The COVID-19 pandemic has contributed significantly to the online food delivery market’s growth with its no-contact and hassle-free transaction approach. Top food delivery platforms include uber eats, Zomato, and food panda. The Asia Pacific region emerged as the largest market for the global online food delivery market, with a 45.11% share of the market revenue in 2022.
Newark, Nov. 02, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global online food delivery market is expected to grow from USD 167.54 billion in 2022 to USD 432.32 billion by 2030, at a CAGR of 12.58% during the forecast period 2022-2030.
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All dining-in food services were forced to close due to the COVID-19 pandemic. Meal service providers began providing home deliveries to offset the losses caused by the closure of dining establishments through their websites and food delivery platforms. The demand for smartphones and computers with the internet has increased due to all these changes. Due to the availability of inexpensive smartphones and the telecom boom in global economies, internet connection is now both accessible and affordable globally. The range of AI and big data analytics use has expanded due to increased research and developments. Using AI and big data analytics in online food delivery platforms would help create a tailored experience for the customer with simple navigation and an engaging interface for mobile applications and websites. For the finest app user recommendations, big data analytics will examine and analyze consumer activity in real-time. The food delivery platforms are experimenting with new technology, including the use of drones to transport food. Using new software and technological advancements will present profitable prospects for market participants. The market's expansion would be hampered by the absence of adequate infrastructure for online food delivery. The market's expansion will also be hampered by the lack of strong data privacy and security rules to protect consumers' interests. Increased expenditures in creating an adequate supply chain infrastructure can get around the market's limitations and drive the market's growth for the foreseeable future.
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To enhance their market position in the global online food delivery market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• September 2022 - In the latest move toward autonomous driving, Uber Eats announced on Thursday that it has signed a 10-year agreement with autonomous vehicle startup Nuro to test driverless food deliveries in two locations in California and Texas.
• September 2022 - Amazon.com, Inc. recently announced a deal to purchase a 2% share in Grubhub with a warrant to expand it by another 13%, giving it a total ownership interest of over 15%. Additionally, Amazon is giving a free one-year subscription to Grubhub+ to U.S. Prime subscribers. This service offers free delivery with a $12 minimum order value. The move aims to capture a greater market share in online food delivery.
Market Growth & Trends
The market for online food delivery is expanding as a result of rising smart device use and rising internet usage in developing nations. The market for online food delivery is anticipated to be considerably impacted by the growing government attempts to strengthen the economy through digitalization and automation. Rapid urbanisation and a rise in data literacy around the world will lead to market expansion. Online payments will develop as a result of increased regulatory authority and financial institution cooperation to protect and advance consumer rights and interests, which will help fuel the expansion of the online food delivery business. Stronger security can be offered by artificial intelligence, and it can also assist in creating a customer-centric strategy that will fuel the market's growth. The market is anticipated to expand as a result of consumer demand for data security, automation, mobile baking, convenience, and quicker service delivery.
• In 2022, the mobile applications segment dominated the market with the largest market share of 76% and market revenue of 127.33 billion.
The type segment is divided into mobile applications and websites. In 2022, the mobile applications segment dominated the market with the largest market share of 76% and market revenue of 127.33 billion.
• In 2022, the order-focused food delivery systems segment dominated the market with the largest market share of 57% and revenue of 95.49 billion.
The business model segment is divided into order-focused food delivery systems, full-service food delivery systems, logistics-based food delivery systems, and others. In 2022, the order-focused food delivery systems segment dominated the market with the largest market share of 57% and revenue of 95.49 billion.
• In 2022, the online segment dominated the market with the largest market share of 74% and market revenue of 123.97 billion.
The payment method segment is divided into online and cash-on-delivery. In 2022, the online segment dominated the market with the largest market share of 74% and market revenue of 123.97 billion.
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Regional Segment Analysis of the Online Food Delivery Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia Pacific region emerged as the largest market for the global online food delivery market, with a market share of around 45.11% and 75.57 billion of the market revenue in 2022. The Asia Pacific is expected to be the largest market during the forecast period. The online food delivery market in the Asia Pacific has been expanding rapidly. China, India, Japan, and Australia dominate the online food delivery market in the Asia Pacific. The two-year pandemic that boosted contactless payment techniques and the digital payment industry's expansion has helped the online food delivery market. Given that there are many young people in the region and that they lead busy lives, the Asia Pacific market will grow during the forecast period.
Key players operating in the global online food delivery market are:
• Deliveroo Plc
• Delivery Hero SE
• DoorDash Inc.
• Just Eat Takeaway.com N.V.
• Papa John’s International Inc.
• Roofoods Limited
• Uber Technologies
• Zomato Limited
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global online food delivery market based on the below-mentioned segments:
Global Online Food Delivery Market by Type:
• Mobile Applications
Global Online Food Delivery Market by Business Model:
• Order Focused Food Delivery Systems
• Full-Service Food Delivery Systems
• Logistics-Based Food Delivery Systems
Global Online Food Delivery Market by Payment Method:
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About the report:
The global online food delivery market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.