According to the latest report by Reports and Data, the global Online Food Delivery Market size is projected to reach USD 369.97 Billion in 2030 with a revenue CAGR of 13.2% during the forecast period. The market growth is driven by the hassle-free procedure of ordering food online and the availability of a variety of options while ordering food.
Unlike conventional home deliveries, where customers had limited food options and had to call up to place an order, the digital delivery system offers a wide variety of food menus from different restaurants, allowing customers to choose and compare before ordering. The availability of high-speed internet is a key driver that is boosting market revenue growth. Online Food Delivery has evolved beyond takeout to include everything, generating millions of dollars in income.
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The outbreak of COVID-19 led to a global lockdown, resulting in an increase in engagement in the mobile app sector for nearly two years, as more consumers spent time on their smartphones during this period. Food delivery was one of the fastest-growing verticals in 2020, offering customers safe, socially distant, and convenient services. COVID-19 has catapulted the sector forward a few years, as millions of people in lockdown for the first time ordered meals online.
Driving factors of Online Food Delivery Market
- Convenience and hassle-free ordering process through digital platforms
- Availability of a wide variety of food options from different restaurants for customers to choose and compare
- High-speed internet availability for efficient delivery services
- Increased adoption of mobile devices for online food ordering
- The COVID-19 pandemic, which has accelerated the demand for contactless and socially distant food delivery services
- Aggregator-based business models that allow multiple restaurants to register and operate on a single food delivery platform
- New delivery system business models that provide end-to-end services for restaurants, customers, and delivery
- Market expansion and revenue growth in the Asia Pacific region, particularly in China, which has the largest food delivery market in the world.
Some of the notable innovations in the Online Food Delivery Market
- Qmin by IHCL (Indian Hotels Company), which offers a unique delivery experience for guests with a focus on safety and hygiene. The service includes contactless delivery and requires delivery executives to wear safety gear in sterilized vehicles. The packaging is also environment-friendly and made of biodegradable materials.
- Aggregator-based business models, which allow multiple restaurants to register and operate on a single food delivery platform. This model has been embraced by big names in the food delivery sector, such as Just Eat, Delivery Hero, and Uber Eats.
- New delivery system business models that provide end-to-end services for restaurants, customers, and delivery. This model is favored by restaurants as it eliminates the need to worry about delivery logistics.
- Mobile applications that have significantly increased revenue for food delivery companies. Global installs of food delivery apps have increased by 25% in 2020 compared to 2019 and were up by a further 21% in 2021.
- The use of sophisticated platforms by food delivery companies in China, such as Ele.me and Meituan Dianping, which have lower overhead costs than Western food delivery apps and control over 90% of all food deliveries in the country.
some leading companies operating in the global Online Food Delivery market:
Just Eat Plc, DoorDash, Swiggy, Postmates Inc, Grubhub Inc, Uber Eats, Delivery Hero, Domino’s Pizza, and Zomato Media Pvt. Ltd
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