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

Report ID: SQMIG45A2092 | Region: Global | Published Date: April, 2024
Pages: 197 | Tables: 59 | Figures: 77

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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).

In order to accelerate their expansion in the market, the major firms in the sector have relied heavily on partnerships and acquisitions. The growth of the working population, increased internet usage, and the food and beverage industry are the main factors driving the worldwide online food market. 'Uber Eats (United States)', 'DoorDash (United States)', 'Just Eat Limited (Netherlands)', 'Grubhub (United States)', 'Deliveroo (United Kingdom)', 'Meituan Dianping (China)', 'Swiggy (India)', 'Zomato (India)', 'Foodpanda (Germany)', 'Postmates (United States)', 'Ele.me (China)', 'Rappi (Colombia)', 'Glovo (Spain)', 'Wolt (Finland)', 'iFood (Brazil)', 'Deliverect (Belgium)', 'Yandex.Eats (Russia)', 'Tock (United States)', 'Caviar (United States)', 'Seamless (United States)', 'Talabat (Kuwait)', 'Shipt (United States)'

Consumers now have access to a variety of various applications, including online meal delivery services, thanks to improved network connectivity and an increase in smartphone adoption. With the help of a smartphone, people may easily make orders with their favourite restaurants after browsing a list of them. Everywhere in the world, including rural areas, smartphones have made their way to the most isolated locations. The change in attitudes towards online purchasing among the rural people is partly due to the accessibility of e-commerce sites and food delivery services made possible by smartphone applications. A large increase in mobile internet users has also been seen over the past several years on a scale. Remote access to mobile applications is made possible by the quick development of network infrastructure, which has increased network connectivity across developing economies.

The range of applications for AI and big data analytics has increased due to increased research and breakthroughs. The use of AI and big data analytics in online food delivery platforms will assist develop mobile applications and websites that offer users a customized experience with easy navigation and an attractive user interface. Based on their past preferences, present preferences, location, and reviews of other eateries, these intelligent applications will give customers better selections. The interactive aspect is a bonus because it encourages greater involvement, bringing it closer to parity with the traditional dine-in experience in restaurants. Big data analytics will examine consumer behaviour and process it in real-time to provide the best recommendations to app users.

Asia-Pacific is expected to develop at a CAGR of 19.80% over the projection period and currently holds the largest market share for online meal delivery services globally. Changing millennial tastes and increasing average personal earnings are driving the region's growth. The fact that millennials are using their smartphones more frequently and embracing new technology like voice-assistant apps is another factor contributing to the rise of the local industry. People in the area are now more likely to utilize food delivery applications thanks to the expansion of e-commerce in developing nations like Japan and India.

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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

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