Acumen Research and Consulting, a provider of market research services to organizations globally, projects the Malaysia Online Food Delivery market to grow at a noteworthy CAGR of around 19.2% during the period from 2018 to 2026.
LOS ANGELES, April 17, 2019 (GLOBE NEWSWIRE) -- The Malaysia online food delivery market to grow at a significant rate and reach the market size of over 319.1 Million USD Million by 2026. Some of the major factors behind these projections include increase per capita income, and rising awareness among the people.
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The Malaysia online food delivery includes types such as Restaurant-to-consumer delivery and Platform-to-consumer delivery. The restaurant-to-consumer delivery accounted for a market share of 94.7% in 2017 as specific restaurants have started offering in-house delivery. The customer base is more for restaurant-to-platform delivery as consumers prefer paying directly to the restaurant other than a third party. With the advent of advancement in mobile technology, developers are innovating apps for consumers ordering food online, in turn raising sales. One of the key players in this market, Domino’s, provides restaurant-to-consumer delivery with the aim of having complete control over the consumer's dining experience, from ordering and meal preparation to delivery and payment.
Based on customer age, the Malaysia online food delivery market is segregated into Generation X, Generation Z, Baby Boomers, and Millennials. Based on gender the market is segmented into Female and Male. Female segment accounted for 48.5% share of the Malaysia online food delivery market owing to increase in the number of working females in Malaysia. Entry of new players in the online food delivery market offering great discounts and bundle packages on food ordering are some of the factors which are expected to escalate the segment growth. Moreover, technological advancements in the mobile applications for food delivery, availability of vast array of options for the food choice, and hectic work schedule of the working people is significantly boosting the segment growth.
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Moreover, based on income level the market is segmented into high income, medium income, and low income.
Satisfaction of the consumer ordering the food via online channel is the vital factor for the online food delivery market which needs to have easy interface for the food delivery application for the easy exploring for various food delivery restaurants highlighting the best selling, cheap options, and new restaurant options. On-time delivery of the ordered food with quick resolution of the complaints by the consumer is another vital aspects of the online food delivery market. Optimizing consumer satisfaction is directly proportional to the market growth. For instance, 3PL and restaurant delivery are the cheaper options in terms of delivery fee, but consumer prefer captive delivery fleet for online food delivery due to its fast delivery service and consumer satisfaction compliant nature though it is an expensive option as compared to the 3PL and restaurant delivery.
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Several major players are present in the Malaysia online food delivery market which has hindered the growth of the other starts-ups in the same market and has created intense competition. Malaysia online food delivery market is expected to create number of opportunities in the near future owing to the tourism development coupled with increasing inflow of tourists, economical development, and leaning trend towards the online food delivery.
Key players in the Malaysia online food delivery are DeliverEat, Uber Eats, Foodpanda, Honestbee, Dahmakan, Running Man Delivery, and FoodTime.
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