The online food delivery market presents significant business
opportunities. Innovations in technology, such as integration of
artificial intelligence and data analytics, offer avenues for
improving efficiency and personalizing customer
experiences.
WILMINGTON, Del., April 29,
2024 /PRNewswire/ -- Allied Market Research published
a report, titled, "Online Food Delivery
Market by Type (Restaurant-To-Consumer and
Platform-To-Consumer), Channel Type (Websites/Desktop and
Mobile Applications), and Payment Method (Cash On Delivery and
Online): Global Opportunity Analysis and Industry Forecast,
2023-2032". According to the report, the global online
food delivery market generated $343.7
billion in 2022 and is anticipated to generate $1.3 trillion by 2032, witnessing a CAGR of 14.3%
from 2023 to 2032.
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Prime determinants of growth
The online food delivery market has experienced significant
growth in recent years, fueled by change in consumer
preferences and the digital revolution. Industry trends indicate a
shift towards convenience and contactless services, with consumers
increasingly relying on online platforms to satisfy their culinary
cravings. The COVID-19 pandemic further accelerated this trend,
emphasizing the importance of safe and accessible food delivery
solutions.
Several factors contribute to the robust growth of the online
food delivery market. Increase in the adoption of smartphones,
rise in urbanization, and a hectic lifestyle drive the demand
for convenient and time-saving meal options. In addition, surge in
e-commerce and digital payment methods has further facilitated the
seamless ordering and delivery of food, enhancing the overall
customer experience.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2023–2032
|
Base
Year
|
2022
|
Market Size in
2022
|
$343.7
billion
|
Market Size in
2032
|
$1.3
trillion
|
CAGR
|
14.3 %
|
No. of Pages in
Report
|
465
|
Segments
Covered
|
Type, Channel Type,
Payment Method, and Region
|
Drivers
|
Convenience to
Consumers
|
Mobile App
Proliferation
|
Faster Delivery
Times
|
Opportunities
|
Global Expansion and
Market Penetration
|
Enhanced User
Experience through Technology
|
Restraints
|
Quality and Food Safety
Concerns
|
The Platform-to-Consumer segment to maintain its leadership
status throughout the forecast period
Based on type, the platform-to-consumer segment held
the highest market share in 2022, accounting for more than half of
the market revenue, and is estimated to maintain its leadership
status throughout the forecast period. Restaurant to consumer
offers consumers a wide selection of restaurant options, catering
to various tastes and preferences. Secondly, consumers appreciate
the transparency and direct connection with their chosen
restaurants, ensuring the quality of the meal and adherence to
specific dietary requests. However, the restaurant-to-consumer
segment is projected to attain the highest CAGR of 14.7% from 2023
to 2032.
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The Mobile Application segment to maintain its
leadership status throughout the forecast period
Based on channel type, the mobile application segment held
the highest market share in 2022, accounting for more than half of
the market revenue, and is estimated to maintain its leadership
status throughout the forecast period. The "Websites/Desktop"
segment in the online food delivery market continues to grow due to
several factors. First, it caters to a segment of consumers who
prefer using larger screens for a more comprehensive and detailed
browsing and ordering experience. Secondly, it appeals to
businesses and offices where individuals often place group orders,
utilizing desktops for efficiency. In addition, the
websites/desktop segment is projected to attain the highest CAGR of
14.7% from 2023 to 2032.
The online segment to maintain its leadership status
throughout the forecast period.
Based on the payment method, the online segment held
the highest market share in 2022, accounting for more than half of
the market revenue, and is estimated to maintain its leadership
status throughout the forecast period. The demand for the
"online" payment segment in the online food delivery market is on
the rise due to several compelling reasons. Firstly, it offers a
convenient and contactless payment option, which has gained
significance in light of health and safety concerns, such as the
COVID-19 pandemic. In addition, the cash on delivery segment is
projected to attain the highest CAGR of 14.6% from 2023 to
2032.
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Asia-Pacific to maintain its
dominance by 2032
Based on region, Asia-Pacific
held the highest market share in terms of revenue in
2022, accounting for less than half of the market revenue. The
North America online food delivery market is dominated by busy
lifestyles and the desire for convenience among consumers to opt
for food delivery services. In addition, the LAMEA region is
expected to witness the fastest CAGR of 17.4% from 2023 to 2032 and
is likely to dominate the market during the forecast period.
Leading Market Players: -
- Delivery Hero SE
- Grab Holdings Inc.
- Just Eat Holding Limited
- Demae-Can Co.Ltd
- Uber Technologies Inc.
- Deliveroo
- Yum! Brands Inc.
- Delivery.com, LLC
- Domino's Pizza, Inc.
- iFood, Swiggy
The report provides a detailed analysis of these key players in
the global online food delivery market. These players have adopted
different strategies such as new Distribution Channel launches,
collaborations, expansion, joint ventures, agreements, and others
to increase their market share and maintain dominant shares in
different regions. The report is valuable in highlighting business
performance, operating segments, Distribution Channel portfolio,
and strategic moves of market players to showcase the competitive
scenario.
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