IMARC Group has recently released a new research study 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”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
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.
Global Online Food Delivery Market Trends:
The growing emphasis on sustainability and eco-friendliness, prompting manufacturers to use biodegradable or recyclable packaging, reduce food waste through efficient supply chain management, and partner with local and organic food suppliers, is positively impacting the market growth.
Moreover, the rise of cloud kitchens which operate solely for delivery without a physical dine-in presence, enabling restaurants to expand their reach with lower overhead costs, is favoring the market growth. Apart from this, the burgeoning integration of advanced technologies such as blockchain for enhanced transparency in food sourcing and delivery tracking is contributing to the market growth.
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Factors Affecting the Growth of the Online Food Delivery Industry:
· Rising Convenience and Accessibility:
The rising convenience and accessibility of online food delivery systems is one of the major factors bolstering the market growth. Moreover, the advent of sophisticated mobile applications and user-friendly platforms that make ordering food online easy and time-efficient is acting as a growth-inducing factor. Along with this, the growing popularity of these platforms, as customers can browse extensive menus, customize orders, and make payments with just a few clicks, is catalyzing the market growth.
Furthermore, the ability to schedule deliveries according to personal preferences, thereby enhancing the appeal of online food delivery services, is fostering the market growth.
· Rapid Technological Advancements and Innovation:
The burgeoning integration of artificial intelligence (AI) and machine learning (ML) technologies that revolutionize the way food delivery services operate are anticipated to drive the market growth. AI-driven algorithms enable personalized recommendations, enhancing user experience by suggesting meals based on past orders and preferences.
Additionally, rapid advancements in logistics and delivery technology, such as the use of drones and autonomous vehicles, are streamlining the delivery process, making it faster and more efficient. Besides this, the implementation of advanced data analytics that allows companies to optimize delivery routes, reduce delivery times, and improve overall operational efficiency is contributing to the market growth.
· Changing Consumer Preferences and Lifestyle:
The ongoing shift in consumer preferences and evolving lifestyles are pivotal factors driving the market growth. In line with this, the increasing value among consumers about convenience, variety, and speed in dining choices, is providing a thrust to the market growth. Besides this, the rise of dual-income households and hectic work schedules, leading more people to rely on food delivery services, is bolstering the market growth.
Additionally, the growing popularity of health-conscious eating and the demand for specialized diets, such as vegan, gluten-free, and keto options, prompting food delivery platforms to expand their offerings to include healthier and diverse meal choices, is acting as a growth-inducing factor.
Online Food Delivery Market Report Segmentation:
By Platform Type:
· Mobile Applications
· Website
Mobile applications represented the largest segment due to its user-friendly interface and widespread smartphone adoption.
By Business Model:
· Order Focused Food Delivery System
· Logistics Based Food Delivery System
· Full-Service Food Delivery System
Order focused food delivery system accounted for the largest market share as they streamline the ordering process and cater to a wide range of restaurants and cuisines.
By Payment Mode:
· Online Payment
· Cash on Delivery
Online payments represented the largest segment as it offers convenience, security, and a variety of payment options for users.
Regional Insights:
· China
· North America
· Asia Pacific ( excluding China)
· Europe
· Rest of the World
China’s dominance in the online food delivery market is attributed to its vast population, rapid urbanization, and the widespread use of digital technology.
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
Ask Analyst for Customized Report:
https://www.imarcgroup.com/request?type=report&id=2036&flag=C
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.
About Us
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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