According to the latest report by IMARC Group, titled “Online Food Delivery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global online food delivery market size reached US$ 106.1 Billion in 2021. Online food delivery refers to the procedure of placing a food order via online portals and mobile applications. These systems can be categorized into restaurant-to-consumer and platform-to-consumer delivery. Online food delivery applications offer access to single or multiple food establishments based on individual preferences. They also provide flexibility in terms of payment methods, such as cash-on-delivery, net banking, food coupons, and credit/debit cards. Apart from this, these platforms enable consumers to create an account for hassle-free ordering, faster checkout, easier menu comparisons, and minimum human intervention.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Online Food Delivery Market Trends:
The steadily increasing working population and their hectic lifestyles are facilitating the demand for ready-to-eat (RTE) food products, which, in turn, is driving the market growth. This is further supported by the proliferation of smartphones, the easy accessibility of high-speed internet, and the launch of user-friendly food applications, which has led to an increase in expenditure on faster food delivery services across the globe. In line with this, the shifting consumer preference toward online food delivery based on the availability of diverse food options, discounts, door-step delivery, and secured payment getaways is acting as another growth-inducing factor. Moreover, these service providers are implementing promotional strategies by identifying recurring consumers and taste patterns, which is catalyzing the market growth. Additionally, the widescale integration of online food delivery platforms with advanced technologies, such as artificial intelligence (AI), the internet of things (IoT), and predictive and big data analytics, for providing a personalized experience, is creating a positive outlook for the market. The outbreak of the coronavirus disease (COVID-19) pandemic has resulted in the growing inclination toward online food delivery services to mitigate the risks of infection, which is propelling the market growth further. Looking forward, the market is expected to grow at a CAGR of 11.44% during 2022-2027.
- On the basis of the platform type, mobile applications currently account for the largest share, followed by websites.
- Based on the business model, the market has been segmented into order focused, logistics-based, and full-service online food delivery systems. At present, order-focused food delivery systems dominate the market.
- Based on the payment method, the market has been bifurcated into online payment and cash on delivery. Out of these, online payment currently represents the leading payment method.
- On the geographical front, the market has been segregated into China, North America, Asia Pacific (excluding China), Europe and Rest of the World.
- The competitive landscape of the market has also been examined, with some of the key players being Just Eat, GrubHub, Delivery Hero, Deliveroo, Takeaway.com, Foodpanda, Ele.me, Meituan Waimai.
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