by Online Takeaway Food Market is Expected to be Flourished by Growth in Online Food Delivery Services
The online takeaway food market involves the business of online food delivery services that allow customers to purchase and receive meal orders from local restaurants and food chains. Customers can browse restaurant menus online, select food items, and pay for orders electronically. The online delivery service then routes the order to the restaurant and uses GPS technology and delivery riders on bikes and cars to deliver hot and ready meals to customers’ doorsteps. Major categories of food ordered online include pizza, Chinese and Asian food, burgers and sandwich, Indian food, and more.
The global online takeaway food market is estimated to be valued at US$ 167.2 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growth in online food delivery services has emerged as a major opportunity for the expansion of the online takeaway food market. The ease of ordering food from one’s mobile phone and getting it delivered with just a few clicks has boosted the popularity of online food ordering. Increasing internet and smartphone penetration around the world has further supported the rise of online food delivery platforms. Additionally, growing preference of time-starved consumers toward convenience foods is driving the demand for quick delivery of takeaway meals. Moreover, aggressive marketing strategies adopted by major companies such as attractive discounts, cash backs and new customer promotions are attracting more users to their platforms and growing their customer base rapidly. Continuous technological advancements in order and delivery management systems are also helping improve customer experiences with online takeaway food platforms.
Segment Analysis
The Global Online Takeaway Food Market is dominated by the food delivery sub-segment. Online food delivery services allow consumers to order food from local restaurants and get it delivered at their doorsteps, providing utmost convenience. This sub-segment accounts for over 70% of the overall online takeaway food market revenue. The growing preference for quick, hassle-free meals and increasing online ordering habits are driving the demand for food delivery services.
PEST Analysis
Political: Favorable regulations around food delivery and easing of COVID restrictions have boosted the online takeaway food market growth. Various governments are supporting funding and investments in food-tech startups.
Economic: Rising income levels and growing workforce in urban areas coupled with increasing internet and smartphone penetration are fueling the market expansion. Easy access to low-cost financing and venture capital funding has also encouraged new market entrants.
Social: Changing lifestyles and work patterns have increased the demand for convenient food options. Rising number of nuclear families and single-person households prefer online takeaway services over dining out or cooking.
Technological: Rapid advancements in online payment gateways and transportation/logistics are facilitating seamless operations. Integration of AI, predictive analytics, and blockchain is optimizing delivery times and enhancing customer experience.
Key Takeaways
The global online takeaway food market is expected to witness high growth on the back of rapid urbanization, increasing disposable income, and proliferation of internet-enabled mobile devices across developing regions.
The Asia Pacific market is emerging as the fastest growing regional market attributable to growing youth population, rising digital connectivity, and expanding international food chains in countries like India and China.
Some key players operating in the online takeaway food market are Swiggy, Zomato, Deliveroo, Uber Eats, DoorDash, Grubhub, Just Eat Takeaway.com, Gojek and Grab. Among these, Swiggy and Zomato dominate the Indian market while Grab and Gojek have a strong presence in Southeast Asia. DoorDash and Uber Eats account for the majority share in the US market. The industry is characterized by fierce competition among these major players who are focusing on expanding their geographical reach and working on reducing delivery times through technological innovation.
