The global online food delivery services market is estimated to reach USD 63,551.77 million, by 2025, and is projected to grow at a CAGR of 15.4% from 2019 to 2025, according to a new report by Million Insights. The increasing consumer inclination towards buying from online platforms, mobile applications, and websites is driving the market growth. Moreover, rising penetration of the internet and growing number of smartphone users is expected to propel the demand for online food services.
Online food providers offer cashback benefits, rewards, discounts, and doorstep delivery options to gain traction among consumers. In addition, increasing income levels across the developing countries are changing consumer preference which is expected to boost the market growth in the coming few years.
Smartphone users are buying fast food through mobile applications owing to ease of access. The younger adults are preferring doorstep food delivery options while ordering food. Thus, the growing internet network and digital media are influencing the consumer to buy food from online service providers.
Companies in the online food delivery service market are engaging in improving consumer experiences and logistic capabilities. In addition, rising investment and funding in the company business is also surging growth of industry. For example, in 2019, Zomato has received funding of around USD 62.2 million from Naspers Limited, Chunwei Capital, Delivery Hero, and others.
For instance, in 2019, Martin Keane and Andrew Flynn has introduced plants with self-watering ability. This helps in reducing carbon footprints and avoids wastage of the water. These pots are produced from fully recycled polypropylene. Additionally, the plastic regulations are positively impacting the growth of the product in the market.
Key manufacturers in the market focus on reducing operational costs through optimized delivery. The usage of drones, parachutes, and robots for food delivery is gaining in popularity. All these technological developments are anticipated to bolster the demand for online food services.
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Further key findings from the report suggest:
• Platform-to-consumer services segment is projected to propel at the CAGR of over 15.0% from 2019 to 2025.
• In 2018, restaurant-to-consumer service type held the market share exceeding 40.0% in the global online food delivery services market.
• Based on the channel type, mobile applications are estimated to grow at significant rate over the forecasted period.
• Online segment is projected to exceed at a CAGR of around 13.0% during the forecasted period, due to the growing trend of digitalization.
• Asia Pacific market is anticipated to grow significantly owing to increasing smartphone users, and income levels of consumers.
Million Insights has segmented the online food delivery services market based on type, channel type, payment method, and region:
Online Food Delivery Services Type Outlook (Revenue, USD Million, 2014 - 2025)
Online Food Delivery Services Channel Type Outlook (Revenue, USD Million, 2014 - 2025)
• Mobile Applications
Online Food Delivery Services Payment Method Outlook (Revenue, USD Million, 2014 - 2025)
• Cash on Delivery
Online Food Delivery Services Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa