IMARC Group, a leading market research company, has recently released a report titled “Online Food Delivery Market Report by Platform Type (Mobile Applications, Website), Business Model (Order Focused Food Delivery System, Logistics Based Food Delivery System, Full-Service Food Delivery System), Payment Method (Online Payment, Cash on Delivery), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the global online food delivery market share, trends, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global online food delivery market size reached US$ 134.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 317.7 Billion by 2032, exhibiting a growth rate (CAGR) of 9.7% during 2024-2032.
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Global Online Food Delivery Market Trends:
The global online food delivery market is driven by a multitude of factors shaping its growth trajectory, such as the increasing penetration of smartphones and internet connectivity worldwide has significantly contributed to the expansion of the market, as consumers increasingly opt for the convenience of ordering food online.
Moreover, changing lifestyles, particularly in urban areas, where time constraints often dictate meal choices, have fueled the demand for online food delivery services.
Additionally, the COVID-19 pandemic has acted as a catalyst, accelerating the adoption of online food delivery platforms due to lockdowns, social distancing measures, and hygiene concerns, thereby boosting market growth.
Factors Affecting the Growth of the Online Food Delivery Industry:
Increasing Penetration of Smartphones and Internet Connectivity:
The pervasive presence of smartphones and improved internet accessibility globally has been a primary driver of the online food delivery market. With smartphones becoming ubiquitous and internet connectivity expanding even to remote areas, consumers find it increasingly convenient to browse through food delivery apps and place orders with just a few taps on their screens. This convenience factor has significantly contributed to the growth of online food delivery platforms, as they provide a seamless and hassle-free way for consumers to satisfy their hunger pangs without leaving their homes or offices.
Changing Lifestyles in Urban Areas:
Urbanization and changing lifestyles, characterized by busy schedules and time constraints, have fueled the demand for online food delivery services. In today's fast-paced world, where time is a precious commodity, consumers often find themselves juggling multiple responsibilities, leaving them with little time or energy to cook meals. As a result, the convenience offered by online food delivery platforms, which promise quick and hassle-free access to a wide range of cuisines, has become increasingly appealing to urban dwellers.
Impact of COVID-19 Pandemic:
The COVID-19 pandemic has had a profound impact on various industries, including the food delivery market. With lockdowns, social distancing measures, and hygiene concerns prompting people to stay indoors, the demand for online food delivery surged dramatically. As restaurants were forced to close their dine-in facilities or operate at reduced capacity, consumers turned to online platforms to satisfy their cravings for restaurant-quality meals. This shift in consumer behavior accelerated the adoption of online food delivery services, leading to unprecedented growth in the market.
Online Food Delivery Market Report Segmentation:
By Platform Type:
· Mobile Applications
· Website
Mobile applications represented the largest segment due to the widespread use of smartphones and the convenience they offer for placing orders on-the-go.
By Business Model:
· Order Focused Food Delivery System
· Logistics Based Food Delivery System
· Full-Service Food Delivery System
Order focused food delivery systems represented the largest segment by business model because of their streamlined approach, catering specifically to the increasing demand for quick and efficient food delivery services.
By Payment Method:
· Online Payment
· Cash on Delivery
Online payments represented the largest segment by payment method owing to their convenience, security, and the seamless integration offered by online food delivery platforms.
Regional Insights:
· China
· North America
· Asia Pacific ( excluding China)
· Europe
· Rest of the World
China emerged as the largest market due to its vast population, rapid urbanization, and the widespread adoption of digital technologies facilitating online food ordering and delivery services.
Competitive Landscape with Key Players:
The competitive landscape of the online food delivery market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
· Deliveroo
· Delivery Hero
· Ele.me (Alibaba Group)
· Just Eat Takeaway.com N.V.
· Meituan Waimai
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Key Highlights of the Report:
· Market Performance (2018-2023)
· Market Outlook (2024-2032)
· Market Trends
· Market Drivers and Success Factors
· Impact of COVID-19
· Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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