The online food delivery services market has experienced significant growth and transformation over the past decade, becoming one of the most rapidly expanding segments within the food industry. This market encompasses platforms that allow consumers to order food from a variety of restaurants and have it delivered to their doorstep through web-based applications or mobile apps.
During the forecast period 2022-2032, the online food delivery services market is expected to grow at a value of 9.8% CAGR, according to Future Market Insights. By the year 2032, the global market for online food delivery services is expected to rise up to a market valuation of US$ 97,291.58 Million. 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.
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Significant funding in the food transportation sector creates market growth potential. Aside from these expenditures, other changes in client tastes are also influencing market development. For example, the demand for fresh food, quick home delivery, and convenience is driving up the adoption of online meal delivery services. Millennials are also growing interested in online meal delivery services.
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,” comments a Future Market Insights analyst.
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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.
Key Segments Covered In The Online Food Delivery Services Market Report
Online Food Delivery Services Market by Delivery Type:
- Restaurant to Consumer
- Platform to Consumer
Online Food Delivery Services by Channel Type:
- Website/Desktop
- Mobile Application
Online Food Delivery Services by Payment Method:
- Cash On Delivery
- Online
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Frequently Asked Questions
- At what rate did the online food delivery services market flourish from 2017-2021?
- What will be the growth rate of the global online food delivery services market during the forecast period?
- What will be the projected market size of the online food delivery services market by 2032?
- Which segment is expected to dominate the global online food delivery services market during 2022?
- What will be the outlook of the channel type segment during the forecast period?
- How is the U.S online food delivery services market projected to grow in 2022?
- What was the outlook of the Indian online food delivery services market during 2022?
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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