Press release
Online Food Delivery Services Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Online Food Delivery Services Market
Online Food Delivery Services Market Size Growth Forecast: What to Expect by 2025?
The rapid enlargement of the online food delivery services sector in recent years has seen its market size grow substantially. The projection is that it will advance from the current $156.75 billion in 2024 to reach $173.57 billion in 2025, escalating at a Compound Annual Growth Rate (CAGR) of 10.7%. The motivating factors for this exponential growth during the historic period are the robust economic development in burgeoning markets, augmented internet reach, and the proliferation of accessible mobile devices.
How Will the Online Food Delivery Services Market Size Evolve and Grow by 2029?
Expectations are high for the online food delivery services market size to experience rapid expansion in the upcoming years, with predictions of its growth to reach $277.1 billion in 2029, representing a compound annual growth rate (CAGR) of 12.4%. The anticipated growth during this forecast period can be credited to factors such as the advancement of the internet of things (IoT), the development of artificial intelligence, the surge in smartphone users, effects of COVID-19, a growing workforce and various government initiatives. The forecast period is likely to witness major trends such as fostering partnerships with technology conglomerates, investment in expansion, funds channeled into robot and drone technologies, the introduction of contactless delivery features, investment in virtual kitchens, utilization of self-directed cars for prompt and affordable deliveries, and the incorporation of environmentally-friendly transport solutions.
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What Drivers Are Propelling the Growth of Online Food Delivery Services Market Forward?
The surge in the number of smartphone users globally has positively influenced the growth of online food delivery services. Smartphone users predominantly quarrier the F&B sector for online shopping, and as their numbers rise, so does the potential for growth in online food and beverage purchases. For example, DemandSage, an American data analytics and reporting firm, reported in July 2023 that smartphones are owned by 86% of the world's population. By 2023, there will be an estimated 6.8 billion smartphone users worldwide. In the US, 94.4% of millennials possess a smartphone, and nearly half of the country's population spend between 5 to 6 hours daily using their smartphones. Therefore, the swelling numbers of smartphone users coupled with increased internet penetration is fuelling expansion in the online food delivery market.
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Which Emerging Trends Are Transforming the Online Food Delivery Services Market in 2025?
The advancement of the supply network to a more dispersed system, named Distribution 4.0, is currently gaining momentum in the food delivery services market. Within Distribution 4.0, suppliers collaborate with multiple entities to optimize market penetration, stretching from city to countryside. Their priority is to enhance marketing, branding, and in-store product presentation to provide superior customer experience. They are projected to align with aggregators, electronic commerce delivery firms, rural distribution firms, and modern trade's distribution wings to boost coverage. Amazon, the e-commerce giant, has declared intentions to collaborate with numerous small-scale enterprises, retail shops, and rural grocery stores to heighten their last-mile connectivity. Consequently, the Distribution 4.0 trend is foreseen to bring some beneficial impacts on the online food delivery sector.
What Are the Key Segments in the Online Food Delivery Services Market?
The online food delivery services market covered in this report is segmented -
1) By Type: Platform-To-Consumer, Restaurant-To-Consumer
2) By Channel Type: Websites, Mobile Applications
3) By Payment Method: Cash-On-Delivery, Online Payment
Subsegments:
1) By Platform-To-Consumer: Aggregator Platforms, Direct-To-Consumer Platforms, Meal Kit Delivery Services
2) By Restaurant-To-Consumer: In-House Delivery Services, Third-Party Delivery Services, Subscription Meal Services
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Who Are the Key Players Shaping the Online Food Delivery Services Market's Competitive Landscape?
Major companies operating in the online food delivery services market include Uber Technologies, Inc. (Uber Eats), Meituan Dianping, Just Eat Takeaway.com N.V., Delivery Hero SE, Domino's Pizza, Inc., DoorDash Inc., Deliveroo, Swiggy, Zomato, Foodpanda, Ele.me, Baedal Minjok, Yogiyo, TESCO (UK), Morrisons (UK), Glovo, Tazz, Gurmandio, Yandex, LifeBox, Fit4you Delivery, Seamless, Gopuff, Instacart, SkipTheDishes, TimHortons, iFood, 99Food, Quero Delivery, Rappi, Menulog, Sampa Food Dublin, Foodak, Talabat, Crave App, Wishbox, Rafeeq, Carriage, Akly, Eateasy, Careem Now, Fingertips, SoFresh, Mr D Food, UCook, Orderin, Jumia Food, Yum Deliveries, Areachops, Homechow, The Flying Pan
What Geographic Markets Are Powering Growth in the Online Food Delivery Services Market?
Western Europe was the largest region in the online food delivery services market in 2024. Asia-Pacific was the second largest region in the global online food delivery services market report. The regions covered in the online food delivery services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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