A new report is predicting that the online grocery channel will experience a growth of 163 percent globally by 2023 with the Asia-Pacific set to lead the charge. The report, produced in association with the Consumer Goods Forum, expects the Asia-Pacific to grow at a rate of 196 percent to $198 billion.

North America is predicted to see an increase of 152 percent to $38 billion while Europe has a projected growth rate of just 66 percent.

The report suggests three significant factors in the predicted growth. These are the progression of incumbents, the rise of ecosystems, comprising merchants, technology providers and logistics partners; and developments within e-commerce.

Advancements in Artificial Intelligence will also play a major role as retailers strive to stay ahead of demand.