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 |
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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 |
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Mobile App Proliferation |
|
|
Faster Delivery Times |
|
|
Opportunities |
Global Expansion and Market Penetration |
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Enhanced User Experience through Technology |
|
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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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