Online grocery market to grow 163% and be worth $414bn by 2023
The online grocery market is set to dramatically expand over the next four years, growing 163 per cent by 2023 across major markets.
According to new research conducted by IGD in association with the Consumer Goods Forum, online grocery is set to expand almost four times the rate of any other channel over the coming years.
The most significant growth will reportedly be in the Asia-Pacific area, set to experience growth of 196 per cent by 2023 adding around $198 billion (£155.6 billion) in value, and representing 7.5 per cent of the grocery market.
This is followed by North America, which is expected to see its online grocery market grow 152 per cent over the same period, adding $38 billion (£29.9 billion) in value, while Europe is set to see a 66 per cent growth adding $21 billion (£16.5 billion) in value.
“The digitisation of the food and CPG industry has already disrupted and transformed the industry, yet the story has only just begun,” IGD’s chief executive Susan Barrett said.
“To help businesses understand the opportunities and challenges that businesses face, we have identified three retail models that have developed as the food and CPG industry digitises and we project how these business models will evolve.”