Nigeria Online Food Delivery Market to Grow at 12.2% During 2023-2028

Online food delivery is a convenient way of ordering and delivering food products from restaurants and food chains to consumers through mobile applications or online platforms. It aids consumers in browsing for a specific restaurant, selecting desired items from the available menus of restaurants, and choosing a payment method, such as cash on delivery, debit or credit cards, or net banking. This service also provides minute-to-minute updates about food preparation and delivery duration. Additionally, it offers numerous benefits, including fewer errors and miscommunications, a quick and stress-free ordering process, cashback deals and price comparisons. Some of the commonly used online food delivery business models include logistics-focused food delivery, restaurant-specific food delivery and order-focused food delivery systems.

The Nigeria online food delivery market size reached US$ 834.7 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,719.4 Million by 2028, exhibiting a growth rate (CAGR) of 12.2% during 2023-2028.

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Industry Demand:

The escalating demand for convenient food products among the masses majorly drive the market in Nigeria. This can be supported by the hectic schedule and sedentary lifestyles led by individuals, especially working professionals. Since consumers are increasingly seeking time-saving options for ordering meals, the demand for online food delivery is growing as it offers ease, speed, and precision which are acting as another growth-inducing factor. Along with this, the growing penetration of high-speed internet connectivity and smartphones across the country allows customers to order food directly from their phones, further impacting the market. Moreover, the widespread adoption of online sales channels by various brick-and-mortar food chains to expand their consumer base is also contributing to the market.

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Industry Growth:

With the sudden outbreak of coronavirus disease (COVID-19), numerous food delivery platforms offered contactless delivery services to ensure safety as per adequate social distancing measures, this has rapidly increased the market for online delivery across Nigeria. Apart from this, the rising consumer inclination toward online food delivery services, on account of the availability of diverse food options and restaurants, numerous discounts, doorstep delivery, and secured payment gateways, is providing a thrust to the market across the country. In addition, numerous key players are heavily investing in improving their social media channels to reach their target audience and engage with customers, is a major driving factor. Furthermore, the widespread integration of online food delivery platforms with advanced technologies, such as predictive analytics, artificial intelligence (AI), big data, and machine learning (ML) to provide a personalized consumer experience is creating a positive market outlook.

Competitive Landscape with Key Players:

• AreaChops
• Chopnownow
• Foodie Nigeria
• Foodstantly
• Gingerbox
• GoFood (AT&A Retail Limited)
• Jumia Foods
• NaijaEats
• Ofood (Opay)

Breakup by Platform Type:

• Mobile Applications
• Websites

Breakup by Business Model:

• Order Focused Food Delivery System
• Logistics Based Food Delivery System
• Full-Service Food Delivery System

Breakup by Payment Mode:

• Online
• Cash on Delivery

Breakup by End User:

• Individual
• Corporate

Breakup by Region:

• North West
• South West
• North Central
• Others

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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This release was published on openPR.