Quick Commerce Market Size, Share & Trends Analysis Report By Product Category (Clothing, Stationary), By Payment Mode (Cash On Delivery, Online), By Technology, By Region, And Segment Forecasts, 2023 - 2030

Quick Commerce Market Size, Share & Trends Analysis Report By Product Category (Clothing, Stationary), By Payment Mode (Cash On Delivery, Online), By Technology, By Region, And Segment Forecasts, 2023 - 2030

Quick Commerce Market Growth & Trends

The global quick commerce market size is projected to reach USD 323.91 billion by 2030, registering a CAGR of 22.2% from 2023 to 2030, according to a new study by Grand View Research Inc. The growing consumer demand for delivery of household goods and groceries within 10-30 minutes in metropolitan cities is a major factor driving the market growth. The emerging business model caters to a large spectrum of product categories ranging from perishable food to electronics products. The pandemic induced a paradigm shift in consumer behavior patterns worldwide, where many consumers preferred ordering essentials online; the market witnessed a significant rise owing to the growing prevalence of online ordering, which lets the consumer order a wide variety of products without visiting a supermarket, signifying that fast delivery, convenience, enhanced customer experience, and access to a larger assortment of goods are other major factors driving the market growth.

As fast delivery of food and perishable items is gaining popularity, the quick commerce industry is also expanding to deliver non-grocery categories of products, thereby creating new growth opportunities for the market. Foodpanda, a quick commerce key player, reported that while the orders for food products saw an increase of 33 %, the company also observed a rise in the orders for non-grocery products. The company saw an increase in demand for categories including electronics, beauty, home & gifts, pet food, and wellness & health, with orders for wellness & health products increased by 115%. Retailers of different product categories also benefit from selling through such sites as it provides them increased visibility and a widened customer base.

The market is highly competitive with major market players operating in the landscape resorting to organic and inorganic strategies to sustain in the market. The market players are trying to differentiate themselves through providing discounts, combos, and launching new products on the site, and expanding their reach to tier 2 and tier 3 cities across different regions. For instance, in October 2023, Carrefour Polska announced that they are extending its partnership with Glovo by expanding in Poland. The company will be providing its services to around 69 new locations in Pszczyna, Tomaszów, Zgorzelec, and Mazowiecki among others.

Quick Commerce Market Report Highlights

• Based on product category, the personal care items segment is expected to exhibit a CAGR of 16.6% over the forecast period. The growing demand for non–food product delivery, especially personal care items such as beauty and personal hygienic products coupled with the presence of multiple brands, is driving the market growth
• Based on payment mode, the online payment segment is anticipated to register a CAGR of 24.5% over the forecast period. The growing traction of online transactions owing to ease of payment and transparency is driving the market growth
• Based on technology, the website-based operations segment is expected to register a CAGR of 22.0% over the forecast period. Website-based operations are becoming more prevent owing to their ease of operation and site layout and navigation

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