According to the latest industry analysis, the market size for online food delivery and takeaway is a sizzling sector, projected to reach a mouthwatering USD 56.8 billion by 2034. This translates to a tasty CAGR of 7.20%, significantly outpacing historical growth. For B2B investors seeking a dynamic and convenient market, online food delivery offers a compelling opportunity to tap into a rapidly growing consumer base.
With the growth of online food delivery and takeaway platforms, ghost kitchens and virtual restaurants are also experiencing a notable surge. These establishments operate exclusively for delivery and takeaway orders. These restaurants are offering contactless delivery options to prioritize safety and convenience. Besides this, online food delivery applications are also using AI and machine learning algorithms to improve personalized recommendations.
Fueled by a post-pandemic desire for comfort and ease, the demand for online food delivery is booming. Here are the key ingredients driving this growth:
- Urban Sprawl and Busy Lives: Rapid urbanization, particularly in emerging economies, is creating a population with limited time for cooking. Online food delivery offers a convenient solution for busy urban dwellers.
- Diversity on Demand: Online platforms cater to a wide range of dietary needs and preferences, offering a level of choice and customization unmatched by traditional takeaway services.
- Restaurant Expansion: Restaurants are increasingly recognizing the value of online platforms, using them to reach a wider customer base without hefty marketing investments.
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The ongoing trend of health-conscious dietary habits has also influenced the online food delivery and takeaway market. Online food delivery platforms are also offering vegan, vegetarian, gluten-free, and keto options to cater to the demands of people with specific dietary preferences.
With the widespread use of mobile phones and easy access to the internet, people in urban and semi-urban setups are increasingly relying on these platforms for their everyday meals. The use of AI and machine learning algorithms is also improving personalized recommendations, making the online food delivery experience more enjoyable and seamless. These food delivery applications focus on sustainable packaging and eco-friendly delivery practices to meet the needs of eco-conscious consumers.
Key factors fostering market growth include:
- Technological Integration: AI and machine learning improve personalized recommendations and streamline operations, enhancing customer experience.
- Health Consciousness: Demand for vegan, vegetarian, gluten-free, and keto options cater to health-conscious consumers, along with sustainable packaging and eco-friendly practices.
- Market Segmentation: Expansion into hyperlocal delivery and the rise of ghost kitchens tap into niche markets and address evolving consumer needs.
- Global Expansion: Emerging economies witness expanding online platforms, while established markets innovate to sustain growth amidst competition and rising costs.
“The world is continuously pushing toward sustainability. Companies in the online food delivery and takeaway market must embrace sustainable packaging and delivery practices to cater to the demands of eco-conscious consumers” – Nandini Roy Choudhury, Client Partner at Future Market Insights
Key Takeaways from the Market Study:
- The non-veg segment is set to dominate the online food delivery and takeaway market with a share of 89.40% in 2024.
- Based on the price range, the low segment is on track to lead the online food delivery and takeaway industry with a share of 55.30% in 2024.
- The online food delivery and takeaway industry in China is anticipated to develop at a CAGR of 3.90% through 2034.
- The online food delivery and takeaway industry in Germany is estimated to rise at a 5.10% CAGR through 2034.
- The online food delivery and takeaway market in the United States has the potential to increase at 4.20% CAGR through 2034.
- The Japan online food delivery and takeaway industry is predicted to rise at a 6.40% CAGR through 2034.
- The online food delivery and takeaway industry in India is very likely to inflate at a CAGR of 6.90% through 2034.
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Competitive Landscape:
The online food delivery and takeaway market is highly competitive and dominated by several prominent companies are
- Uber Eats
- DoorDash
- Grubhub
- Swiggy
- Meituan Dianping
- Delivery Hero
- Deliveroo
- Ele.me
- Foodpanda GmbH
- Just Eat Holding Limited
- Takeaway.com Holding B.V
- Grubhub Inc.
- Domino’s Pizza Inc.
- Snapfinger Inc.
- Pizza Hut Inc.
- Foodler Inc.
- Mobo Systems Inc.
- Zomato Media Private Limited
Company Practices
- These companies are constantly coming up with exclusive offers and discount plans to attract more consumers to their platforms.
- To stay competitive in the market, these companies are also embracing sustainable packaging and delivery practices, which is a positive step towards reducing their environmental impact.
- Key players are offering additional coupons and cashback to customers if the food is not delivered within the promised time, which is a great way to improve customer satisfaction and loyalty.
Recent Developments:
- In March 2022, Foodhub partnered with MoEngage to improve customer engagement using AI-powered solutions.
- In Dec 2023, Just Eat Takeaway.com announced plans to trial an in-car food ordering service in Europe.
- In March 2024, Zomato started delivering food to cinema halls after Swiggy announced train food delivery services.
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Key Segments in the Global Online Food Delivery and Takeaway Market:
By Product Type:
- Vegetarian
- Non-vegetarian
By Price Range:
- High
- Mid
- Low
By Distribution Channel:
- Fast Food
- Chain Restaurants
- Online Channels
- Independent Restaurants
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and 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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