18 C
Delhi
Tuesday, October 27, 2020

Online grocery to become $18bn industry in India by 2024: Report

- Advertisement -

Online grocery to become $18bn industry in India by 2024: ReportBengaluru, Sep 26 (IANS) As companies from Reliance to Amazon put their top dollar in serving daily grocery at your doorstep, a new report said on Friday that online grocery is going to be the next battleground for growth, expanding to over $18 billion by 2024.

According to a joint report by a joint initiative by Bengaluru-based market consulting firm RedSeer and Bigbasket (Brand Intelligence), driven by the significant rise in organic adoption during Covid-19, eGrocery has been on a surge with clocking 1.7 times in gross merchandise value (GMV) in June this year as compared to January.

Online grocery will remain steady for the rest of the year to reach more than $3 billion, the report mentioned.

“The industry has seen more than 70 per cent ARR (annual recurring revenue) jumps in the last quarter across categories. This brings the opportunity to serve a larger set of customers, and some challenges with it,” said Hari Menon, co-founder and CEO of BigBasket.

The report found that demand for comfort foods like noodles and cookies, immunity boosters like lemon and hygiene products like sanitizers picked up after the pandemic while essentials remained strong.

Snacks and branded foods grew by 5 per cent quarterly pre-Covid, however growth jumped to 75 per cent in the June quarter.

Within snacks and branded foods, biscuits and cookies was the largest sub-category and grew the most in Q2.

Beverages grew by 2 per cent quarterly pre-Covid, however growth jumped to 50 per cent in Q2.

“Personal Care grew by 5 per cert quarterly pre-Covid but jumped to 24 per cent in Q2 due to Covid.

“We have observed that traditional brands which pivoted quickly to be digitally ready brands have seen 2x+ jump in sales compared to offline brands. We are excited to have this opportunity to serve the ecosystem,” said Anil Kumar, founder and CEO of consulting firm RedSeer.

Home utilities grew by 6 per cent quarterly pre-Covid but jumped to 11 per cent in Q2.

Within home utilities, detergents and dishwash were the largest sub-category but grew the least in the last quarter.

According to the report, home utilities were not severely affected by the pandemic.

Source: IANS

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News

Pompeo arrives in Delhi, follows up on Quad with Jaishankar

New Delhi, Oct 26 (IANS): US Secretary of State Mike Pompeo, who arrived in the national capital on Monday for the third India-US 2+2 ministerial...

Hero Cycles seeks policy support to spur rural demand

New Delhi, Oct 27 (IANS): Hero Cycles has urged the government to provide policy support, including easy loans and subsidies, to support demand in...

Facebook Gaming arrives on Android with new games, ditches Apple

San Francisco, Oct 27 (IANS) Facebook on Monday made its Cloud gaming service official, with launching several new games in the main app and...

Only 7% plan on going out to movie theatres in the next 60 days

New Delhi, Oct 27 (IANS) Even though movie theatres are now open, only 7 per cent people are willing to go to watch a...

SC mulls satellite for seamless internet connectivity for virtual courts

New Delhi, Oct 26 (IANS) The Supreme Court on Monday raised possibility of using a dedicated satellite for seamless internet connectivity to aid the...

Jeff Bezos, Mukesh Ambani set for long-drawn war over Future Retail

New Delhi, Oct 26 (IANS): As Reliance Industries Ltd (RIL) stepped into the e-commerce space with JioMart, speculations ran rife over two of world's richest...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

Unpaid docs: Does govt want us to become Naxalites, asks IMA chief

New Delhi, Oct 26 (IANS) The Indian Medical Association (IMA) on Monday demanded initiation of proceedings for contempt of a Delhi High Court order...

Unpaid docs: Does govt want us to become Naxalites, asks IMA chief

New Delhi, Oct 26 (IANS) The Indian Medical Association (IMA) on Monday demanded initiation of proceedings for contempt of a Delhi High Court order...

Taxes on petrol, diesel may go up further to mobilise additional revenue for Covid relief

New Delhi, Oct 26 (IANS) The economic crisis triggered by the Covid-19 pandemic and subsequent pressure on revenues may again push the Centre to...

India records lowest daily spike in Covid cases in over 3 months

New Delhi, Oct 26 (IANS) With a fresh spike of 45,148 coronavirus infections and 480 deaths in 24 hours, India's tally on Monday stood...

AI to predict acute kidney injury in Covid-19 patients

Washington, Oct 25 (IANS) A new artificial-intelligence-based algorithm may help clinicians predict which patients with Covid-19 face a high risk of developing acute kidney...

Everybody in India must get Covid vaccine free, says Kejriwal

New Delhi, Oct 24 (IANS) According to the Delhi government, every Indian must get the Coronavirus vaccine free of cost, whenever it is ready.The...

