The world’s biggest online grocery markets will grow by US$227 billion in the next five years.
Global sales will increase to $374.9 billion from $147.9 billion between 2018 and 2023, according to new research presented by IGD at the inaugural Groceryshop conference and trade show in Las Vegas. The study looked at the top 10 online grocery markets including Canada, the U.S., U.K., China, Germany and France.
Canada will grow at a 21% CAGR over the next five years, taking market share from 0.8% to 1.8%. Sales, meanwhile, will grow to $2.1 billion in 2023 from $800 million today.
IGD says growth in the online grocery market is being driven by “rapidly evolving shopper expectations and exciting tech innovations.” It says the online space is well equipped to deliver the price, quality, speed, personalization and choice that consumers are looking for.
IGD’s global insight director Ben Miller presented the findings on day one of the three-day conference that plays host to more than 2,200 grocery and CPG executives.