Global food e-commerce sales are forecast to nearly triple to US$321 billion by 2023, according to a new report.
The Global Food E-Commerce report, released by market research firm Packaged Facts, projects that food e-commerce sales will account for nearly 5 per cent of the global e-commerce market. Most of the growth is expected to come from the Asia Pacific region, due in large part to the rapidly expanding Chinese market. China's large urban population and growing middle class, as well as the widespread availability of technology and online shopping, mean that the country is expected to account for a stunning 35 per cent of the global e-commerce market by the end of 2019.
Last year, more than 75 per cent of global e-commerce sales came from the top five markets: China, the US, Japan, the UK, and South Korea. Sales are concentrated in urban areas, where retailers have marketed heavily to promote click-and-collect or home delivery services.