PUBLISHER: DataM Intelligence | PRODUCT CODE: 1336709
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1336709
Global Online Food Delivery Market reached US$ 145.2 billion in 2022 and is expected to reach US$ 291.4 billion by 2030 growing with a CAGR of 9.1% during the forecast period 2023-2030. The increasing popularity of online food delivery services and rising demand for convenience food is driving the global online food delivery market growth.
The increasing use of online media, emerging multicultural population, high employment-population ratio, busy lifestyles, availability of various food delivery apps, rising demand for ready-to-eat foods, and emerging plenty of online food delivery platforms are driving the global online food delivery market expansion.
The increasing demand for food at affordable prices in quick access is also driving the market growth. The various benefits offered by online delivery services, such as discounts, doorstep delivery, rewards & cashback offers, and multiple payment options, raise the market demand. The convenient mobile food ordering and contactless food delivery are raising the demand for the global online food delivery market.
The Online Attractive Offers and Payment Flexibility of Food Delivery Drive the Market Growth.
Online delivery services provide benefits such as rewards and cashback incentives, tempting discounts, doorstep delivery, and many payment choices. These qualities are projected to increase global market demand for online meal delivery services. Furthermore, the digitization of food services by food aggregators offering everything under a single platform is anticipated to grow even after the pandemic owing to its convenient, accessible & affordable nature.
A food delivery app accepts a variety of payment methods, including credit cards, debit cards, online payments, and cash on delivery. A wallet option is also available to assist users in paying for their orders. A wallet also aids with promotions and offers by increasing app engagement. Such flexibility will increase the demand the global online food delivery.
The Increasing Popularity of the Cloud Kitchen Drive the Global Online food delivery Market Growth.
The cloud kitchens have become the popular investment choice for established and new restaurateurs to open a food business. The hectic lifestyles of consumers, the convenience provided by the cloud kitchens, and increasing internet penetration are driving the cloud kitchen, thereby, increasing the global online food delivery market. A few of the popular operating cloud kitchen chains include Faasos by Rebel Foods and Biryani By Kilo.
Most restaurants are opening cloud kitchens in various regions to expand their food service sector. For instance, iKcon, REEF acquired a UAE-based cloud kitchen company that expanded its venture in North Africa in November 2021. The shift in customer choices and an increased preference for home delivery options, reasonable prices, and short-time delivery have increased the number of orders placed online, increasing the market growth.
The Difficulties Related to Online Food Delivery Consumption Restrains Market Growth.
The several factors, such as fluctuating pricing models and the availability of multiple food delivery service platforms, are anticipated to intensify competition. In addition, the quality of food delivered deteriorates when the number of food orders is high, which also requires additional resources to provide the food. Thus, the failure of restaurants to cater to multiple deliveries and inefficiency in coping with volumes limit the market growth.
The restaurants' inability to accommodate multiple deliveries and inefficiencies in dealing with volume are restricting industry expansion. The cybercrime issues, and leakage of sensitive personal information, including users' buying habits, are being exploited by selling them to third parties. The third parties use it to harass the users with multiple and frequent ads, which is frustrating for millions of customers and hinders the market.
The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).
The global online food delivery market is segmented based on type, channel, payment method, and region.
In the Global Online Food Delivery Market, the Restaurant-to-Consumer Segment Holds the Largest Market Share.
The global online food delivery market has been segmented by type into restaurant-to-consumer and platform-to-consumer. The restaurant-to-consumer segment held the largest online food delivery market share of 28.8% in 2022 in the online food delivery market analysis report. The advantages provided by the restaurant-to-consumer type of food delivery id driving the segment's growth.
In the restaurant-to-consumer type of online delivery, the restaurant itself is responsible for all the shipment aspects. The restaurant's total menu, offers, special food items, and gift coupons are the advantages of this segment. The integration of several restaurant chains with aggregators such as DoorDash is further driving the segment growth.
The North America Region Held the Largest Online food delivery Market Share.
The global online food delivery market is segmented into five parts based on geography: North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. The North American online food delivery market held the largest market share of 38.6% in 2022 in the online food delivery market analysis. The large young population with busy lifestyles in this region is driving the market growth.
The significant urban population, high living standards, busy lifestyles, and increasing penetration of the internet and smartphones are some of the key drivers that have driven the growth of online food delivery in the region. Furthermore, the increasing disposable income, increasing number of students and working professionals opting for online food delivery services, and rising purchasing power in this region boost the market growth.
The major global players in the market include: Just Eat, GrubHub, Delivery Hero, Deliveroo, Takeaway.com, Foodpanda, Ele.me, Meituan Waimai, Swiggy, and DoorDash.
The unprecedented COVID-19 pandemic in 2020 positively affected the online food delivery market. Due to lockdowns and restrictions imposed by various governments, almost all the restaurants and hotels were shed down. The people were working from home and wanted to eat special dishes from their favourite restaurants. The online food delivery made this possible, driving its demand in the market.
Everything has changed due to the COVID-19 epidemic. It has influenced practically every industry, whether positively or negatively. The COVID-19 pandemic's effects on world economic conditions have had an influence. They could impact interest rates, foreign exchange rates, commodities and energy prices, and the efficient operation of financial and capital markets.
The COVID-19 pandemic issue has had an impact on the food support and services industry as well. The COVID-19 pandemic is upending life, and the food support and services sector is seeing increased trends like online food delivery. The food support and services businesses are launching innovative programs, including contactless online food delivery, that are straightforward to consume.
The Global Online food delivery Market report would provide approximately 61 tables, 54 figures and 165 Pages.
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