During the forecast period 2022-2032, the online food delivery services market is anticipated to expand at a 9.8% compound annual growth rate, per Future Market Insights. It is anticipated that the worldwide market for online food delivery services would reach a market size of US$ 97,291.58 million by 2032. The amount of online services that consumers are exposed to is growing quickly. Customers may now use a wide variety of food delivery applications thanks to rising internet usage and significantly better smartphone accessibility, which is predicted to boost sales in the doorstep meal delivery industry.
There is room for market expansion in the food transportation industry due to significant funding. In addition to these costs, shifting customer preferences are also having an impact on market growth. For instance, the popularity of online meal delivery services is increasing due to consumer demand for fresh food, prompt home delivery, and convenience. Online food delivery services are becoming more and more popular among millennials.
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Even while the company is still in its infancy, a number of variables, including shifting pricing tactics and the existence of several platforms for meal delivery services, are expected to increase competition. Moreover, a high volume of food orders results in a decline in the quality of the food supplied, requiring additional resources to provide the meal. Consequently, the incapacity of eateries to accommodate numerous deliveries and challenges in managing volume are impeding the expansion of their businesses. On the other hand, throughout the projected period, the emergence of delivery-only kitchens and virtual restaurants is anticipated to offer substantial market growth potential.
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.
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“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
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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