The online food delivery services market size is likely to expand at a valuation of US$ 41.94 billion in 2023. Based on the online on-demand food delivery services market report, the adoption traces a CAGR of 10% through 2033. At this rate, demand for online food delivery services is expected to register a valuation of US$ 101.32 billion by 2033. Consumers’ exposure to online services is increasing at a rapid pace. Because of increased internet penetration and drastically improved smartphone accessibility, consumers may now use a plethora of food delivery apps, which is expected to promote sales in the doorstep meal delivery business.
Spending Analysis in the Online Food Delivery Services
- Food delivery services online roll out subscription plans with free deliveries as a retention strategy, making consumers spend more on the landscape.
- High competition among food delivery companies provides an opportunity to compare food prices. As a result, loyalty points and discounts tend to attract consumers at a broader level.
- Food for everyone – Diversification into niche meal delivery apps sees a hit. Some popular food delivery networks include home food delivery, fast food delivery, vegan food delivery, healthy food delivery, gluten-free food delivery, and local food delivery.
- Rivals in the online on-demand food delivery services market continue establishing their influence to acquire more restaurants, customers, and delivery drivers.
- Commission rates from restaurants remain a key revenue source for online food delivery service providers.
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Though the business is still in its early stages, many factors such as changing pricing strategies and the availability of multiple meal delivery service platforms are projected to boost competition. Furthermore, when there is a high volume of food orders, the quality of the food delivered degrades, necessitating the need of additional resources to furnish the meal. As a result, the inability of restaurants to accept multiple deliveries and difficulties in dealing with quantity are limiting business growth. In contrast, the advent of virtual restaurants and delivery-only kitchens is expected to provide significant market growth potential throughout the projection period.
Key Takeaways from the Market Study
- In 2022, the global online food delivery services market is estimated to have a global market size of US$ 38,200 Million
- In 2022, the platform to consumer category by delivery type is expected to occupy a 55% market share
- By channel type, the mobile applications segment is projected to hold a global market share of 35% in 2022
- By payment type, the online transactions are expected to account for 82% of the worldwide market in 2022.
- The U.S online food delivery services market is expected to gain a global market share of 90% in 2022 and 8% CAGR during the forecast period.
- The Indian region is expected to grow rapidly with a global market share of US$ 17,050 Million by 2022.
- During the forecast period, the German market for online food delivery services will exhibit a 9.8% CAGR.
“The growing use of smartphones and internet penetration are driving market expansion, which allows customers to order food from a variety of restaurants. This helps to drive market growth,”- Nandini Roy Choudhury, Client Partner at Future Market Insights
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The online on-demand food delivery services market players may don premiumization to stabilize their overheads. When consumers become creatures of habit to use food delivery apps and doorstep food delivery, they may be easy to attract for premium offerings. Price optimization strategy may also include efficiency in the last-mile delivery operations, which may further contain operational costs.
Competitive Landscape
Market participants are focusing their efforts on strategic alliances, mergers and acquisitions, and corporate expansions to increase their market position.
- Uber Systems Inc. finalized its acquisition of Drizly in 2021, with the two businesses beginning to integrate their complementing delivery technologies and services the following year.
- Grab Holdings, Southeast Asia’s leading ride-hailing and food delivery company, announced a USD 40 billion merger with Altimeter Growth Corp. in 2021. Investors including BlackRock (BLK.N), Temasek Holdings, Fidelity International, Mubadala Abu Dhabi, and Malaysia’s Permodalan Nasional Bhd will participate in a $4 billion private investment in public equity offering as part of Singapore-based Grab’s agreement with the Altimeter Capital-backed SPAC.
- In 2021, Delivery Hero increased its footprint in Central America and the Caribbean by acquiring Hugo’s food and grocery delivery verticals.
- Uber has agreed to pay $2.65 billion for Postmates, a meal delivery startup, in 2020, as it attempts to expand its foothold in on-demand food delivery while its primary ride-hailing business declines.
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Key Segments
By Delivery Type:
- Restaurant-to-Consumer
- Platform-to-Consumer
By Channel Type:
- Website/Desktop
- Mobile Application
By Payment Method:
- Cash On Delivery
- Online
By Region:
- North America
- Latin America
- Europe
- Asia Pacific Excluding Japan
- Japan
- The Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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