Singapore Online Grocery Market Poised for Robust Growth, forecasted to Expand at 8.98% CAGR from 2024-30
MarkNtel Advisors has released its latest report highlighting strong growth in The Singapore Online Grocery Market size is estimated to grow at a CAGR of around 8.98% during the forecast period, i.e., 2024-30.
Report Coverage
This report offers a comprehensive analysis of the Singapore Online Grocery Market, providing valuable insights across historical trends, current dynamics, and future forecasts.
- Base Year: 2023
- Forecast Years: 2024-30
- Historical Years: 2019-22
Singapore Online Grocery Market Overview
The market growth is attributed to the convenience offered by these platforms, which resonates well with the fast-paced lifestyle of Singaporeans. With hectic work schedules and limited time for traditional grocery shopping, the ability to order groceries online and have them delivered to the doorstep saves time and effort. Besides, the COVID-19 pandemic has significantly accelerated the adoption of online grocery shopping. The concerns about health and safety have prompted residents to minimize physical interactions in crowded spaces like supermarkets, making online platforms a safer alternative
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Singapore Online Grocery Market Segmentation Outlook
The Singapore Online Grocery is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:
By Product Type
- Ready-to-Eat (Fresh Foods)
- Snacks and Beverages
- Bakery and Confectionary
- Dairy, Chilled & Eggs-(Market Size & Forecast 2019-2030, (USD Million)
- Household Needs
- Staples and Cooking Essentials
- Others (Meat & Seafood, Baby Food and Care, Health, etc.)
By Delivery Type
- Instant Delivery
- Schedule Delivery
By Platform
- Web-based
- App-based
By Mode of Delivery
- Online Payment
- Cash on Delivery
By Business Model
- Pure Marketplace
- Hybrid Marketplace
By Region
- Central Region
- East Region
- North Region
- North-East Region
- West Region
Singapore Online Grocery Market Driver
Greater Convenience & Time-Saving Benefits Driving Market Growth & Expansion – In Singapore, where time is valuable and the pace of life is fast, the convenience and time-saving benefits of online grocery shopping have become increasingly attractive to consumers. By offering the flexibility to shop anytime, anywhere, these platforms cater to the needs of busy professionals and families. This convenience translates into time savings, as shoppers can avoid the commute and long lines typical of physical stores. In a dynamic economy like Singapore's, where time is a valuable commodity, online grocery shopping optimizes resource allocation, allowing consumers to allocate saved time to other productive endeavors. Consequently, the attraction of greater convenience and time-saving benefits serves as a compelling driver for consumers in Singapore to embrace online grocery services and drive market growth in return.
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Top Singapore Online Grocery Market Brands & Their Strategic Market Positioning
MarkNtel Advisors Research identifies Lazada Group, Fair Price Online, Shopee, Cold Storage Online, Amazon.com, Inc., Komalas Vegemart Pte Ltd., Sheng Siong, Grocer, Food Panda, Waangoo, Ryan’s Grocery (S) Pte Ltd., and others (Nature’s Glory, Sasha’s Fine Foods, etc.) Others as key players shaping the market landscape.
Singapore Online Grocery Market News
- In 2023: Lazada Group partnered with Seoul Business Agency to develop E-commerce services to increase product diversification, expand the network, and market access to South Korean brands on Lazada’s platform, starting with Singapore.
- In 2023: Fair Price Online extended its SME Suppliers Support and Development Programme to help local SMEs ease cash flow challenges and boost growth capabilities in collaboration with the Singapore Food Agency (SFA). The purpose was to provide a platform for local farmers and producers to showcase their products in Singapore.
Key Questions Answered in the Report
- What is the market size (value & volume) along with the current & future trends, growth factors & challenges, etc.?
- How the industry has been evolving, and which segments would dominate the market during the forecast period?
- What are the key opportunity areas that companies foresee in the coming years 2030?
- Who are the key players in the market, and what are their competitive strengths?
- What are the key growth drivers & challenges associated with the market, and how would they impact the market through the forecast period?
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