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Virtual Kitchen Market 2024 Analysis By Size, Share, Growth, Trends Up To 2033
Virtual Kitchen Global Market Report 2024
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According to The Business Research Company's, The virtual kitchen market size has grown rapidly in recent years. It will grow from $60.15 billion in 2023 to $68.04 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to increased social media marketing, increased demand for international cuisines, increased popularity of shared kitchen concepts in hotels and restaurants, rise in number of standalone brands serving customers from a single location, increased demand for fast food products.
The virtual kitchen market size is expected to see rapid growth in the next few years. It will grow to $112.47 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to rise in online food delivery demand, changing consumer taste preferences, rise in disposable income, increasing use of smartphones, easy access to internet. Major trends in the forecast period include focus on advertising, strategic partnerships, transformation of the restaurant industry, innovative service launch, technological advancements.
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Market Drivers and Trends:
The growing significance of digitalization is expected to propel the growth of the virtual kitchen market going forward. Digitalization is converting information, data, or physical objects into a digital format that computers can easily process, store, and transmit. The growing significance of digitalization can be attributed to increased brand awareness and visibility, enhanced customer engagement, improved customer support, and cost-effective marketing. Digitalization plays a crucial role in the success and efficiency of virtual kitchens by streamlining operations, improving customer experiences, and optimizing resource management. It enables virtual kitchens to operate more efficiently, reduce costs, and provide a better customer experience, ultimately driving growth and success in the competitive food delivery market. For instance, in February 2024, according to a report published by the United Kingdom, in 2022, provisional estimates indicate that the digital sector contributed $171.25 million to the UK economy, accounting for 7.2% of the total UK gross value added (GVA), an increase from 7.1% in 2021. Therefore, the growing significance of digitalization is driving the growth of the virtual kitchen market.
Major companies operating in the virtual kitchens market are focused on developing innovative kitchens, such as ghost kitchens, to streamline operations and optimize delivery services. The ghost kitchen capability provides a turnkey, scalable solution for customers looking to bring their flavors to new or existing markets, grow their off-premise footprint, and drive revenue. For instance, in November 2022, Pepsicon, a US-based company, launched its ghost kitchen service for restaurant partners. This service allows customers to leverage the company's beverage and snack portfolio, including popular brands such as Pepsi, Mtn Dew, Doritos, and Cheetos, to create uniquely branded menu items and virtual experiences. It will help restaurants to start their virtual brand, bring in an outside brand, or outsource their concept to other restaurants.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Uber Eats, Starbucks Corp., DoorDash Inc., Micro-Star International, Deliveroo, Foodpanda, CloudKitchens, GrubHub Holdings Inc., Kitopi, Postmates Inc., Rebel Foods, Kitchen United, Wetzel's Pretzels LLC, Clicky Media Ltd., Kitchen Connect, Zuul Kitchens Inc., Dahmakan, Taster Group Ltd., Franklin Junction, The Local Culinary, Smart City Kitchens, Ghost Kitchen Orlando, Kouzina FoodTech, Nextbite
Virtual Kitchen Market 2024 Key Insights:
• The virtual kitchen market size is expected to see rapid growth in the next few years. It will grow to $112.47 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%.
• The Rising Importance Of Digital Presence Is Driving The Virtual Kitchen Market
• Virtual Kitchen Leaders Develop Ghost Kitchens To Streamline Operations And Boost Revenue
• North America was the largest region in the virtual kitchen market in 2023
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