Grocery and Food Delivery Market Adapts To The Electric Way Of Life
It is anticipated that Global eGrocery Delivery Market will be one of the fastest growing industries reaching US$ 84460 million by 2025. Online food and grocery retail, currently accounts for just 0.2% of the overall market, is expected to touch $10.5 billion or 1.2% of the overall market by 2023. Online Grocery is creating a sticky customer base and expected to grow at 60% CAGR. While the online grocery industry accounts for only 4.6% of all distribution channel, it is expected to be the fastest growing distribution channel for groceries. India is one of the fastest developing economies in the world and is the fourth largest retail market globally after the US, China, and Japan Online grocery delivery market is expected to grow at 55% through 2021.
The prime growth lies due to the rising awareness about the convenience of the process. Digital literacy and internet penetration play a huge role as well. Our Central Government’s initiative to develop smart cities with a state-of-the-art infrastructure for setting up different models of e-commerce and online transactions this surely justifies to be the growing vertical thereby with a
India’s online food delivery market is estimated to touch a substantial revenue by 2023 on the back of high growth rate, according to a recent report by DataLabs by Inc42. Compared to the global growth rate of 9.01%, the online food delivery market in the country is growing at 15%, as per the report. On the basis of operation type, the Indian food delivery market has been segmented into two categories, namely, restaurant based and food aggregators. Restaurants have dominated the food delivery market, but in terms of growth, aggregators are expected to outperform in the food delivery market.
According to the PwC report, in FY19, over 7.6 Lakh (0.76 Mn) electric vehicles were sold, which was primarily dominated by two-wheelers (16.4%) and three-wheelers (83%), respectively to support these industries. As per Niti Aayog, the electric two-wheeler industry is expected to grow at an exponential rate in the coming years, taking over 80% of the market by 2030
The rising number of logistics providers has enabled grocery and food delivery companies to optimise their fleet and move to emobility thereby reducing delivery time and increasing efficiency.