Newark, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the online food delivery market will grow from USD 216.21 Billion in 2022 to USD 667.04 Billion by 2032. The online food delivery market is expanding due to the rising penetration of the internet, the increasing number of cloud kitchens and ongoing technological advancements in the software.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 216.31 Billion |
| Market Size in 2032 | USD 667.04 Billion |
| CAGR | 11.92% |
| No. of Pages in Report | 239 |
| Segments Covered | Service Type, Channel Type and Payment Method |
| Drivers | Increasing preference for online food delivery |
| Opportunities | Application of artificial intelligence and big data |
| Restraints | Lack of infrastructure |
Key Insight of the Online Food Delivery Market
Asia Pacific region to account for the largest market size during the forecast period.
Asia Pacific will have the most major online food delivery market share during the forecast period. The factors supporting the growth of the regional online food delivery market include the growth of cloud kitchen and logistics industry in countries such as India, China, Japan and South Korea. Many restaurants in the region have associations with third-party logistics providers, which can be used to increase their reach across different locations.
The restaurant-to-consumer segment is expected to augment the market during the forecast period.
The service type segment is divided into platform to consumer and restaurant to consumer. The sacral nerve stimulator segment is expected to augment the market during the forecast period. Meals delivered directly by restaurants are included in the section for restaurant-to-consumer delivery. The order can be placed directly through a restaurant's website, app, or platform. The platforms compile the delivery service and independent restaurant menus.
The mobile applications segment was valued at USD 147.76 Billion in 2022.
The channel type segment is divided into mobile applications and websites. The mobile applications segment was valued at USD 147.76 Billion in 2022. Application-based ordering has allowed restaurants to bring in more orders and manage other tasks like error reduction, order scheduling, and food waste reduction. Restaurants can directly reach their local customers with push alerts through a smartphone app.
The online payment segment was valued at USD 177.93 Billion in 2022.
The payment method segment is divided into cash on delivery and online payment. The online payment segment was valued at USD 177.93 Billion in 2022. Mobile payments continue to have a greater impact on various businesses, especially online food delivery. The next major transformation in the online ordering industry's customer experience is expected to be brought about by mobile payment options such as mobile wallets that integrate with the most modern Point of Sale systems.
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Market Dynamics
Driver: Increasing number of cloud kitchen
In recent years, cloud kitchens have emerged as the latest trends. Customers of their business have access to a marketplace of eateries due to online food aggregators. Delivery providers are, therefore, essential for producing online orders. Cloud kitchens can save money on rent, utilities, and other costs as they don't require a physical location. Cloud kitchens may swiftly relocate to a different location if demand shifts or try out new menu items and cuisines because they are not physically bound to one place. These restaurants are streamlined business that focuses on food preparation and delivery. Faster service and more consistent food quality can be provided through logistics providers for such cloud kitchens. Many cloud kitchens work with reputable delivery partners to enhance their distribution network.
Restraint: Management of larger delivery volumes
Many online food delivery apps and websites need help to cope with increasing delivery volumes. As a result, managing numerous orders across various platforms can take time for restaurants. Numerous food orders may also result in incorrect food handling and misplaced orders, which may result in the delivery of the incorrect order and a decline in the quality of the food and service.
Opportunity: Increasing adoption of smartphones
Electronic devices are undergoing an information technology revolution. Electronic devices that used to be made up only of mechanical and electrical components are now complex systems that incorporate a variety of hardware, sensors, software, data storage, microprocessors, and connection components. These smart, connected products have ushered in a new era of competition due to significant advancements in processing power, device miniaturization, and pervasive wireless connectivity network benefits. When it comes to additional functionality, reliability, product utilization, and capabilities that span and surpass traditional product limits, smart, connected products provide exponentially increasing options. Value chains are disrupted by how goods evolve, causing businesses to reevaluate and retool almost every aspect of their internal operations. The popularity of on-demand meal delivery has skyrocketed since the sales of smartphones increased.
Challenges: Lack of data privacy
While certain data types are required for ordering through food apps, data secrecy is crucial for preserving client privacy. An individual's privacy should be safeguarded when the ordering data is utilized for business research, customization, or other purposes. In the last ten years, many more instances of cyber data hacking have occurred. There have been numerous instances of verified platforms being found guilty of utilizing end-user data. Thus, these issues emphasize the danger of disclosing sensitive information to websites and apps that provide online food delivery.
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Some of the major players operating in the online food delivery market are:
• DoorDash
• Domino's Pizza Inc.
• Delivery Hero SE
• Ele. me
• McDonald's
• Grubhub
• Deliveroo
• Pizza Hut
• Swiggy
• Papa John's International, Inc.
• Just Eat Takeaway.com
• Waiter.com, Inc.
• Uber Technologies Inc.
• Rappi Inc.
• Zomato Ltd.
• Meituan Inc.
• Roofoods Ltd
• Demae-Can Co., Ltd
• Yum! Brands Inc.
• Bundl Technologies Private Limited
• Yandex.Eda, LLC
Key Segments Cover in the Market:
By Service Type:
• Platform to Consumer
• Restaurant to Consumer
By Channel Type:
• Mobile Applications
• Websites
By Payment Method:
• Cash on Delivery
• Online Payment
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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