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Online Food Delivery Services Market Segments by Type (Restaurant to Consumer and Platform to Consumer); by Channel (Desktop and Mobile Applications); By Payment Method (Cash on delivery and Online) and Regional Analysis: Global Industry Size, Share & Trends for 2019-2020 and Forecasts to 2030
[170+ Pages Research Report] Online Food Delivery Services Market to surpass USD 513.35 billion by 2030 from USD 114.36 billion in 2020 at a CAGR of 16.3% in the coming years, i.e., 2021-30.
Online food delivery is a service that allows a user to place an online order for food from a specific restaurant. This can be done by going to the website and placing an order directly, or by using a mobile phone application. The introduction of an online food delivery system has been a useful addition that has reduced not only long lines but also the time it takes for ordered food to be delivered. The online food delivery system has already been widely adopted, and its performance has been generally satisfactory.
Global Online Food Delivery Services Market is expected to project a notable CAGR of 16.3% in 2030.
The growth of online stores is also propelling the selling of high-end products. Smartphone adoption and internet penetration are both contributing to market expansion. The expansion of the overall food delivery industry, which allows customers to order food from a variety of restaurants, is fueling the market growth. The expansion of delivery aggregators such as Zomato and Swiggy in the Indian market over the last couple of years has further contributed to the market growth.
Platform to Consumer segment to grow with the highest CAGR during 2020-30
Global Online Food Delivery Services Market is segmented by type into Restaurant to Consumer and Platform to Consumer. Platform to Consumer segment held the largest market share in the year 2020. The platform-to-consumer model handles the logistics and resource aspects of food distribution while also providing shipping services to restaurants that lack in-house delivery capabilities. The growth of this segment in capital cities is being driven by an increase in the number of investments in this model. A significant portion of the industry was accounted for by the restaurant-to-consumer business. Restaurants handle the distribution part of this model, while online food delivery service providers handle the ordering process. In order to enter the market, players using this model give customers loyalty and subscription services.
Mobile Application segment to grow with the highest CAGR during 2020-30
Global Online Food Delivery Services Market is divided by channel into desktop and mobile applications. Over the forecast period, the mobile application channel is projected to expand at the fastest pace. The segment's growth can be attributed to rising smartphone adoption, as well as technological advances like 3G and 4G networks. Furthermore, several restaurants provide discounts to customers who order food from mobile apps. In 2020, the desktop segment had a large share of the market. The increasing number of restaurants attempting to increase foot traffic by expanding their online presence through websites can be attributed to the segment's rise. The adoption of the desktop channel for ordering food online is being fuelled by the rise of e-commerce.
Online payment segment to grow with the highest CAGR during 2020-30
Global Online Food Delivery Services Market is segmented by payment method into Cash on delivery and online. The online payment segment held the largest market share in the year 2020. Payments that payment portals, net banking, or credit/debit cards are all examples of online payment services. Increasing customer understanding of digital money, as well as a growing number of collaborations between banks and online food delivery service providers, are driving up the use of online payment methods. The cash-on-delivery segment accounted for a significant market share in the base year. The growth of this segment can be due to the fact that some consumers prefer to pay in cash because they are concerned about the protection of online payment transactions.
Partnership and rise in internet penetration
Partnerships and acquisitions have been the most common tactics used by industry leaders to accelerate their business expansion. The rise in internet penetration, combined with an increase in the working population and a boom in the food and beverage industry, is driving the global online food market. The demand for online food delivery is also being bolstered by the rise in cell phone use. Technological advancements and infrastructure upgrades, especially in emerging economies, are expected to drive market growth in the future.
Increase in government expenditure and IoT integration
In developing countries, the demand for online food delivery services is rapidly growing. The government's investment in developing technology infrastructure is fueling demand growth in these countries. Several restaurants and online platforms have been able to extend their distribution network across cities as a result of technological advances. Furthermore, IoT integration has enabled customers to position orders for food using voice commands. At regular intervals, leading companies introduce advancements in technology used by online food delivery services. The demand for online food delivery services has benefited as a result of this.
The reluctance of large food outlets and technological issues
The market's growth is hampered by the reluctance of large food outlets to follow this scheme, as well as possible technological and infrastructural issues. Furthermore, this market is threatened by too much competition and a lack of loyal customers.
Global Online Food Delivery Services Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Global Online Food Delivery Services Market in APAC held the largest market share in the year 2020. The growth of the area can be attributed to rising per capita income and millennials' shifting preferences. Furthermore, millennials' increasing usage of internet-enabled smartphones, as well as their rapid adoption of advanced technologies such as voice-assistant apps, is driving regional market development. The adoption of food delivery apps in the area is being aided by the development of the e-commerce sector in developing countries such as India and Japan.
Global Online Food Delivery Services Market is further segmented by region into:
Online food delivery services Segments:
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