Quick Commerce Market To Reach USD 602.8 Billion By 2032, Says DataHorizzon Research
A detailed analysis report of the quick commerce market.
Fort Collins, Colorado, Oct. 30, 2023 (GLOBE NEWSWIRE) — According to DataHorizzon Research, the Quick Commerce Market size was valued at USD 133.1 Billion in 2022 and is expected to grow at a CAGR of 16.4% and reach USD 602.8 Billion by 2032.
Quick commerce is an e-commerce business that delivers products in a concise frame of time. These businesses are gaining popularity because they add to the convenience of people without them having to step out of their homes and offices.
For instance, Zomato Blinkit, a quick commerce company in India, is focused on delivering anything a customer places an order for within 10 minutes. Their motive is to offer competitive service to consumers in a smaller time frame.
Due to their schedules, it is especially beneficial for people with tight schedules who find it challenging to shop for groceries, personal care products, food, and vegetables daily. This is where quick commerce services help people complete these tasks while commuting or working on other vital projects. As they can get products with a single click, they can order from anywhere and deliver them to their residence or offices.
A significant factor contributing to the growth of the quick commerce market is the growth of e-commerce. Teenagers and young adults with smartphone access prefer ordering products and food online rather than visiting local stores or preparing food at home. This growth is mainly observed in the metro and tier-one cities where people spend most of their time at work or commuting and find it difficult to carry on their regular shopping in their daily routines.
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The global quick commerce market has been segmented into product, business model, and region. Asia Pacific dominates the quick commerce market and is also expected to grow rapidly, with China, Japan, and Singapore holding a significant share in this region owing to the availability of the needed infrastructure. With the growing demand and the rise in the geriatric population in these countries, the market for quick commerce is expected to accelerate even further. Additionally, India has a large consumer base, and with a growing market base not just in metro and tier 1 cities but also in tier 2 and tier 3 cities, the demand is expected to grow in this country.
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Quick Commerce Market Report Highlights:
- The global quick commerce market growth is anticipated at a CAGR of 16.4% by 2032.
- The demand for quick commerce is also expected to rise in 2023 because the millennial workforce embraces hybrid work models and prefers ordering food online.
- The personal care segment also holds a significant share in the quick commerce market as it helps people deliver their personal care items whenever and wherever needed.
- The grocery segment holds a significant share of the quick commerce market.
- Some prominent players in the quick commerce market report include in the quick commerce market research report and analysis are Doordash, Instacart, Dunzo Daily, Blinkit, Gopuff, Bigbasket, Swiggy Instamart, Shipt, Zepto, and others.
Industry Trends and Insights:
- In 2023, Shipt launched a special membership program for college students that offers membership at a meager price and simultaneously provides exclusive services to college students.
- Glovo and Carrefour Polska have partnered to deliver orders in less than an hour covering more cities. The service extension spans 69 locations in Pszczyna, Tczew, Puławy and Zgorzelec, Tomaszów and Mazowiecki.
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Quick Commerce Market Segmentation:
- By Product: Grocery, personal care, others.
- By Business Model: Inventory model, hyper local model, multi-vendor marketplace model, hybrid model.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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