Research Support Specialist, USA
The global platform to consumer online food delivery market size is estimated to reach USD 241.53 billion by 2028, according to a new report by Million Insights. The market is expected to expand at a CAGR of 10.2% from 2021 to 2028. The key growth factors of the market include the growing preference of consumers towards mobile applications for ordering online foods across the globe. Further, the various major food delivery companies are expanding their customer base by entering into untapped markets, geographically and demographically that further propell the market growth. However, the increasing adoption of in-house delivery and dine-out systems by large restaurants is projected to restrain the market growth over the forecast period.
The platform-to-consumer online food delivery market experienced significant growth in the overall revenue of the online food delivery platforms owing to enormous demand of online food supply during Covid-19 restrictions and lockdown. The online food delivery trends accelerated in part due to the effects of the COVID-19 pandemic, which resulted in in-store dining shutdowns and the adoption of shelter-in-place measures. Additionally, under the lockdown conditions imposed in some countries owing to the pandemic, consumers meal choices shifted from eating out or venturing out to buy groceries and cooking at home, to the online ordering of prepared food.
The application segment of the channel type is expected to register the highest growth rate of 10.3% from 2021 to 2028. The market is mainly driven by the advancements in technologies, and adoption of smartphones, and internet usage. Furthermore, the Covid-19 pandemic thrust decade of growth in a single year as numerous restaurants opted for online food delivery platforms portals due to pandemic restrictions.
The website segment is expected to witness a significant CAGR of 9.9% from 2021 to 2028. The growing penetration of internet across the globe further contributed to the market demand. Moreover, growing number of restaurants, who are striving to raise foot traffic by expanding their online presence over desktops websites. Additionally, the significant advancements in website design tools and consumer interest tracing tools are further projected to contribute to the market growth.
North America accounted for around 15.0% revenue share in 2020. Presence of well-established online food delivery platforms such as Grubhub Inc. Doordash Inc, and others is one of the driving factors for market growth. The organized food retail sector, presence of well-established food chains and restaurants, and highest consumer spending on online food are the factors accountable for the largest market revenue share.
The report “Platform to Consumer Online Food Delivery Market Size, Share & Trends Analysis Report By Channel Type (Websites, Application), By Region (North America, Europe, Asia Pacific, Central & South America, MEA), And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global platform to consumer online food delivery market on the basis of channel type and region: