“Final Report will add the analysis of the impact of COVID-19 on industry.”
A comprehensive market research report has recently analyzed the worldwide “Online Food Delivery Market” industry, employing segmentation based on Geographical Regions, Country, Company, Types, and Applications. Within the Beauty and Personal Care Packaging sector, numerous prominent Key Players[Just Eat, GrubHub, Delivery Hero, Deliveroo, Takeaway, Foodpanda, Ele.me, Meituan Waimai, Doordash, Postmates, Uber Eats, Zomato Ltd., Swiggy, Dominos pizza, Delivery.com, Pizza hut, Dunzo, Faasos, EatFit], have emerged as leaders by implementing diverse strategies aimed at extending their market presence and strengthening their industry position. This report furnishes valuable insights to stakeholders and participants operating in the global market, equipping them with a competitive edge and offering a robust resource to fulfill their business needs effectively.
Download Free Sample of This Strategic Report:https://reportocean.com/industry-verticals/sample-request?report_id=MR382
A recent study by the strategic consulting and market research firm;Report Ocean revealed that the global Online Food Delivery market was worth USD 127.1 Billion in 2021 and is anticipated to reach USD 273.9 billion by 2028 at a CAGR of 11.8%.Due to the exceedingly high rate of urbanization coupled with the changing hectic lifestyle, which has created the demand for easy, time-saving lifestyle solutions, online food delivery is emerging as one of the most prominent trends across the globe. Moreover, the swelling cut-throat competition among the players in the market, rising number of innovative techniques announced by the food providers, and more discounts offered to escalate customer satisfaction and retention are major growth drivers.
Increasing Penetration of Smartphones and Internet Connection and Lifestyle Changes Driving Market Growth
Smartphones and internet connections have become more available to the majority of the population as a result of modern lifestyles, rising incomes, and dual incomes when both spouses work, resulting in an rise in the usage of online food delivery platforms around the world. The convenience that these apps add to modern working consumers’ lives, of getting the food delivered to their doorsteps in such a simple and user-friendly manner, is also one of the major reasons for the boom in this market. A recent study reveals that the majority of users of such apps belong to the working-age population. A wide range of different food items belonging to different cuisines has been made available to the customers with just one click on their smartphones. Online food delivery has caused a reduction in long queues and the waiting time for ordered food delivery. Food providers invest in infrastructure like setting up warehouses, cold storage facilities, improved logistics, etc., to provide fresh, healthy, high-quality food. Innovation in digital infrastructures like the development of more user-friendly online food delivery apps and websites is also playing an essential part in the market growth.
The popularity of Food Delivery Systems Confined to Smartphone Users and Low Acceptance by local Food Joints
Lack of awareness and digital literacy, skepticism regarding the safety of online monetary transactions, low technical knowledge about online payment methods have led to inadequate adoption of online food delivery systems by local joints, small food business owners, hotels, and restaurants. Moreover, the majority of the online food delivery transactions are confined to the urban clout having smartphones or connectivity to the internet, so the food delivery systems have a lower reach in underdeveloped regions where these things are not accessible.
Request To Download Sample of This Strategic Report:-https://reportocean.com/industry-verticals/sample-request?report_id=MR382
Online Payments Food Delivery Segment Expected to Witness Tremendous Growth In Upcoming Years
Amidst the online payment mode and cash on delivery, the online mode of payment accounts for the larger share in 2021. The cash-on-delivery mode is preferred mainly by the people of emerging economies like India and sub-Saharan Africa. However, banks and other financial institutions are working towards enhancing transaction security and providing additional services. Governments around the globe are working to offer different schemes and incentives to promote digital transactions and cashless economies. The food delivery service providers also incentivize online payments by offering attractive cashbacks, discounts, etc., on using online modes. Such initiatives may further accelerate the share of online payments in the coming years.
Impact of COVID-19 on the Global Online Food Delivery Market
After the initial setback received by the online food delivery market due to the lockdown restrictions. The fear of infection made customers shy away from ordering food as they relied on home-cooked food during the early phases of the COVID 19 pandemic. Gradually the market recovered and acted as the lifeline for the restaurant and food businesses. Due to social distancing norms, the online food delivery platforms are taking up additional safety measures such as contact-free delivery. Further, the restaurants are trying to spread awareness to the customers by collaborating with social networking sites about how they maintain hygiene to stop the spread of the virus to their customers. The pandemic has aided companies to improve unit economics and add more consumers, as the frequency to dine out has dropped.
North America Dominates the Online Food Delivery Market
The Online Food Delivery market is categorized into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. North America dominated the market with the highest shares in 2021. This growth can be due to a significant preference for fast food, fast-moving hectic lifestyles with time shortage, and the presence of key market players. In contrast, the Asia-Pacific region shows the highest growth rate. It can be attributed to the rising per capita income, growing use of smartphones, quick adoption of advanced technologies like voice-assistant apps, etc., the high millennial population in these regions, and their changing preferences. Most of the online food delivery orders in these regions are made by people belonging to the age group of 21-35. The growth of the e-commerce sector in countries like China, India, and Japan has contributed to the adoption of food delivery services in the region.
Request To Download Sample of This Strategic Report:-https://reportocean.com/industry-verticals/sample-request?report_id=MR382
Market Segment:
By Platform Type(Mobile Applications And Website)
By Business Model(Order Focused Food Delivery System, Logistics Based Food Delivery System And Full-Service Food Delivery System)
By Payment Method(Online Payment And Cash On Delivery)
By Region(North America, Europe, Asia-Pacific, Latin America, Middle East & Africa)
The report’s in-depth analysis provides information about growth potential, upcoming trends, and the global Online Food Delivery market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global Online Food Delivery market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market’s growth drivers, challenges, and competitive dynamics.
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Benefits of Buying Market Research Reports:
- Enhanced decision-making: Market research reports offer invaluable insights into industry trends, customer behavior, and competitor analysis. This wealth of information empowers businesses to make well-informed decisions regarding product development, pricing strategies, and effective marketing approaches.
- Competitive edge: By identifying market gaps and opportunities, market research reports enable businesses to gain a competitive advantage. This advantage allows them to stand out from their competitors, attract a larger market share, and establish themselves as industry leaders.
- Expert industry knowledge: Market research reports are meticulously prepared by industry experts who possess a deep understanding of the market and its dynamics. These reports provide businesses with unbiased and objective perspectives, enabling them to gain comprehensive insights into the market.
- Time and cost savings: Conducting market research can be a time-consuming and costly process. However, purchasing a market research report offers businesses a shortcut. They can access a comprehensive and detailed analysis of the market, saving valuable time and financial resources.
- Risk mitigation: Market research reports play a crucial role in managing risks associated with market entry, product development, and expansion. Through their detailed analysis of the market and its trends, these reports empower businesses to make informed decisions that minimize risks and maximize returns. By understanding the market landscape, businesses can strategically navigate challenges and seize growth opportunities.
Request full Report– https://reportocean.com/industry-verticals/sample-request?report_id=MR382
About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today’s competitive environment. Report Ocean is a ‘one-stop solution’ for individuals, organizations, and industries that are looking for innovative market research reports.
Get in Touch with Us:
Report Ocean:
Email:sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 – UNITED STATES
Tel:+1 888 212 3539 (US – TOLL FREE)
Website:https://www.reportocean.com