12. Thrive Market
In a decade, Thrive Market has grown from a niche health food startup to a major online grocery player. The company now has more than 1.6 million paid members across the continental U.S. It's made further moves over the past year to expand operations and strengthen its position.
Thrive opened a dedicated frozen foods facility in Sparks, Nevada, in October. By bringing logistics in-house, the company said it improved shipping speeds by 20% and cut refund rates by 10%. More than one million frozen units have shipped from the facility to date. Frozen goods, once a small part of the business, now span 350 SKUs and are growing at a double-digit rate annually.
Through its expansion, the company has stayed close to its mission of healthy and sustainable living. Thrive introduced new product standards in 2024, excluding more than 1,000 ingredients, including GMOs, synthetic sweeteners, and artificial flavors. The company earned Climate Neutral Certification in March, a sustainability milestone that the company earned by investing in ways to avoid, remove, and reduce carbon emissions from making or delivering products and services.
Thrive operates on a membership model, charging $5 to $12 a month for access to natural and organic products at discounted prices. About 50% of members live in areas without easy access to health food retailers, and over 40% have household incomes under $100,000, reflecting a broad, middle-class customer base. Thrive became the first online-only grocer approved to accept SNAP EBT benefits nationwide in February 2024.
The company has also continued to make key investments in technology. It introduced AI-enabled carts last year, which make purchase suggestions based on a quiz. Thrive partnered with Instacart's Carrot Ads in October to roll out a retail media network. The solution will allow brands to run campaigns inside Thrive Market's website and app. In the first two months after rollout, the network offering saw 150% growth.
Online grocery remains a fast-moving, crowded space. Retail giants like Walmart and Amazon are scaling up their online grocery offerings as are niche competitors, such as Misfits Market and Grove Collaborative. Thrive's future will depend on retaining subscribers, maintaining convenience, and preserving its identity as a mission-driven brand.
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