The Online Food Delivery market builds on Statista’s, Maximize Market Research and Morgan Stanley primary research (the Statista Global Consumer Survey), bottom-up modeling, market data from independent databases and third-party sources, the analysis of various key market and macroeconomic indicators, historical developments, current trends, and the reported performance indicators of the key market players.
Food delivery service is the process of ordering food from a website or other application or by directly calling the restaurant. The product can be either cooked food or food items that are not for direct consumption such as vegetables or fruits. The emergence of user-friendly apps and websites, along with changing customer expectations, has created ready-to-eat food delivery as a major market on the global map. Lock downs and social-distancing measures in the early stages of the pandemic gave the market an enormous growth opportunity, with food ordering emerging as a lifeline for struggling restaurants. In the forecast period (2022-2029) it is expected to remain a permanent model in the global dining scenario. A steep increase in smartphone users has caused a boost in online food delivery services on a global scale. Smartphone users are the primary consumers of the food & beverages industry and an increase in smartphone users projects a potential growth in online consumerism of food and beverages.
This Food Delivery Services Market research provided a comprehensive analysis of the global Food Delivery Services Market, taking into account all critical variables such as growth factors, limitations, market growth, top investments, prospects, and trends. The research begins by emphasizing the important trends and possibilities that may grow fast and have a favorable influence on overall Food Delivery Services market growth.
A major driver in the global food delivery services market is the availability of different restaurants allowing customers to choose from a vast array of them. The increasing number of high-income families, changes in eating patterns and lifestyles are also projected to drive the market growth in the forecast period (2022-2029). A major restraint in the global food delivery services market is the restriction of internet access in rural areas in developing countries like India. As of January 2021, only 59.5% of the earth’s population has internet access. The people (potential consumers) who don’t have internet access obviously can’t use any online food delivery services. This is projected to hamper the global market growth in the aforementioned forecast period. Another key restraint in the global food delivery services market is the cost of supply chain and logistics. This cost includes packaging cost, gas prices along delivery drivers’ salaries. The key opportunity in the global food services market is the benefits, discounts, coupons, and rewards offered by various restaurants and online platforms. Consumers tend to use websites or apps which offer more discounts and rewards on online-ordered food. The more discounts a platform offers; the more customers it attracts. This is expected to impact the global food services market positively in the same forecast period.
By Type, the segments are restaurant-to-consumer and platform-to-consumer. Platform-to-consumer segment held the highest share in the global market in the year 2021. This segment is projected to grow at the highest CAGR of 8.9% in the forecast period (2022-2029). The growth of this segment can be attributed to the rise of different food ordering websites and apps like GrubHub and Uber. This segment gained rapid growth during the COVID-19 pandemic because it was one of the only things that helped restaurants to continue their businesses in the global lockdown measures. The restaurant-to-consumer is projected to witness growth in the regions which have low to no internet access so customers prefer to directly call their favorite restaurants and order their food.
By Channel, the segments are websites and mobile applications. Mobile apps held more than half the shares in the global food delivery market in the year 2021. This segment is projected to dominate the global food delivery market in terms of shares in the year 2029. This can be attributed to the rise of different food ordering mobile apps like Zomato and Swiggy. Also, these apps often offer discounts and cashback offers to their customers which is projected to drive the growth of this segment in the forecast period (2022-2029).
By Payment Method, the segments are cash-on-delivery and online mode payment. Online payments held more than half the shares in the global food delivery market in the year 2021. This segment is projected to grow at the highest rate in the aforementioned forecast period. The launch and development of digital payment platforms like PayPal, UPI (Unified Payment Interface), NPCI (National Payments Corporation of India) in countries like India and the US are projected to drive the growth of this segment in the same forecast period.
The Asia-Pacific region dominated the global food delivery services market in the year 2021. China alone was responsible for US$ 51.5 billion worth of revenue in the same year. The growth in food delivery revenue in china was aided by different local food delivery apps in the country like Meituan, Ele. me, Koubei, etc. China was followed by the United States in terms of revenue in the food delivery revenue in the same year with US$ 26 billion. Even though, the European region stood at third place in terms of revenue in 2021; this region is expected to grow at a high CAGR of 7.9% in the forecast period (2022-2029).
China and the United States witnessed over 650 million and 111 million food delivery app users in the year 2021. These numbers are projected to grow in the aforementioned forecast period exponentially with the rise of cheap internet and high disposable income. The launch of apps like Deliveroo and Ubereats in European countries like France, Spain, and Italy caused the food delivery app user number to jump to over 150 million in the year 2021. This ever-increasing number of food delivery app users in this region is projected to drive the global food delivery services market in the forecast period (2022-2029).
The objective of the report is to present a comprehensive analysis of the global Food Delivery Services market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the global Food Delivery Services market dynamics, structure by analyzing the market segments and projecting the global Food Delivery Services market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Food Delivery Services market make the report investor’s guide.