Market Research Report
Online Food Delivery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
|Online Food Delivery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027|
Published: January 10, 2022
IMARC Services Private Limited
Content info: 106 Pages
Delivery time: 2-3 business days
The global online food delivery market reached a value of US$ 106.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 223.7 Billion by 2027, exhibiting a CAGR of 11.44% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Online food delivery is a process of ordering and delivering food items to the customers at their doorsteps who have ordered their food through various food delivery websites and applications by using their computers or smartphones. A customer will search for a favourite restaurant, choose from available items, select the payment method and confirm the order. Food delivery applications allow the consumer to register and uphold an account in order to make frequent ordering more convenient. Online food delivery is gaining popularity among both consumers and food service providers as it is benefiting both. Consumers are adopting online food delivery because of its ease, speed, and precision, while food service providers see the potential for increased revenue, reduced labor expenses and reduced errors. Over the past few years the trend of online food ordering has been increasing. One of the major factors driving the market growth is the rising penetration of smartphones and internet connections which provide the opportunity to get the food delivered very conveniently and quickly. Online food delivery offers consumers with a wide range of food items available on their smartphones and the convenience of getting it delivered at their doorsteps. Moreover, online food delivery companies provides numerous benefits to foodservice providers as well. One of the biggest advantages of online food delivery are savings in labor since the staff is not tied up on the phone or at the counter. Along with labor savings, other major benefits of online food delivery for foodservice providers include enhanced accuracy of online orders, increased convenience for the guest, simpler order processing, etc. Additionally, online food ordering can also provide food service providers with key customer information that can be useful for making promotional strategies, such as targeted promotions designed to create off-peak demand, specials targeted at particular customer segments, and couponing strategies.
Figure 11 Global: Online Food Delivery (Mobile Applications) Market: Value Trends (in Billion US$), 2016 & 2021