E-grocery market to hit $3 bn this year
Bengaluru: As the pandemic pushed customers to go digital, India’s online grocery market turned out to be the next battleground with Flipkart, Reliance JioMart, Amazon India and Swiggy rushing to enter the space, leading to a sharp spurt in business in recent months not only in the metros but in Tier 2 cities and beyond.
The total size of the e-grocery market in the country is expected to grow from $1.9 billion in 2019 to $3 billion by year end, according to a new report from consulting firm RedSeer.
With the market charting an annual growth rate (CAGR) of 57%, the online grocery business is expected to reach $18.2 billion by 2024.
From a macro perspective though, this will still be 2.3% of the overall grocery market in the country. At present, online grocery contributes to 0.3% of the overall grocery sales in India, RedSeer said in a new report.