How Is The Global Instant Grocery Market Defined?
Instant grocery refers to a service model where customers order groceries online and receive their orders delivered to their doorstep within a concise time frame. This model leverages technology, logistics, and a network of strategically located fulfillment centers or dark stores to rapidly deliver a wide range of grocery items, including fresh produce, dairy products, meats, packaged foods, and household essentials.
Instant Grocery Global Market Report 2024 provides data on the global instant grocery market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The instant grocery market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Are The Global Instant Grocery Market Size And Growth Rates Projected To Evolve?
The instant grocery market has experienced exponential growth in recent years, with an expected rise from $172.85 billion in 2023 to $208.18 billion in 2024, at a compound annual growth rate (CAGR) of 20.4%. The historic growth is attributed to increasing environmental sustainability, growing urbanization, rising demand for convenient shopping options, a greater focus on health and wellness, and rising operational costs. The market is projected to experience exponential growth in the coming years, reaching $444.05 billion by 2028, at a compound annual growth rate (CAGR) of 20.9%. The expected growth is driven by changing consumer lifestyles, increased online channel adoption, growing demand for meal kits, a rising working population, and the expansion of reliable and efficient last-mile delivery networks. Major trends in the forecast period include technological advancements, the integration of IoT technologies, the use of AI and machine learning, the integration of blockchain for supply chain transparency, and collaborations and partnerships.
What Are The Essential Drivers Behind The Growth Of The Instant Grocery Market?
The rapid growth of the e-commerce sector is driving the instant grocery market. E-commerce, involving online transactions, has flourished due to increased internet penetration and competitive pricing strategies among retailers. Instant grocery services have become an essential part of e-commerce, transforming the way consumers purchase daily essentials by offering convenience, speed, and efficiency. The United States Census Bureau reported in May 2024 that U.S. retail e-commerce sales in the first quarter of 2024 reached $289.2 billion, a 2.1% (±0.7%) increase from the previous quarter. The proliferation of e-commerce is thus propelling the instant grocery market forward.
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How Is The Global Instant Grocery Market Divided Into Key Segments?
The instant grocery market covered in this report is segmented –
1) By Product: Food Products, Non-Food Products
2) By Delivery Type: Home Delivery, Click and Collect
3) By Purchaser Type: One Time, Subscriber
What Trends Are Reshaping The Future Of The Instant Grocery Market?
In the instant grocery market, companies are offering innovative quick delivery solutions to address the demand for faster services. These solutions streamline the grocery shopping experience by ensuring orders are delivered within minutes or hours. In June 2024, Uber Eats introduced Pick Pack Pay, a service that allows couriers to shop for groceries at local stores and deliver them directly to customers. This model offers customers quicker deliveries while enabling small stores to participate in the platform without requiring dedicated staff for order fulfillment.
What Is The Fastest Growing Region In The Instant Grocery Market?
Asia-Pacific was the largest region in the instant grocery market in 2023. The regions covered in the instant grocery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
