rapid growth in m-commerce is driving the Grocery Market in India
Technavio analyzes that the Grocery Market in India is expected to grow at a CAGR of 8.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 310 billion.There are various factors that contribute to the growth of the market. The Indian grocery market is experiencing a significant surge in m-commerce, with an increasing number of consumers opting for online shopping due to convenience and time savings. This trend is driven by the widespread adoption of smartphones and improving internet connectivity, leading to a digital transformation in the grocery sector. Online grocery platforms are offering competitive pricing, a wide range of products, and seamless delivery services to attract customers. The market is expected to continue growing at a rapid pace, making it an exciting space for investors and businesses.
In the Indian grocery market, private-label goods have gained significant traction in organized retail channels, including supermarkets and hypermarkets. Omnichannel mass merchandisers, such as these, have revolutionized the industry by integrating e-commerce and delivery models. Consumers now have the convenience of shopping online for groceries and availing delivery options like curbside pickup and direct-to-door delivery. Supermarkets and hypermarkets, with their expansive shelf spaces and storage areas, cater to a broad range of grocery products, allowing consumers to make informed purchasing decisions based on their preferred brands. These retail formats offer competitive pricing strategies, such as discounts and freebies, to boost sales. The prevalence of organized retail in India has led to an increase in the sales of groceries, providing consumers with a more diverse and convenient shopping experience.
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Grocery Market in India Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The grocery market in India encompasses food retail, consumer goods, and consumer products including food, beverages, household essentials, and personal care items. Merchandising strategies have shifted towards online-grocery sales due to the rise of cooking at home and e-commerce. Omnichannel mass merchandisers offer delivery models like curbside pickup and online retailers expand their reach through sustainable delivery and eco-friendly packaging. Shopping hours are flexible with internet services and smart devices enabling virtual payment methods on online platforms. The online grocery industry continues to grow, with retail brands focusing on private-label goods and innovative shopping behaviors.
In the Indian grocery market, the agricultural sector encompasses food and consumer goods production, specifically focusing on food, beverages, and household essentials. This sector is divided into agriculture, aquaculture, floriculture, and horticulture, with services including soil fertility and land management, fencing, biocide, biotechnology, and grooming. Pre-production processes entail crop/species selection and land/pond preparation, ensuring optimal growth and yield for consumer goods.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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