Trending News In India

Pompeo arrives in Delhi, follows up on Quad with Jaishankar

New Delhi, Oct 26 (IANS): US Secretary of State Mike Pompeo, who arrived in the national capital on Monday for the third India-US 2+2 ministerial...

Hero Cycles seeks policy support to spur rural demand

New Delhi, Oct 27 (IANS): Hero Cycles has urged the government to provide policy support, including easy loans and subsidies, to support demand in...

Facebook Gaming arrives on Android with new games, ditches Apple

San Francisco, Oct 27 (IANS) Facebook on Monday made its Cloud gaming service official, with launching several new games in the main app and...

Only 7% plan on going out to movie theatres in the next 60 days

New Delhi, Oct 27 (IANS) Even though movie theatres are now open, only 7 per cent people are willing to go to watch a...

SC mulls satellite for seamless internet connectivity for virtual courts

New Delhi, Oct 26 (IANS) The Supreme Court on Monday raised possibility of using a dedicated satellite for seamless internet connectivity to aid the...

Jeff Bezos, Mukesh Ambani set for long-drawn war over Future Retail

New Delhi, Oct 26 (IANS): As Reliance Industries Ltd (RIL) stepped into the e-commerce space with JioMart, speculations ran rife over two of world's richest...

Trending Showbiz

Only 7% plan on going out to movie theatres in the next 60 days

New Delhi, Oct 27 (IANS) Even though movie theatres are now open, only 7 per cent people are willing to go to watch a...

OTT Gold Rush: Big bucks for makers, sawdust for backers

The cinemas have been closed for over seven month now. There was no new entertainment on television either for a long time. How long...

Dussehra 2020: Actors list their fave films where good triumphs over evil

New Delhi, Oct 24 (IANS) Ahead of Dussehra, which emphasises on the celebration of the triumph of good over evil, actors have shared their...

Mira Nair’s Monsoon Wedding musical to open in India in 2021

Los Angeles, Oct 23 (IANS) The stage musical version of Monsoon Wedding by Mira Nair will open in India next year.Speaking at a virtual...

IFFI to take leaf from IPL playbook, focus on broadcasting event: Official

Panaji, Oct 22 (IANS): In the wake of Covid-19 pandemic-related restrictions, the Goa government is looking to take a leaf out of the Indian Premier...

We still have much work to do in India market: Netflix

New Delhi, Oct 21 (IANS) Content streaming giant Netflix has reported slow growth in its third quarter (July-September period) despite the social distancing times,...

Trending Sports

Gaikwad bats through as CSK beat RCB by eight wickets

Dubai, Oct 25 (IANS) Opener Ruturaj Gaikwad anchored the Chennai Super Kings (CSK) innings as a clinical performance from them, a rareity this season,...

Chakravarthy, Rana and Narine star in KKR’s win over DC

Abu Dhabi, Oct 24 (IANS): Leg-spinner Varun Chakravarthy's five-wicket haul and scintillating half-centuries from Nitish Rana and Sunil Narine combined to hand Kolkata Knight Riders...

SRH ride Pandey-Shankar stand to beat RR, keep afloat

Dubai, Oct 22 (IANS/GloFans) Important half-centuries from Manish Pandey (83 not out off 47 balls) and Vijay Shankar (52 not out off 51) helped SunRisers...

RCB thrash KKR, show they are serious IPL title contenders

Abu Dhabi, Oct 21 (IANS/GloFans) Speedster Mohammad Siraj bowled a dream spell (3/8), set a few records, and guided Royal Challengers Bangalore (RCB) to an...

Dhawan’s record ton in vain as KXIP beat DC, stay float

Dubai, Oct 20 (IANS/GloFans) A resurgent Kings XI Punjab (KXIP) on Tuesday comprehensively defeated table toppers Delhi Capitals (DC) by five wickets, despite Shikhar Dhawan's...

Latest Trending News In India

Pompeo arrives in Delhi, follows up on Quad with Jaishankar

New Delhi, Oct 26 (IANS): US Secretary of State Mike Pompeo, who arrived in the national capital on Monday for the third India-US 2+2 ministerial...

Hero Cycles seeks policy support to spur rural demand

New Delhi, Oct 27 (IANS): Hero Cycles has urged the government to provide policy support, including easy loans and subsidies, to support demand in...

Facebook Gaming arrives on Android with new games, ditches Apple

San Francisco, Oct 27 (IANS) Facebook on Monday made its Cloud gaming service official, with launching several new games in the main app and...

Only 7% plan on going out to movie theatres in the next 60 days

New Delhi, Oct 27 (IANS) Even though movie theatres are now open, only 7 per cent people are willing to go to watch a...

SC mulls satellite for seamless internet connectivity for virtual courts

New Delhi, Oct 26 (IANS) The Supreme Court on Monday raised possibility of using a dedicated satellite for seamless internet connectivity to aid the...