Online Takeaway Food Market is Estimated to Witness High Growth Owing to Growth of Internet Penetration and Mobile Apps

Online Takeaway Food Market is Estimated to Witness High Growth Owing to Growth of Internet Penetration and Mobile Apps

Online takeaway food allows consumers to order food for delivery or pickup from local restaurants, fast food outlets, coffee shops and others using various online platforms and mobile apps. From pizza delivery to Chinese and Indian cuisines, online takeaway food marketplaces are increasingly dominating the ready-to-eat food delivery space.

The global Online Takeaway Food Market is estimated to be valued at US$ 167.2 Bn or Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The growth of internet penetration and the proliferation of smart devices such as smartphones has emerged as a key driver for the online takeaway food market. Online food delivery platforms have allowed consumers to simply browse menus, select items and monitor order status right from their phones. This convenience and ease of accessibility has boosted the popularity of online food ordering. Another major driver has been the ongoing trend of on-demand food delivery platforms offering varied cuisines, lucrative discounts and cashbacks to attract and retain customers. However, high commissions and charges levied on restaurants and cuisine providers by major platform operators continue to be a challenge.

SWOT Analysis
Strength: The online takeaway food market provides immense convenience to customers as they can order food from the comfort of their homes on their phones or laptops. It also offers a wide range of cuisine options from numerous restaurants. This variety and convenience helps improve customer experience.
Weakness: The online takeaway food market is highly dependent on part-time delivery workers. High turnover rates among these workers can negatively impact service quality. Additionally, reliance on third-party platforms increases operating costs for restaurants.
Opportunity: The growing number of smartphone and internet users provides an opportunity to expand the customer base for online takeaway food platforms. Additionally, emerging technologies such as drones and autonomous vehicles could make food deliveries faster and more cost-effective.
Threats: Stricter regulations around food delivery may increase compliance costs. Also, economic slowdowns could reduce disposable incomes and cause customers to dine out less.

Key Takeaways
The Global Online Takeaway Food Market is expected to witness high growth over the forecast period of 2023 to 2030. The market size stood at US$ 167.2 billion in 2023 and is projected to reach US$ 534.9 billion by 2030, growing at a CAGR of 10%. Rapid urbanization and increasing busy lifestyles have boosted the demand for convenient food ordering and delivery services.

Regional analysis

The Asia Pacific region dominated the online takeaway food market in 2023, accounting for over 35% of the global revenue. China, India, and Indonesia have emerged as highly lucrative markets attributed to rising internet and smartphone penetration coupled with growing digital payments adoption. Europe is another major regional market favored by increasing preference of customers toward home-delivered foods. In terms of growth, the markets in Middle East and Africa and Latin America are expected to offer attractive opportunities during the forecast period supported by growing young populations and expanding online food ordering platforms.

Key players
Key players operating in the online takeaway food market are Swiggy, Zomato, Deliveroo, Uber Eats, DoorDash, Grubhub, Just Eat Takeaway.com, Gojek and GrabFoodpanda. These companies have established strong footholds in their respective regional markets through ongoing investments in expanding their suite of services, tie-ups with restaurants and delivering superior customer experience. Their substantial financial capabilities provide an advantage to invest in new technologies.

For more insights, Read- https://www.ukwebwire.com/online-takeaway-food-market-demand-share-analysis/