The insight: Amazon CEO Andy Jassy is “very bullish” on the retailer’s grocery business, he said in a shareholder Q&A—a notable statement given the lack of commentary on the subject during Amazon’s last two earnings calls.

The landscape: There’s no question that Amazon is a grocery giant: Excluding Whole Foods and Amazon Fresh, the retailer grossed over $100 billion in grocery sales in the past year, Jassy said. Our forecast has Amazon as the second-largest player in the digital grocery space, behind only Walmart—which also has the edge in the overall market.