The UK online grocery market share is predicted to grow from 6% to 7.9% over the next five years, according to new IGD figures.
The 10 leading global online grocery markets are projected to experience combined growth of $227bn (£154bn), at an annual rate of 20%, by 2023, with the UK online grocery market size expected to rise from $14.6bn (£11.3bn) to $22.1bn (£17.2bn) in 2023.
Head of retail insight EMEA at IGD, Jon Wright, said: “We’re anticipating continued online growth opportunities across mature Western European markets. In the UK, France, Germany and Spain we forecast above market average growth rates for online grocery retailing, all growing market share.
“It provides a significant growth opportunity as retailers and manufacturers in the region invest in personalisation, ease and convenience and combining online and offline to meet a range of shopper needs.”
China’s market share will grow from 3.8% to 11.2% over the next five years, while the Chinese online grocery market will rise by the same size as the entire combined market of all 10 countries in 2018.
An extensive growth in the US is also forecast, with online set to more than double its market share to 3.5%, creating an additional $37bn (£28.8bn) opportunity for American retailers and manufacturers.