Online Food Delivery Market is valued at USD 65.91 billion in 2019 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 17.3 % during the forecast period to a net market size of USD 90.95 billion in 2025.

— The food and beverage industry has undergone a drastic change in the last couple of years. Millennials and growing urban lifestyle has led to high growth in market for online food ordering systems. The industry is currently debating on its benefits to various restaurants. However, the present market scenario doesn’t allow owners to have a choice. Let’s take a look at some of the advantages of online food ordering systems.

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The global online food delivery market size is estimated based on the ongoing trends and increase in the company’s spending on better and efficient online food delivery. The report also provides various insights related to competitive strategies, value chain analysis, market dynamics, and regional analysis.

Global online food delivery market was valued at USD 65.91 billion in the year 2017 and is expected to raise a revenue of USD 161.74 billion by 2023 owing to changing consumer lifestyles with decreased waiting time for delivery of ordered food. Changing consumer lifestyle, young population and increasing disposable income are the major factors driving the emerging economies growth.

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In terms of application, Non-family segment generated a maximum revenue share of 70.6% in the year 2017 and is anticipated to maintain a similar trend over the forecast period. The nonfamily segment is expected to generate a revenue of USD 115.43 billion by the end of 2023, growing at a CAGR of 16.2%. Generation Z spends ~ 6 to 8 hours daily over the web, “connected” through numerous electronic devices. Majority of the preference for things related to food or clothing is derived from word-of-mouth posts on social media and peer references.

Restaurants have started innovating from their end, which has undoubtedly increased online food ordering due to their continuously growing internet presence. It basically gives consumers their own comprehensive service and flexibility to have control over their pace of order by limiting the number of personal interactions they may encounter. Hence, the convenience of the consumers getting food on their doorstep will always drive this market.

Key segments of the global online food delivery market

Type Overview, 2015-2025 (USD Billion)

Takeaway

Delivery

Application Overview, 2015-2025 (USD Billion)

Family

Non Family

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By type, the online food delivery industry is segmented on the basis of takeaway and delivery. The takeaway segment at present has and is also projected to have a high number of users as compared to the delivery segment owing to its fair delivery charges. In contradiction to this, the delivery segment generates high revenues per user with the cost for captive delivery fleet and delivery cost per order being considerably high.

In terms of region, Asia Pacific dominated the global online food delivery market with market revenue of USD 34.31 billion and share of 52.1% for the year 2017. Asia Pacific is also the growing region for this market and is anticipated to contribute revenue of USD 91.0 billion and share of 56.2% by 2023. The regional growth is driven by a surge in demand for easy and quick food delivery services.

The U.S. is one of the key countries across America’s online food delivery market as it stands as a hub for the most successful start-ups to date. U.S. accounted for a maximum market revenue share of 83.4% in America’s online food delivery market and is expected to show a similar trend over the forecast period growing at a CAGR of 8.3%. Also, online food delivery services are one of the fastest and most frequently used services in China. Huge populous and technological advancement is backing the growth of online food delivery services across this country.

Zomato, Deliveroo, Just Eat, Swiggy, Takeaway.com, Delivery Hero, Food panda, is expected to be the key potential entrants for the expanding online food delivery market. The top companies in the online food delivery market such as Domino’s, Grub Hub/Eat 24, Pizza Hut, Papa John's International, Inc., and Jimmy John's accounts for nearly 90% of the global online food delivery market.

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Source URL: https://marketersmedia.com/online-food-delivery-market-growth-drivers-and-2025-forecasts-by-type-and-function-global-industry-insights-future-trends/508305

Source: MarketersMedia

Release ID: 508305