ROCKVILLE, Md., May 13, 2019 /PRNewswire/ -- Global food e-commerce sales are forecast to nearly triple through 2023, rising to $321 billion and accounting for nearly 5% of total e-commerce revenues, according to market research firm Packaged Facts in the new report Global Food E-Commerce.
Packaged Facts projects the Asia/Pacific region will account for the majority of absolute growth, primarily due to the rapidly expanding Chinese market. China dominates regional e-grocery activity in part because of the country's large urban population and rapidly expanding middle class. In addition, much of China's very large population has access to high-tech devices and the ability to shop online, due to the country's position at the forefront of technological development and electronics.
In 2018, over 75% of food e-commerce revenues were concentrated in the top five markets: China, the US, Japan, the UK, and South Korea. In each of these countries, e-grocery spending is highest in large urban centers, where many retailers have focused their marketing efforts for home delivery or click-and-collect services.
Through 2023, demand growth in these countries will be driven by these five key factors identified by Packaged Facts:
Increasing comfort among existing online shoppers in making routine grocery purchases online
Growing use of subscriptions and memberships with online retailers – which can promote retailer loyalty and increase online sales
Greater penetration of broadband internet in rural and remote areas that previously only had access to dial-up
Greater acceptance of, and investment in, home delivery, click-and-collect, and drive order fulfillment formats in an increasingly omnichannel retail environment
Improvements to data security that ease consumer fears about having their personal information stolen while shopping online
This Packaged Facts report covers the scope, size, and growth of the global food e-commerce (i.e., online grocery, or e-grocery) market including key trends in major regions and national markets. Historical data are provided for 2013 and 2018 with forecasts for 2023 and 2028. Year by year historical market volatility is also addressed. Data are provided in dollar value. Also included is an analysis of the industry key players and their competitive strategies.
Food e-commerce sales are broken out for the following regions and countries:
North America (US and Canada)
Western & Eastern Europe (UK, Germany, and France)
Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, and pet products and services. Packaged Facts also offers a full range of custom research services. Reports can be purchased at our company website and are also available through MarketResearch.com.
For more essential insights from Packaged Facts be sure to follow us on Twitter (@packaged_facts), LinkedIn, and YouTube.