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LONDON, Nov. 15, 2022 /PRNewswire/ — The buy now pay later option is becoming increasingly popular in the food and beverages e-commerce market trends. For instance, in 2022, Deliveroo, an online food delivery company, partnered with a Sweden based buy Now, pay later is a service provided by fintech company, option to offer customers the possibility to buy groceries and takeout food on credit. The BNPL option on Deliveroo is currently available for UK consumers. Moreover, according to a report by Nytimes, an American daily newspaper based in the US, in 2022, Americans are increasingly turning to pay-later services for groceries and other everyday essentials.
The global food and beverages e-commerce market size grew from $46.72 billion in 2021 to $57.09 billion in 2022 at a compound annual growth rate (CAGR) of 22.2%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The food and beverages e-commerce market is expected to grow to $109.23 billion in 2026 at a CAGR of 17.6%.
Rapid Urbanization Will Drive The Food And Beverages E-Commerce Market
Rapid urbanization will drive the growth of the food and beverages e-commerce market. Urbanization increases the population and traffic in the cities, which will increase the demand for the delivery of food and beverage through e-commerce and impact the market in a positive way. For instance, according to the World Bank, in 2022, 4.4 billion people, or 56% of the total population are living in cities, and this is expected to double by 2050. Therefore, rapid urbanization will support the food and beverages e-commerce market going forward.
Supplier And Product Costs – A Key Restraint For The Food And Beverages E-Commerce Market
Supplier and producer costs was key restraints for the food and beverages e-commerce market. These include the costs incurred for order fulfillment, delivery costs, adjusting business resources to dynamic market demand and last-mile connectivity. Besides, there are the costs of cardboard boxes for packaging, gas, mileage and driver time to factor in. A report from Capgemini in 2019 shows that retailers’ net profit could fall by up to 26% in the next three years if they don’t radically improve last-mile solutions, despite increased online grocery sales.
North America Held The Largest Food And Beverages E-Commerce Market Share In 2021
As per the food and beverages e-commerce market research, North America was the largest region in the food and beverages e-commerce market and was worth $143.26 billion in 2021. The North America food and beverages e-commerce market is supported by a large urban population and the rise in smartphone and internet penetration, which supported the e-commerce market in the region. The market is also supported by economic developments that boost product innovation and digitization in countries such as USA, Canada, and Mexico.
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