Platform

By Purchase Type

By Geography

North America

Europe

Asia Pacific

Middle East and Africa

Latin America

The recent outbreak of the Coronavirus pandemic has compelled people to stay indoors for a un definite time. Therefore, the demand for online delivery services has gone through the roof. One such market that is showing considerable growth during these times of peril is that of the global online grocery market. According to a report published by Absolute Markets Insights, the Grocery Market is expected to grow at a CAGR of 20.63% owing to the increasing demand for grocery apps among consumers. On similar lines, Panacea Infotech offers on-demand apps for groceries that people can access online. Collaborate with us to develop on-demand solutions in these critical times.

Source- PR Newswire