Heydays Ahead For Online Grocery, Market Size To Zoom To $18 Billion By 2024
Published on 25th Sept, 2020 | 1 min read
The online grocery delivery market is set to become $18.2 billion in size by 2024, from around $1.9billion in 2019, found a report by Redseer and BigBasket released today. The share of online out of the total food and beverages industry is set to grow to 2.3 percent from 0.3 percent in the next four years, the report titled ‘Online Grocery: What Brands Need to Know’ has predicted. This report highlights that growth will be slow for traditional retailers and aided by Covid and its effects on digitisation online grocery will grow rapidly and eat out a small chunk from the total retail business. While online will grow at a compound annual growth rate of 57 percent, the organised retail segment which includes the likes of Reliance Fresh, Spencer’s, DMart and More will grow at a CAGR of 16 percent. The online grocery space in India, saw heightened activity since 2011 with the first set of players BigBasket, Grofers, followed by new players like Milkbasket, Amazon, Flipkart in this sector and recently others like Zomato, Swiggy and Reliance Jio. Further working urban mothers prefer online shopping because of time constraints and tier two consumers who go online for the varied choices.
