Press Release

Singapore Online Grocery Market to Flourish at a CAGR of Around 8.98% During 2024-30

The Singapore Online Grocery Market is anticipated to grow at a CAGR of about 8.98% during the forecast period of 2024-30, cites MarkNtel Advisors in a recent research report. The growth of the market is attributed to the convenience these platforms offer, resonating with the fast-paced lifestyle of the population. Given hectic work schedules and limited time for traditional grocery shopping, the option to order groceries online and have them delivered to the doorstep saves time and effort. Moreover, there has been an increase in the favorability of subscription-based models and recurring delivery services, which are gaining notable traction in Singapore. Several online grocery platforms in the country now provide subscription options, enabling customers to receive regular deliveries of essential items like groceries, household supplies, and fresh produce on a weekly or monthly basis. These subscriptions often come with perks such as discounted rates, complimentary delivery, and tailored recommendations based on past purchases. This trend reflects a shift towards convenience and predictability in grocery shopping, as consumers seek effortless ways to ensure the consistent availability of essential items in their households.

Furthermore, there is an increasing focus on food safety and sustainability in Singapore, with consumers placing importance on knowing the origins and quality of their food. Locally produced foods are seen as more reliable and safer in terms of meeting quality and hygiene standards compared to imported alternatives. This shift towards locally sourced produce is also motivated by a desire to support local farmers and promote sustainability within the food supply chain. This growing inclination towards locally cultivated fresh produce is expected to influence the demand for online grocery platforms and services in Singapore. As consumers prioritize freshness and the ability to trace the source of their food, online platforms offering a diverse array of locally sourced produce are likely to attract a larger customer base, thus leading to increased revenue growth of the market, further states the research report, “Singapore Online Grocery Market Analysis, 2024.”

Segmentation Analysis

Online Payment Segment to Seize Significant Market Share

Based on the mode of delivery, the market is further bifurcated into, Cash on Delivery and Online Payment. Online payment methods play a pivotal role in driving the growth of the Singapore Online Grocery Market. As digital payment systems become increasingly prevalent and e-commerce adoption rises, these payment options offer shoppers a convenient and seamless way to finalize their grocery orders. By enabling secure online payments through trusted gateways, online grocery platforms simplify the checkout process, minimizing friction and improving the overall shopping experience.

Furthermore, online payment methods facilitate swift and hassle-free transactions, eliminating the need for cash or physical terminals. This convenience not only attracts more customers to online grocery shopping but also fosters loyalty and encourages repeat purchases. Moreover, the flexibility offered by various payment methods, including credit/debit cards, digital wallets, and bank transfers, caters to diverse consumer preferences. By streamlining transactions and enhancing satisfaction, online payment methods are instrumental in propelling the ongoing growth of the Singapore Online Grocery Market.

Central Region Leads the Market

The central region of Singapore significantly influences the expansion of the Singaporean Online Grocery Market. Serving as the economic and commercial core of the nation, this region comprises major business districts, tourist destinations, and a significant number of households. Thus, a substantial concentration of individuals and economic activities in the region creates a diverse consumer base with varied grocery requirements.

Moreover, the central region accommodates a substantial number of working professionals who highly value the convenience and time-saving benefits of online grocery shopping. The abundance of office buildings and commercial establishments further fuels the demand for online grocery delivery services as professionals seek convenient grocery solutions. Additionally, the well-established transportation infrastructure and logistical networks in the central region facilitate efficient delivery operations for online grocery platforms, ensuring prompt and dependable service to customers. These factors are fueling the market size of online groceries in Singapore from the Central region.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including 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.) are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & service adoption?
5. How has the competition been shaping up across the country?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2024-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?