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Online Takeaway Food Market Will Grow At Highest Pace Owing To Growing Preference For Convenience Foods

Online Takeaway Food Market Will Grow At Highest Pace Owing To Growing Preference For Convenience Foods

The online takeaway food market involves various food ordering platforms that enable consumers to easily order food online from nearby restaurants and get it delivered at their doorsteps. A key advantage of online takeaway food platforms is their large network of partner restaurants covering diverse cuisines that provide consumers with a wider selection of food options compared to individual restaurants. The convenience of online ordering and delivery has made takeaway foods quite popular among busy consumers with hectic schedules. The growing preference for convenience foods is driving significant demand in the online takeaway food market.

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 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. The rapidly evolving lifestyles and increasing disposable incomes of consumers have led to significant growth in the demand for takeaway and delivered meals in recent years. Major players are investing heavily in expanding their delivery networks, upgrading technology platforms, and offering subscription plans and discounts to attract more users. Advancements in technologies such as AI and IoT are helping online food ordering and delivery platforms to streamline their operations, improve customer services, and ensure timely deliveries.

Growing demand: The fast-paced lives of consumers along with increasing number of nuclear families have boosted the demand for takeaway food options. Significant demand is seen from time-constrained younger consumers who prefer convenience over home-cooked meals. Moreover, the COVID-19 pandemic further accelerated the shift towards online food ordering and deliveries.

Technological advancement: Emerging technologies are allowing online takeaway food platforms to enhance their service and offerings. For example, AI is being used for personalized marketing, automated order processing, and efficient delivery route optimization. Integration of IoT enables real-time order tracking and notifications. Blockchain can help ensure food safety and quality. Advanced analytics also helps platforms understand consumer behavior and demand patterns.

Market Trends

Mobile ordering apps: Major players are focusing on developing advanced mobile apps for smoother user experience in mobile ordering and payments. Customized push notifications and loyalty programs are also being provided via mobile apps.

Rise of cloud kitchens: Many new startups are setting up cloud kitchens or shared commercial kitchen spaces specifically to handle delivery orders without any dine-in facilities. This cloud kitchen model is helping reduce operational costs.

Market Opportunities

Expansion into new regions: While tier 1 cities have high penetration of online takeaway platforms currently, there is significant scope for expanding into tier 2 and 3 cities as internet and smartphone usage increases in rural India.

Foreign markets opportunities: Major players could also evaluate opportunities in overseas markets like the Middle East, Southeast Asia and parts of Europe and North America where the demand is growing steadily.

Partnerships: Partnerships with q-commerce platforms promising 10-minute delivery timelines can help capture new demand segments. Similar partnerships with hyperlocal delivery startups can also aid geographical reach.

Impact of COVID-19 on Online Takeaway Food Market Growth

The COVID-19 pandemic has significantly impacted the online takeaway food market. During the initial phase of the lockdowns imposed by various governments, the market witnessed a steep decline as dining facilities were closed. However, as people continued to stay home due to social distancing guidelines, the demand for online takeaway food delivery saw a sharp rise. Many restaurants that did not have an online delivery system developed their own platforms or partnered with third-party online food ordering and delivery companies. The number of restaurants offering online takeaway food options grew exponentially during this period.

Contactless delivery became the norm due to fears of the virus spreading through human contact or surfaces. Digital payments replaced cash-on-delivery. Customers also preferred ordering from restaurants nearby to minimize delivery time. Despite supply chain disruptions during lockdowns, the industry was quick to adapt through innovations and strategic tie-ups. As restrictions ease in many parts of the world, the market is expected to grow steadily. However, concerns around the virus may continue to drive preference for online food ordering over dining out in the long run. Sustained focus on delivery experience, menu diversity and promotional offers will be crucial for capturing this increased demand.

Europe dominates the online takeaway food market

Europe dominates the global Online Takeaway Food Market currently in terms of value, accounting for over 30% share. The large consumer base, high urbanization, busy lifestyles, and widespread adoption of online platforms have propelled the region's market growth. Countries like the UK, Germany, France and Italy have experienced exponential surge in online food delivery orders during the pandemic. Evolving consumer preferences for convenience and contactless shopping also favor continued market rise in Europe post-COVID.

Asia Pacific emerging as the fastest growing market

Asia Pacific is expected to witness the fastest growth in the online takeaway food market over the forecast period. The massive young population inclined towards digital platforms, growing internet penetration and rising income levels in developing nations are driving the market expansion. Further, the presence of top food delivery startups in China, India and Southeast Asia is facilitating market access and helping restaurant listings. Countries like China, India and Indonesia will majorly contribute to the market value growth in Asia Pacific.

For more insights, read-Online Takeaway Food Market

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