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Nigeria Online Food Delivery Market to Reach US$ 842 Million by 2026, Fostered by Escalating Demand for RTE Food Products

According to the latest report by IMARC Group, titled “Nigeria Online Food Delivery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the Nigeria online food delivery market size reached US$ 511 Million in 2020. Online food delivery refers to the convenient process of ordering and delivering food through different websites or applications. It provides access to single or multiple food joints as per the preferences of the user. It also offers a fast checkout process and different payment options, including cash on delivery (COD), net banking, e-wallet, prepaid cards and food coupons. At present, online food delivery is gaining popularity across Nigeria due to the growing penetration of the internet and the increasing sales of smartphones.

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.

Nigeria Online Food Delivery Market Trends:

Sedentary lifestyles on account of hectic work schedules have resulted in a considerable rise in the demand for ready-to-eat (RTE) food products. This represents one of the key factors propelling the growth of the online food delivery market in Nigeria. Apart from this, it provides numerous advantages, including easy and fast ordering, fewer misunderstandings during communication, secured payment getaways and various cashback offers. This, in confluence with the growing integration of advanced technologies, such as artificial intelligence (AI), the internet of things (IoT), Big Data and predictive analytics with online food delivery platforms for providing a personalized consumer experience, is positively influencing the market growth in the country. Besides this, the coronavirus disease (COVID-19) outbreak has resulted in a significant shift from conventional food joints to online delivery services for minimizing the risk of spreading the disease. Looking forward, the market value is projected to reach US$ 842 Million by 2026, expanding at a CAGR of 8.8% during the forecast period (2021-2026).

Market Summary:

  • Based on the platform type, the market has been classified into mobile applications and websites.
  • On the basis of the business model, the market has been categorized into order-focused, logistics-based and full-service food delivery systems.
  • Based on the payment mode, the market has been bifurcated into online and cash-on-delivery segments.
  • On the basis of the end user, the market has been segregated into individual and corporate.
  • Region-wise, the market has been segmented into North-West, South-West, North Central and others.
  • The competitive landscape of the market has been examined, with some of the key players being AreaChops, Chopnownow, Foodie Nigeria, Foodstantly, Gingerbox, GoFood (AT&A Retail Limited), Jumia Food, NajiaEats and Ofood (Opay).

 

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