May 23, 2024
Online Takeaway Food Market

Online Takeaway Food Market Is Estimated To Witness High Growth Owing To Rising Penetration Of Smartphones And Smart Home Devices

The online takeaway food market has experienced strong growth in the last few years owing to the rising convenience and easy accessibility of ordering takeaway food online from the comfort of homes. Online food delivery platforms allow customers to choose from multiple cuisines and restaurants, view detailed menus along with real-time order tracking.

The global online takeaway food market is estimated to be valued at US$ 192.62 Mn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the online takeaway food market are Epiroc Ab, AB Volvo (Volvo Construction Equipment), Doosan Corporation, Caterpillar Inc., and Deere & Company. These players are focusing on partnerships, mergers, acquisitions, and new product launches to expand their global presence and product portfolios. The growth of online food delivery platforms and increasing deployment of advanced AI and IoT technologies by platform providers are expected to offer lucrative opportunities for market growth. Technological advancements such as AI-powered food recommendations, real-time order tracking, cashless payments, and smart home integration are supporting the expansion of the online takeaway food market.

Market Drivers

The increasing penetration of smartphones and smart home devices are driving the growth of the online takeaway food market. The shift towards online food ordering due to convenience and growing preference for contactless food deliveries amid the pandemic is fueling demand. Moreover, the launch of loyalty and subscription programs by food aggregators to offer savings and rewards on frequent orders is encouraging repeat purchases and supporting market growth.

Current challenges in Online Takeaway Food Market:

The Online Takeaway Food Market  is currently facing several challenges. Managing complex logistics and delivery operations is proving difficult for many players due to the involvement of multiple parties from restaurants, delivery partners to customers. Ensuring on-time deliveries and maintaining food quality during transit remains a major issue. High operating costs also restrict margins in the industry. Another challenge is the availability of appropriate technology infrastructure in certain regions which hinders market growth. Changing consumer preferences and fluctuations in raw material prices can affect businesses.

SWOT Analysis
Strength: Wide choice and convenience for customers to order from various restaurants online; Utilising advanced technologies helps optimise operations and enhance customer experience
Weakness: Dependence on third party delivery partners increases operational costs; Maintaining uniform service quality across regions/outlets is challenging
Opportunity: Growing health-conscious trends and popularity of cuisines from different cultures are expanding the menu options; Emerging markets offer significant growth scope
Threats: Fierce competition from rival aggregators; Stringent food safety & hygiene regulations increase compliance burden

In terms of value, the Asia Pacific region holds the major share in the online takeaway food market currently. This is attributed to large consumer base and growing internet penetration in countries like China, India and Indonesia. North America represents the second largest regional market, while demand is also rising steadily in the European region.

The Middle East & Africa region is projected to register the highest CAGR in the online takeaway food market during the forecast period from 2024 to 2030. Increasing young population, improving living standards as well as expanding internet connectivity are some key factors driving market growth across African nations over the coming years.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it