Online Food Delivery Market Size, Share, Growth Analysis, By Type(Restaurant to Consumer and Platform to Consumer), By Payment Method(Cash On Delivery and Online) - Industry Forecast 2024-2031

Global Online Food Delivery Services Market size was valued at USD 60.18 billion in 2022 and is poised to grow from USD 71.43 billion in 2023 to USD 281.52 billion by 2031, growing at a CAGR of 18.7% in the forecast period (2024-2031).

Online meal delivery services have advantages like easy location delivery and alternatives for on-time delivery. The largest ride-hailing and food-delivery company in Southeast Asia, Grab Holdings, announced a merger with Altimeter Growth Corp., valued at USD 40 billion. 

These governments see a growth in their average population as a result of rigorous work schedules and changing lifestyles. The market for these services consists mostly of family transactions for online food delivery services and related services. 

The market for online food delivery services includes all firms that utilise hotel packages. These companies offer online and mobile commerce options. The dish can be ready to eat right away or it might need extra preparation. 

Heavy discounts, reward and rebate programmes, doorstep delivery, and a variety of payment choices are all advantages of using online delivery services. Due to the acquisition of Drizzly by Uber Technologies Inc., the complementing delivery services and apps of the two businesses will now be integrated. 

A total of 18.7 million freshly issued shares of Uber common stock and cash were included in the purchase consideration, which was about USD 1.1 billion. Additionally, in order to supply high-quality food, suppliers of food services are constructing sizable warehouses to preserve fresh produce, which is promoting the adoption of online delivery services.

Factors such as the wide variety of food choices, and the ease of ordering through mobile apps contribute to the industry's expansion. The need for convenience has accelerated the adoption of online food delivery services, with a surge in demand for contactless delivery options. 

Major players, both global and regional, compete to enhance user experience through technological innovations, partnerships, and expanded restaurant networks.

US Online Food Delivery Market is poised to grow at a sustainable CAGR for the next forecast year.