With both Amazon and Walmart locked in ever-escalating efforts to win Americans over to the joys of online grocery shopping, it’s easy to forget how much further along the rest of the planet is.
A new report from Forrester Research estimates that online grocery spending around the world, worth about $150 billion last year, is set to double in the next five years, reaching $334 billion. With a compound annual growth rate, the report finds that even as the market enters the mature phase in South Korea, China, Australia and the UK, there’s evidence that online food sales in laggards like the U.S. and Germany are almost ready to gain critical mass.
The stakes are enormous, writes Forrester analyst Satish Meena, with total global grocery spending accounting for $5.1 trillion last year, “that was 35% of the total global retail spend of $14.5 trillion. But online grocery sales captured just 2.9% of total grocery spending in 2017, leaving huge untapped potential for retailers.” On a per-capita basis, that translates to just $36 per capita out of a total global average retail spend of $454.
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