The online food delivery services market is anticipated to surpass a valuation of US$ 4.2 Bn by the end of the assessment period in 2029. With governments around the world pushing the public to temporarily shun non-essential contact with other people, online food delivery services have positioned themselves as a safe alternative to pubs, restaurants, and other social venues. Strict implementation of food safety procedures and no-contact delivery methods, the demand for online food delivery services will remain strong for the foreseeable future.
The sales for online food delivery services market forecast is estimated to be valued at US$ 37,982 Mn in 2021. As per Future Market Insights (FMI), the overall market value is expected to reach US$ 10, 26,439 Mn by 2031, rising at a CAGR of 9.5% for 2021-31.
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Online Food Delivery Services Market - Primary Takeaway.
• Platform to consumer services are rapidly becoming prominent contributors to revenue owing to efficient shipment facilities being given to restaurants.
• Online payment services including net banking and portals are rapidly gaining popularity owing to collaborations between online food delivery service providers and banks.
• Asia Pacific is a key market for online food delivery services owing to rising expenditure from the millennial demographic, and their preference for smartphone apps.
Online Food Delivery Services Market - Growth Factor
• High penetration of internet services and smartphones is a key factor driving the adoption of online food delivery services
.• Offers of cashback, discounts, payment options, and delivery to the doorstep, drive the popularity of online food delivery services.
Online Food Delivery Services Market - Major Constraints
• Intense competition owing to the high number of food delivery service platforms hurts profitability.
• Lack of resources in restaurants to cope with high order volumes, and deterioration of quality hurts demand.
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The Projected Impact of Coronavirus
As nations around the world enforce large-scale lockdowns, the fear of contagion has pushed consumers to avoid visits to restaurants. However, online food delivery services are expected to benefit from this trend. The pandemic has raised the number of food delivery orders, but has also generated logistical challenges to players operating in the industry. Investments into food safety protocol and equipment are key to sustaining growth through the crisis period.
Competition Landscape
The online food delivery services market comprises players including but not limited to Zomato, Deliveroo, Uber Technologies Inc., DoorDash, Takeaway.com, FoodPanda, Swiggy, GrubHub, Postmates Inc., and Just Eat Holding Ltd.
Players in the online food deliver service market are primarily investing in industry collaborations and acquisitions to expand their consumer base, with attractive offers, keeping ahead in a highly fragmented and competitive landscape.
Market Segmentation:
By Delivery Type:
- Restaurant-to-Consumer
- Platform-to-Consumer
By Channel Type:
- Website/Desktop
- Mobile Application
By Payment Method:
- Cash On Delivery
- Online
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
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