The hyperlocal grocery delivery market is likely to grow in the global market space at a promising CAGR of 7.8% between 2022 and 2032. The market is valued at USD 38.5 Billion in 2022 and is expected to reach USD 81.5 Billion by 2032.
| Attributes | Details |
|---|---|
| Hyperlocal Grocery Delivery Market CAGR (2022 to 2032) | 7.8% |
| Hyperlocal Grocery Delivery Market Value (2022) | USD 38.5 Billion |
| Hyperlocal Grocery Delivery Market Value (2032) | USD 81.5 Billion |
Being prevalent in consumer and local retail stores, hyperlocal grocery delivery platforms have gained popularity within the millennial generation while wooing the older people by delivering groceries at their doorsteps.
Hyperlocal markets cover a certain distance, providing goods and services, while hyperlocal grocery delivery platforms deliver groceries in nearby localities. The great speed, online payment integration, discounts and availability of major products are attributed to the adoption of hyperlocal grocery delivery platforms. The penetration of high-speed internet is also owing to the growth of the hyperlocal grocery delivery market. These platforms also work in integration with restaurants and hotels, helping them deliver at the right time and creating business for them.
Demand for hyperlocal grocery delivery platforms rises as the urban working population and changing food culture is taking place where the end user demands faster delivery and payment options convenience. Rapid digitization, along with technological advancements and AI-enabled platforms, gained traction in the hyperlocal grocery delivery market.
The popularity of hyperlocal grocery delivery platforms amongst the elderly class is prevalent as it's hard for them to go out and buy groceries and transport them all to their residence.
Hyperlocal grocery delivery platforms help in delivering the market growth, especially after the advent of covid-19. Rising digitization amongst planned societies is attributed to the growth of the hyperlocal grocery delivery market
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The growing delivery services along with discounts and free home delivery services are pushing the end users to adopt or switch to hyperlocal grocery delivery platforms, rapidly digitizing the goods and services space.
Global research on the hyperlocal grocery delivery market dissects the market dynamics and its drivers in a suitable manner. The report states the attributing factors such as growing millennial generations, government implementing lockdowns and shutting down of local stores followed by faster deliveries and exciting discount schemes are pushing the demand for hyperlocal grocery delivery platforms, delivering groceries at people’s doorsteps.
The new technological advancements like integration of AI and Machine learning with these platforms to understand the customer's intent and behavior at every touchpoint. This helps the market to gain traction in the remotest areas possible.
Irregular penetration of high-speed internet, lower outlet integration and less tech-savvy end users limit the demand for hyperlocal grocery delivery platforms. The trends like dining-in, going out, and unavailability of a lot of restaurants and stores on the platform also pushes people to go offline and buy their groceries.
Also, multiple old shopkeepers follow the old process of buying and selling without adopting the latest technology. Due to this reason, the hyperlocal grocery delivery market size is shrinking.
The market creates new pushing the sales of Hyperlocal grocery delivery. The integration of artificial intelligence and predictive learning has pushed vendors to adopt the latest technology that penetrates the market dynamics.
The mobile applications that are complex and uneasy to navigate are also declining the growth of the hyperlocal grocery delivery market. The global market also creates opportunities for the component markets like AI integration, the Software development market, and UI/UX design while creating opportunities for the local supermarkets also.
The hyperlocal grocery delivery platforms have also given a second life to the local vendors and supermarkets, especially during the peak of the pandemic.
The incompetent end users and high taxes attached to these hyperlocal grocery delivery platforms are pushing people to go to the outlet or restaurant in order to buy the groceries.
The covid-19 has also declined the overall sales of hyperlocal grocery delivery platforms, as the supply chain has been damaged through the course of the pandemic. The lower bandwidth of networks has been a big reason behind the less usage of these grocery delivery apps.
The hyperlocal grocery delivery market is divided into Food Type, Business Model, Delivery Type, Payment Method, Preferred Location, Order type and Purchaser type. As a new market type, the use of these different categories is applicable in different spaces. Different payment options enable the customer with variety while different food type options make the delivery approach product specific.
The hyperlocal grocery delivery market outlook defines its delivery type categories into Click-and-collect and Home Delivery. The leading segment in the delivery type category is home delivery segment. Its growth is attributed to the easy delivery options prospect, convenient approach and faster in-time delivery. This increases the overall popularity of hyperlocal grocery delivery in multiple regions.
Emerging trends in the hyperlocal grocery delivery market are creating a competitive landscape for the vendors that deal with new product launches and deals. Companies focus on having mergers and collaborations with the other respective companies. The market has a dynamic nature and it allows new vendors to participate in the competition. The key players are Gofers India Private Limited, Asfortask Inc, Just Eat Takeaway, Uber Technologies and Instacart.
Recent Developments in the Hyperlocal grocery delivery Market
| Attributes | Details |
|---|---|
| Forecast period | 2022 to 2032 |
| Historical data available for | 2015 to 2021 |
| Market analysis | USD Billion for Value |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Russia, BENELUX, China, Japan, South Korea, India, Thailand, Indonesia, Malaysia, Australia and New Zealand, GCC Countries, Turkey, Northern Africa, South Africa |
| By Market Segments | Food Type, Business Model, Delivery Type, Payment Method, Preferred Location, Order type, Purchaser type, Region |
| Key Companies Profiled | Gofers India Private Limited; Asfortask Inc; Just Eat Takeaway; Uber Technologies; Instacart |
| Pricing | Available Upon Request |
The hyperlocal grocery delivery market is set to grow at a CAGR of 7.8% through 2032.
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The United States has the highest growth potential in the market as it thrives on a CAGR of 8.3% between 2022 and 2032.
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Hyperlocal Grocery Delivery Market
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