The Online Food Delivery Market Size, Share, Growth, Analysis, Trend, and Forecast Research Report b
Author : Tech Educat | Published On : 01 Mar 2024
The Online Food Delivery market
Market Size and Growth:
- Online Food Delivery Market Size was valued at USD 222.8 Billion in 2022. The Online Food Delivery market industry is projected to grow from USD 246.8 Billion in 2023 to USD 560.75 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.80% during the forecast period (2023 - 2032).
- This rapid growth is fueled by several factors, including:
- Increasing internet penetration and smartphone adoption
- Rising disposable incomes
- Busy lifestyles and changing consumer preferences
- Growing variety of food options and cuisines available online
- Convenience and time-saving benefits of online food delivery
Key Players:
- Delivery Hero SE
- DoorDash
- Domino's Pizza Inc.
- Ele.me
- Grubhub
- McDonald's Deliveroo
- Papa John's International, Inc.
- Pizza Hut
- Just Eat Takeaway.com
- Uber Technologies Inc.
- Waiter.com, Inc.
- Zomato Ltd.
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Market Segmentation:
The Online Food Delivery market segmentation, based on type, includes Platform-To-Consumer And Restaurant-To-Consumer. The platform-to-consumer segment dominated the market, accounting for the maximum market revenue due to the rising Internet Company that serves as a middleman between clients and various restaurants, submitting client orders to participating restaurants and coordinating the delivery of the ordered food from the restaurant to the client. food platform-to-consumer delivery services have benefited from the increasing use of the internet.
Market Trends:
Market CAGR for online food delivery is driven by the rising internet penetration. The expanding adoption of cloud-based technology, the growing number of restaurants around the globe, and Quick Service Restaurants (QSR) services. Amidst the pandemic, a number of restaurants and packaged food businesses opted for online sales channels in order to cater to customer demands. Therefore, it is anticipated that the installation of POS systems will have the extra benefit of precisely identifying client preferences and sales trends, which will accelerate market growth.Additionally, restaurants have been able to streamline their order handling with the help of a few recent breakthroughs in order processing systems.
In comparison to dine-in traffic, REVOLVING KITCHEN reports that the number of digital orders and deliveries is rising by as much as 300%. As a result, it is anticipated that throughout the projection period, demand for online food delivery will increase due to the rising internet penetration. Thus driving the Online Food Delivery market revenue.
Future Outlook:
The online food delivery market is expected to continue to grow at a healthy pace in the coming years. As internet penetration and smartphone adoption continue to increase, and consumer preferences shift towards convenience and time-saving options, the demand for online food delivery is likely to remain strong. Additionally, the development of new technologies such as drone delivery and autonomous vehicles could further revolutionize the online food delivery industry.
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