The online takeaway food market has experienced tremendous growth over the past few years. The shift in consumer preference towards online food delivery services coupled with the convenience offered by various online platforms have boosted the demand for online takeaway food significantly. Rising urbanization and busy lifestyles have limited the time available for cooking at home, driving the need for ready-to-eat food options. Moreover, young working professionals and millennials with greater spending power increasingly rely on online food ordering and delivery.
The Global online takeaway food market is estimated to be valued at US$ 192.62 Mn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the online takeaway food market are Epiroc Ab, AB Volvo (Volvo Construction Equipment), Doosan Corporation, Caterpillar Inc., and Deere & Company. These players are focusing on expanding their service offerings and geographical reach through strategic partnerships and mergers & acquisitions. For instance, in 2022, Just Eat Takeaway acquired Grubhub to consolidate its position in the US online food delivery market.
The market provides huge opportunities for industry players to capitalize on the evolving consumer preferences and delivery needs for online takeaway food orders. Players are investing in digitization and developing advanced technology-driven solutions to offer greater convenience, faster delivery times, and enhanced customer experience.
Additionally, there is significant potential for market players to expand into new regional markets across the globe. Several international food chains and restaurant brands are collaborating with local online food delivery platforms to penetrate new international markets and establish a strong global footprint. The global expansion strategy allows companies to leverage local cuisine preferences and grab a large untapped market share globally.
Market drivers:
Increasing Internet Penetration: Growing internet and smartphone users globally have enabled easy access to online food delivery platforms. Surging internet penetration is a major growth driver for the online takeaway food market.
Changing Consumer Preferences: evolving lifestyles, growing busy schedules and preference for convenience are prompting consumers to rely more on online food ordering and delivery services. This changing consumer behavior pattern fuels the market growth.
Market restraints:
Data Privacy and Security Concerns: Confidential customer data shared on online food delivery platforms raises privacy and security issues. Breach of customer data may hamper the market growth.
Shortage of Delivery Staff: Unavailability of sufficient delivery staff during peak hours creates delays in order fulfillment and dissatisfies customers. This acts as a restraining factor.
Segment Analysis
The global Online Takeaway Food Market is segmented into type and platform. By type, Fast-food segment dominates the market as it represents restaurants such as pizza, burgers, sandwiches etc. which contribute major portion of takeaway foods globally. Consumers prefer fast food for their convenience and quick meal options. By platform, the mobile applications sub segment holds the largest share as consumers prefer ordering food through their smartphones due to easy accessibility and availability of various payment options.
Global Analysis
North America region accounts for the largest share in the online takeaway food market currently. Countries like US and Canada have high internet and smartphone penetration allowing consumers to conveniently order takeaway food online. Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rising young population, increasing disposable incomes and rapid digitalization in developing countries like India and China. Countries in this region are adopting online food ordering services rapidly for the convenience offered. Europe region also captures significant market share and is expected to grow at a steady rate over the coming years.
For more insights, read-Online Takeaway Food Market
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