According to the latest report by IMARC Group, titled "Latin America Online Grocery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the Latin America online grocery market is expected to grow at a CAGR of 13.6% during 2022-2027. Online grocery is done using various mobile applications and e-commerce websites. It involves the utilization of the internet for ordering packaged foods, fresh fruits and vegetables, dairy products, personal care and other necessary household items. It is widely adopted as a preferred alternative for conventional shopping channels owing to various features offered by these portals, including order history, saved preferences, comparison of various products and pay on delivery options. Along with this, it also offers exchange, and refund and return policies, along with discounts offers, due to which it is gaining widespread prominence among the masses.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Latin America Online Grocery Market Trends:
The market in Latin America is primarily driven by the penetration of high-speed internet connectivity. Coupled with the increasing adoption of smartphones and rapid digitization across Latin America, there has been a considerable rise in the preference for these portals. Moreover, continuous improvements in the e-commerce infrastructure are creating a positive market outlook. The demand is further impelled by enhanced convenience offered by online grocery platforms and the advent of efficient online delivery models with flexible and contactless payment methods and the selection of delivery slots. Additionally, the rapid outbreak of coronavirus disease (COVID-19) has contributed to the popularity of online grocery services amid strict lockdown restrictions. Along with this, several key players are heavily investing in developing user-friendly interfaces and celebrity endorsements in order to expand their customer base, which is providing a boost to the market. Other factors, including rapid urbanization and the growing influence of social media among individuals, are also favorably impacting the market across Latin America.
- On the basis of the product type, the market has been categorized into vegetables and fruits, dairy products, staples and cooking essentials, snacks, meat and seafood, and others.
- Based on the business model, the market has been segmented into pure marketplace, hybrid marketplace and others.
- On the basis of the platform, the market has been bifurcated into web- and app-based.
- Based on the purchase type, the market has been segregated into one-time and subscription.
- On the basis of the country, the market has been divided into Brazil, Mexico, Argentina, Colombia, Chile, Peru and others.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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