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Online Food Delivery Market Poised for Strong Growth with a Promising Outlook Through 2032
Online Food Delivery Market
According to the report, the global online food delivery market generated $343.7 billion in 2022 and is anticipated to generate $1.3 trillion by 2032, witnessing a CAGR of 14.3% from 2023 to 2032.
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Prime determinants of growth
The online food delivery market has experienced significant growth in recent years, fueled by change in consumer preferences and the digital revolution. Industry trends indicate a shift towards convenience and contactless services, with consumers increasingly relying on online platforms to satisfy their culinary cravings. The COVID-19 pandemic further accelerated this trend, emphasizing the importance of safe and accessible food delivery solutions.
Several factors contribute to the robust growth of the online food delivery market. Increase in the adoption of smartphones, rise in urbanization, and a hectic lifestyle drive the demand for convenient and time-saving meal options. In addition, surge in e-commerce and digital payment methods has further facilitated the seamless ordering and delivery of food, enhancing the overall customer experience.
The Platform-to-Consumer segment to maintain its leadership status throughout the forecast period
Based on type, the platform-to-consumer segment held the highest market share in 2022, accounting for more than half of the market revenue, and is estimated to maintain its leadership status throughout the forecast period. Restaurant to consumer offers consumers a wide selection of restaurant options, catering to various tastes and preferences. Secondly, consumers appreciate the transparency and direct connection with their chosen restaurants, ensuring the quality of the meal and adherence to specific dietary requests. However, the restaurant-to-consumer segment is projected to attain the highest CAGR of 14.7% from 2023 to 2032.
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The Mobile Application segment to maintain its leadership status throughout the forecast period
Based on channel type, the mobile application segment held the highest market share in 2022, accounting for more than half of the market revenue, and is estimated to maintain its leadership status throughout the forecast period. The "Websites/Desktop" segment in the online food delivery market continues to grow due to several factors. First, it caters to a segment of consumers who prefer using larger screens for a more comprehensive and detailed browsing and ordering experience. Secondly, it appeals to businesses and offices where individuals often place group orders, utilizing desktops for efficiency. In addition, the websites/desktop segment is projected to attain the highest CAGR of 14.7% from 2023 to 2032.
The online segment to maintain its leadership status throughout the forecast period.
Based on the payment method, the online segment held the highest market share in 2022, accounting for more than half of the market revenue, and is estimated to maintain its leadership status throughout the forecast period. The demand for the "online" payment segment in the online food delivery market is on the rise due to several compelling reasons. Firstly, it offers a convenient and contactless payment option, which has gained significance in light of health and safety concerns, such as the COVID-19 pandemic. In addition, the cash on delivery segment is projected to attain the highest CAGR of 14.6% from 2023 to 2032.
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Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for less than half of the market revenue. The North America online food delivery market is dominated by busy lifestyles and the desire for convenience among consumers to opt for food delivery services. In addition, the LAMEA region is expected to witness the fastest CAGR of 17.4% from 2023 to 2032 and is likely to dominate the market during the forecast period.
Leading Market Players: -
Delivery Hero SE
Grab Holdings Inc.
Just Eat Holding Limited
Demae-Can Co.Ltd
Uber Technologies Inc.
Deliveroo
Yum! Brands Inc.
Delivery.com, LLC
Domino's Pizza, Inc.
iFood, Swiggy
The report provides a detailed analysis of these key players in the global online food delivery market. These players have adopted different strategies such as new Distribution Channel launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, Distribution Channel portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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