India Online Grocery Market to Grow at CAGR of 33% through FY2027
Booming e-commerce industry and increasing disposable
income to drive online grocery market of India in the forecast period.
According to TechSci report on, “India Online
Grocery Market - By Region,
Competition Forecast & Opportunities, FY2017 - FY2027”, India online grocery market
is projected to grow with a CAGR of 33% in the forecast period, FY2023-FY2027
to reach a market value of USD26.63 billion by FY2027. India
online grocery market growth can be attributed to increasing
disposable income and better internet connectivity for the online ordering of
groceries.
Rising urbanization and
increasing working population are some of the key factors for the growth of
online grocery market. Online grocery platforms offer fresh groceries and COVID-19
safety is another factor for the significant increase in adoption of online
grocery.
In order to increase
the consumer base, some companies are focusing on providing quick delivery
services, especially in major metro cities. Companies such as JioMart, Grofers,
etc., deliver the everyday-need consumer products within 2 hours of order
received.
The number of orders is
increasing tremendously after these companies introduced this format. Moreover,
in India, various companies are adopting hyperlocal business models, under
which they are collaborating with local retailers in the respective areas.
The Indian government
is continuously taking several initiatives to promote e-commerce platforms. For
instance, The Department for Promotion of Industry and Internal Trade (DPIIT)
is aiming to use the Open Network for Digital Commerce (ONDC) to define standards
for cataloguing, vendor finding, and pricing discovery in order to standardize
the onboarding process of merchants on e-commerce platforms.
Similarly, in 2020,
Minister of Commerce and Industry, encouraged start-ups to register themselves
on the (Government E-Marketplace) GeM public procurement site and provide goods
and services to government organizations and Public Sector Undertakings (PSUs).
As a result of such initiatives, market players are encouraged to develop
e-commerce platform-related services that will further fuel the online grocery
market growth in India.
Browse over 20 market data Figures and
4 market Tables spread through 82 Pages and an in-depth TOC on "India Online
Grocery Market"
https://www.techsciresearch.com/report/india-online-grocery-market/4389.html
India online grocery market is segmented based on product category, platform,
regional distribution, and competitive landscape. Based on product category, the
market is segmented into packaged food & beverages, personal care,
household products, fruits & vegetables, & others.
Packaged food & beverages accounted for the dominant share of
42.01% in 2021 and the segment is projected to continue its leading position
through FY2027. Food grains & pulses, snack, bread, dairy products and
others are some of the frequently consumed products and are ordered on a daily
basis, which translates to its higher share in the market.
Key market players operating in the online grocery market of India include:
·
Grofers
India Private Limited
·
Innovative
Retail Concepts Private Limited (BigBasket)
·
Amazon
Retail India Private Limited
·
Flipkart
Internet Private Limited
·
Paytm
E-commerce Private Limited
·
Nature’s
Basket Limited
·
Omnipresent
Retail India Private Limited (Spencer's)
·
Future
Retail Limited
·
Reliance
Retail Limited
·
Godfrey
Phillips India Limited (24SEVEN)
·
Bundl
Technologies Private Limited
Many new entrants in the online grocery market hurried to
capitalize on the customer demand during the COVID-19 outbreak. For instance,
in May 2020, retail giant Reliance launched its own grocery platform ‘JioMart’
which offers grocery services in more than 200 towns across the country.
Moreover, in 2019, Flipkart launched ‘Supermart’, its online
grocery platform. Other big companies are also investing in online grocery
companies, which will further propel the growth of this market. For instance,
in 2021, the Tata group, one of India's oldest conglomerates, acquired a
majority stake of 64.3% in popular online grocer, BigBasket.
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“Over the last few
years, demand for grocery products is growing at a robust pace, thereby
creating huge opportunities for e-grocers. However, the India online grocery
market is highly competitive, thereby the companies need to maintain the
quality of the products being delivered. Moreover, packaging also plays a very
crucial role in increasing the brand loyalty.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“India Online Grocery
Market By Product Category (Packaged Food & Beverages, Personal Care,
Household Products, Fruits & Vegetables, & Others (Pet Care, Baby Care,
etc.)), By Platform (Mobile Application & Desktop Website), By Region,
Competition, Forecast & Opportunities, FY2017-FY2027” has evaluated the
future growth potential of India online grocery market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in India online grocery market.
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