India Online Grocery Market is Forecast to Grow at a CAGR of 37.10% in the Forecast Period
Published | 18 April 2022
India online grocery market is growing at a high CAGR because of the changing lifestyle of working consumers and time constraints they are facing for grocery shopping along with an increasing number of online grocery platforms and websites such as BigBasket, JioMart, etc…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India online grocery market was worth USD 3.8 billion in the year 2021. It is projected to grow at a CAGR of 37.10%, earning revenue of around USD 34.6 billion by the end of 2028. The India online grocery market is flourishing at a high rate owing to the changing lifestyle of working consumers and time constraints they are facing for grocery shopping along with an increasing number of online grocery platforms and websites such as BigBasket, JioMart, etc. Furthermore, growing penetration of smartphones and the use of online payment modes such as UPI, etc., are also influencing the growth of the India online grocery market.
Increasing Penetration of Online Payment Methods and Platforms is Driving the India Online Grocery Market Growth
The rising penetration of smartphones among Indian consumers is boosting the use of mobile wallets and other online payment methods such as UPI. The online grocery platforms allow its customers to make payments through online payment apps such as Paytm, GooglePay, PhonePe, etc., as well as debit/credit cards and internet banking. Furthermore, several e-grocery platforms also have tie-ups with banks and mobile wallets which offer attractive deals and discounts to their customers. These factors are significantly driving the growth of the India online grocery market.
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Enhanced Last-Mile Delivery Capabilities is Presenting Lucrative Growth Opportunities for the Market
Several online grocery stores are emerging in India that are increasingly offering 10-minute delivery to their customers to attract them. Platforms such as Zepto, blinkit, etc., have already established themselves with the USP of 10 minute delivery among their target market. Other players are also entering this service type. Grofers, for instance, recently announced to be starting 10-minute delivery to assist customers during their last-minute needs. This is anticipated to drive the India online grocery market in the forecast period.
India Online Grocery Market - By Payment
Based on payment, the India online grocery market is segmented into online and offline (cash on delivery). The online payment method accounts for the largest market share owing to the increasing acceptance of debit/credit cards as a mode of payment and the rising popularity of online payment platforms such as Paytm, PhonePe, Google Pay, etc., among Indian consumers. However, offline payment also covers a substantial market share as it allows the expansion of online grocery in rural areas as well with the unbanked population.
Impact of COVID-19 on India Online Grocery Market
The India online grocery market witnessed tremendous growth post the COVID-19 pandemic outbreak in the country. The lockdown restrictions hindered the supply chains for food items and panic buying among customers also created a huge shortage of products in the stores. Furthermore, the customers were reluctant to visit in-person to stores for grocery shopping due to the risk of virus transmission. In such a scenario, online grocery platforms emerged as an effective solution for the needs of grocery shopping among consumers. This trend is anticipated to surge in this post lockdown period as well.
The leading market players of the India online grocery market are Amazon India Pvt. Ltd., UrDoorstep eRetail Pvt. Ltd., Godrej Nature's Basket Ltd., Spencer's Retail, Grofers India Pvt. Ltd., Reliance Retail Ltd. (Reliance Fresh), Paytm E-Commerce Pvt. Ltd. (Paytm Mall), and other prominent players.
The India online grocery market is highly consolidated with the presence of a limited number of industry participants. The companies are focusing on offering all sorts of grocery products to boost their sales and gain a competitive edge. They are also investing in geographical expansion and improving their distribution channels. The adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
Don’t miss the business opportunity of the India online grocery market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India online grocery market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the India online grocery market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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- India Online Grocery Market, By Product (Fresh Produce, Breakfast and Dairy, Snacks and Beverages, Meat and Seafood, Staples and Cooking Essentials, Others), By Payment (Online, Offline) Trend Analysis, Competitive Market Share & Forecast, 2018-2028
Publish Date: April 2022
India online grocery market has undergone rapid urbanization and the increasing working population with their changing lifestyle and time constraints for grocery shopping have resulted in penetration of smartphones and online payment methods...
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