4 European countries in top 10 online grocery markets by 2023
Ten leading global online grocery markets are predicted to generate combined sales of almost 200 billion euros, at an annual rate of 20 percent, by 2023. And four of them are from Europe. The United Kingdom, France, Germany and Spain are predicted to have the highest online grocery market sizes in Europe.
IGD released the top 10 of leading global online grocery markets by 2023. The research agency thinks that over the next five years, China will grow at a 31 percent compound annual growth rate and see its online grocery market share increase from 3.8 to 11.2 percent. This means, the Chinese online grocery market will grow by the same size as the entire combined market of all ten countries this year.
UK’s online grocery market will be worth €19.4 billion
The online grocery market of the United Kingdom is currently worth 12.8 billion euros and is expected to increase by to 19.4 billion euros, thanks to a CAGR of 7.8 percent. The online grocery channel share is predicted to grow from 6 to 7.9 percent over the next five years.
France has a 4.5% online grocery channel share
In France, this industry is now worth 10.2 billion euros and is set to show a CAGR of 8.2 percent, so it will be worth 15.1 billion euros in 2023. And then, the country’s online grocery channel share is predicted to be 6 percent, while it’s now at 4.5.
Germany is number eight on the global list
Germany, ranked number eight on the list, currently has a online grocery market that’s worth 1.1 billion euros, but over the next five years a CAGR of 23.3 percent should lead to a market that’s worth over 3.3 billion euros. Currently, Germany doesn’t have a very significant online grocery channel share (0.5 percent), but it’s predicted to increase to 1.2 percent.
Online grocery market is worth €790 million in Spain
Number last on the list is Spain, which now has an online grocery market valued at 790 million euros. This should grow to 1.8 billion euros within five years due to a 17.9 percent compound annual growth rate. The online share is now at 0.7 percent, but according to IGD it will grow to 1.4 percent by 2023.
‘Above market average growth rates in Europe’
“We’re anticipating continued online growth opportunities across mature Western European markets”, Jon Wright, Head of Retail Insight EMEA at IGD, comments. “In the UK, France, Germany and Spain we forecast above market average growth rates for online grocery retailing, all growing market share. It provides a significant growth opportunity as retailers and manufacturers in the region invest in personalization, ease and convenience and combining online and offline to meet a range of shopper needs.”