The global online food delivery market is estimated to reach at a value of US$ 111.9 Bn by the end of 2020 and expected to reach at a value of US$ 254.0 Bn by 2028 with a significant CAGR of 10.8%
Global Online Food Delivery Market, By Type (Restaurant-to-Consumer and Platform-to-Consumer), By Channel Type (Websites/Desktop and Mobile Applications), By components (Laser scanner, navigation & positioning systems, and other components), By functional areas (engineering, corridor mapping, environment, ADAS & driverless cars, urban planning, cartography, and meteorology), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global online food delivery market is estimated to reach at a value of US$ 111.9 Bn by the end of 2020 and expected to reach at a value of US$ 254.0 Bn by 2028 with a significant CAGR of 10.8%.
The concept of ordering food is by no means fresh and unfamiliar. As a matter of fact, the first pizza delivery was made way back in the year 1889. Thus, it may be concluded that the idea of food delivering has come a long way in the past couple of years. The online food delivery market, in present times, has successfully accomplished the journey from ordering food over the phone to using entirely dedicated food ordering applications for receiving food at our doorsteps.
The online food delivery platform provides customers with a variety of restaurants, food bistros and cafeterias and variety of cuisines to choose from. A customer has the freedom to explore and choose their favorite restaurant, select from available cuisines, pick a payment method and confirm the order.
The online food delivery platforms enables the customers to get registered and sustain an account for the purpose of making frequent ordering more easy and convenient. In such a way, the online food delivery market is no longer a scapegoat, whereas it has evolved powerfully in the modern day and age. By the same token, as more and more millennials jump onto the growing trend of online food delivering and thus, making it a new “eating out”, the trend of online food delivery is accelerating rapidly. Owing to which, the global online food delivery market is expected to elevate briskly in the forthcoming years.
Also, the extensive penetration and usage of smartphones and internet connection among the population across the world is also majorly fueling the demand of food delivery platforms, worldwide, theory estimated to positively fuel the growth of the global online food delivery market over the forecast period.
Similarly, the increasing awareness among the population regarding online food delivery platforms as well as increased disposable income and changed eating habits are also playing a major role in propelling the growth of the global online food delivery market all around the world. Attributing to which, the global online food delivery market is projected to witness significant growth over the coming years.
However, the lack of awareness and shortage or absence of smartphones and internet connections in remote regions is likely to hold back the growth of the global online food delivery market in the coming years.
MMC Study identifies some of the key participating players in the online food delivery market globally are DoorDash; Just Eat Holding Limited; Swiggy; Takeaway.com; and Uber Technologies Inc, among others.
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