Recently, Report Ocean released a comprehensive report on the Online Food Delivery Services market, providing essential insights into the factors shaping its growth. This report delves into market drivers, restraints, opportunities, and industry trends at both global and regional levels.
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The global online food delivery services market reached a value of US$ 111.9 billion in 2021 and is projected to surge to US$ 511.1 billion by 2030. The market is expected to maintain a strong compound annual growth rate (CAGR) of 11.3% during the period from 2022 to 2030.
Exploring Online Food Delivery Services
Online food delivery services allow customers to order food from their chosen restaurants via the internet. This convenience can be accessed through mobile applications or websites, reducing the need for in-person dining and long wait times.
Driving Factors for Market Growth
The following key factors are steering the growth of the global online food delivery services market:
- Partnerships and Acquisitions: Leading players in the industry are increasingly using partnerships and acquisitions to expand their businesses. These strategic moves are expected to fuel market growth.
- Internet Usage and Working Population: The rise in internet usage and the growing working population are boosting the online food market. The convenience of ordering food online is a significant driver.
- Mobile Phone Adoption: The increasing use of mobile phones for online food ordering is contributing to market expansion.
- Government Expenditure and IoT Integration: Growing government spending and the integration of Internet of Things (IoT) technologies will further propel the market. The demand for internet meal delivery services is surging in developing countries, and technological advancements are driving substantial market growth.
COVID-19 Impact Analysis
The online food delivery services market experienced a surge in demand due to the COVID-19 pandemic. Fear of the disease and restrictions on dining out prompted people to turn to online food delivery services. For instance, platforms like Deliveroo reported significant growth in their user base during the pandemic.
Regional Analysis
In 2020, the Asia-Pacific (APAC) region held the largest share of the online food delivery services market. This can be attributed to evolving preferences among millennials and rising per capita income. Additionally, the rapid adoption of cutting-edge technologies such as voice assistant apps is expected to continue driving market growth.
Key Market Players
Key players in the online food delivery services market include:
- Deliveroo
- Glovo
- Takeaway.com
- Uber Technologies Inc.
- Zomato Media Pvt. Ltd.
- Grubhub
- Just Eat Holding Limited
- Swiggy
- Foodpanda
Market Segmentation
The global online food delivery services market is segmented by type, channel, payment method, and region:
- Type:
- Restaurant to Consumer
- Platform to Consumer
- Channel:
- Desktop
- Mobile Applications
- Payment Method:
- Cash on delivery
- Online
About Report Ocean
Report Ocean is a renowned provider of market research reports, offering high-quality insights to clients across various industries. Their mission is to assist clients in achieving their top-line and bottom-line objectives, ultimately enhancing their market share in today’s competitive landscape. Report Ocean is a trusted source for innovative market research reports, offering a comprehensive solution to individuals, organizations, and industries seeking valuable market intelligence.