Science & Technology

Top 10 online grocery markets by 2023 – research

The United Kingdom, France, Germany, and Spain are predicted to have the highest online grocery market sizes in Europe

Top 10 online grocery markets by 2023 – research. Source: shutterstock.com

The research agency IGD released the top 10 of leading global online grocery markets by 2023. As Ecommerce News reported, ten leading grocery markets are predicted to generate combined sales of almost 200 billion euros, at an annual rate of 20%, by 2023.

Over the next five years, China will grow at a 31% compound annual growth rate and see its online grocery market share increase from 3.8 to 11.2%. This means the Chinese online grocery market will grow by the same size as the entire combined market of all ten countries this year.

The online grocery market of the United Kingdom is currently worth 12.8 billion euros and is expected to increase to 19.4 billion euros, thanks to a CAGR of 7.8%. The online grocery channel share is predicted to grow from 6 to 7.9% over the next five years.

In France, this industry is now worth 10.2 billion euros and is set to show a CAGR of 8.2%, 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%, while it’s now at 4.5.

Germany, ranked number eight on the list, currently has an online grocery market that’s worth 1.1 billion euros, but over the next five years, a CAGR of 23.3% 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%), but it’s predicted to increase to 1.2%.

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% compound annual growth rate. The online share is now at 0.7%, but according to IGD, it will grow to 1.4% by 2023.

We’re anticipating continued online growth opportunities across mature Western European markets. 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
Jon Wright, Head of Retail Insight EMEA at IGD

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