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Cloud Kitchen Market 2024 - By Size, Share, Trends And Growth Prospects 2033
Cloud Kitchen Market
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According to The Business Research Company's, The cloud kitchen market size has grown strongly in recent years. It will grow from $61.67 billion in 2023 to $67.59 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to urbanization, rise of food delivery apps, lower operational costs, flexibility and scalability, entrepreneurial opportunities, globalization of cuisine.
The cloud kitchen market size is expected to see rapid growth in the next few years. It will grow to $103.3 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to contactless dining, sustainable practices, e-commerce growth, demand for local and authentic cuisine, crisis resilience, regulatory support. Major trends in the forecast period include ghost kitchen collaborations and partnerships, integration of technology for operational efficiency, virtual brands and multi-concept kitchens, optimized menu design, diversification of delivery channels.
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Market Drivers and Trends:
The increase in number of smartphone users, increasing demand for online food services is expected to drive the growth of the cloud kitchen market. The increasing consumer preference for online food services is due to the hectic life schedules of people and rising disposable incomes which increases the growth of the cloud kitchen. For instance, in 2021, Oberlo reported the number of global smartphone users accounted to nearly 6.4 billion, marking a 5.3% annual increase. The smartphone penetration rate in 2023 will be at nearly 53.8%. Therefore, the increasing number of smartphone users is driving the cloud kitchen market growth.
Major companies operating in the cloud kitchen market are developing new products such as kitchen coworking spaces to gain a competitive edge in the market. Kitchen coworking spaces are shared culinary facilities that provide food entrepreneurs and professionals with access to fully equipped kitchen spaces on a flexible rental basis. For instance, in March 2023, Instakitchen, an Italy-based kitchen spaces company, launched first kitchen coworking space in Rome. This innovative concept provides food entrepreneurs with flexible, ready-to-use kitchen spaces compliant with ASL regulations, aiming to reduce initial investment costs by over 80% and time to market. Instakitchen offers rental options on a daily, monthly, or annual basis for spaces ranging from 10 to 40m2, accommodating various food sector professionals, including delivery businesses, home chefs, caterers, production labs, startups, consultancy firms, and food influencers. The shared kitchen space also fosters a collaborative community by organizing workshops, events, and networking opportunities for its members.
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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:
Zuul Kitchen, Swiggy Platform Private Limited, Uber Technologies Inc., Taster Inc., Starbucks Corporation, DoorDash Inc. , Reef Technology Inc., Toast Inc., Grubhub Inc., Deliveroo Holdings plc, Foodpanda Pte. Ltd., Foodpanda, Pop Meals, Zomato Ltd., Lightspeed Commerce Inc., Fat Brands Inc., PAR Technology Corporation, Olo Inc., Posist Technologies Pvt. Ltd., Rebel Foods Inc., Kitopi Catering Services LLC, Just Eat Takeaway.com N.V., CloudKitchens Inc., Cloudbeds Inc., Xenial Inc., Kitchen United, Farm to Fork Meals, Sweetheart Kitchen Inc., Keatz Inc., Ghost Kitchen Orlando LLC
Cloud Kitchen Market 2024 Key Insights:
• The cloud kitchen market size is expected to see rapid growth in the next few years. It will grow to $103.3 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%.
• Surging Number Of Smartphone Users To Drive Market Growth
• Product Innovation Transforming The Cloud Kitchen Market
• Asia-Pacific was the largest region in the cloud kitchen market in 2023 and is also expected to be the fastest-growing region in the forecast period
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