The Asia-Pacific food and grocery retail market is segmented by product and distribution channel. By product, the market is sub-segmented into packaged foods, unpackaged foods, beverages, and other household products. Further, based on the distribution channel, the market is sub-segmented into online and offline.
Market Drivers
According to OMR Research, the Asia-Pacific food and grocery retail market is projected to grow at a CAGR of 6.5% during the forecast period (2023-2029). The Asia-Pacific food and grocery retail sector has experienced extraordinary growth over the past ten years as a result of factors including rising urbanization, rising disposable income, and an expanding economy, among others. More than 60% of the world's population lives in the Asia-Pacific region, which has a massive population base and is driving up demand for a better standard of living.
When it comes to grocery commerce, consumers are influenced by hyperconnection, immediacy, and transparency. Additionally, the growth of digital media has increased the accessibility and transparency of information exchange between businesses and consumers. Retailers are using omni-channel strategies to target all consumer segments by utilizing digital channels and merging their physical and online storefronts. In order to meet continuously changing consumer demand, retailers are increasingly attempting to differentiate the products and services they offer. In order to appeal to regional tastes and inclinations, modern merchants have a preference for local product expertise and alter their approach to assortments, combos, and promotional techniques. The packaged food market category is also being driven by consumers' increasing appetite for processed foods as a result of the growing working population, rising disposable incomes, hectic lifestyles, and population dynamics shifting from rural to urban areas.
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Key Trends in the Market
Even when COVID-19 ends, the increase in grocery retail expenditure that was caused by it is expected to continue. The shift to hybrid and remote work arrangements as well as the rise in at-home dining are contributing causes of market growth. Additionally, the majority of grocery stores are aware of the heightened competition from established players. The development of digital players and ecosystems, which have value propositions, will possibly take over physical merchants. For instance, aggregators for mobile and e-commerce frequently use grocery categories to draw users to their own platforms.
Recent Developments
China Resources (Holdings) Co. Ltd., CP All Public Company Ltd., Future Value Retail Ltd., President Chain Store Corp., Reliance Retail Ltd., Seven & I Holdings Co., Ltd., Star Bazaar (Tata Group), Sun Art Retail Group Ltd., Walmart Inc., Wesfarmers Ltd., Woolworths Group Ltd., Yonghui Superstores Co., Ltd., and others are among the major market participants. The market’s growth is accelerating as a result of the various mergers and acquisitions, partnerships, and new product launches being used by these companies. Recent market developments and actions include-
• In August 2022, Meta and an e-commerce partnership between Reliance Retail and Jio Platforms in India launched a global-first end-to-end buying experience on WhatsApp, according to the companies. According to the companies, customers in India are now able to explore the complete JioMart grocery catalog on WhatsApp, add things to a basket, and then pay via the country's native payment system, UPI, all without ever leaving the instant messaging platform.
• Food and grocery delivery giant Swiggy launched a second supermarket operation called Handpicked in December 2022. A pilot program for the foodtech giant has just begun in Bengaluru. It is currently an invite-only marketplace that sells high-end goods that are either imported or created locally. Contrary to its standard grocery delivery service Instamart, which can take anywhere between ten and fifty minutes depending on the city, the items mentioned on Handpicked will only be delivered the next day.
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