The online catering marketplace is expected to escalate at a CAGR of 4.6% from US$ 76.3 Bn in 2022 to US$ 119.9 Bn by 2032.
Financial growth, rising disposable income, higher food consumption, and improved internet penetration are all driving the global expansion of online catering marketplace share.
The rise in popularity of online catering marketplaces is attributed to a growing trend of customer ordering meals online and spending more money on food consumed outside the home around the world.
Key companies in the online catering marketplace are working on increasing their services in any way they can, including supporting online catering and responding to the growing trend of meal delivery to homes. This is one of the key drivers of the online catering marketplace’s growth.
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Furthermore, online catering marketplace assists local and small businesses in expanding their earnings by making their menus available online. The popularity of the online catering marketplace is expected to expand substantially between 2022 and 2032 as a result of these causes.
COVID-19 had a detrimental influence on the online catering marketplace since restaurants and cafés were forced to close for an extended period of time due to the global lockdown; as a result, the online catering marketplace market share fell.
New and novel business models are being implemented to solve the issues faced by online catering marketplace players as a result of the COVID-19 outbreak. Innovative marketing strategies are expected to entice customers back to the online catering marketplace, allowing them to spend more money in a variety of ways.
Key Takeaways:
- By service type, the wedding catering segment is anticipated to dominate the online catering marketplace during 2022-2032.
- By application, the corporate segment is projected to dominate the online catering marketplace with a CAGR of 4.2% during 2022-2032.
- North America is expected to have the greatest share of the online catering market. Due to consumer preferences of eating out most days of the week and the growth of online catering marketplaces in the country over the last few years, the United States is the largest market in North America.
- Mexico online catering marketplace is predicted to develop at a consistent CAGR in this region due to the growing millennial population, changing consumer habits in the country, and an increasing number of tourists visiting the country.
- The Asia Pacific online catering marketplace is estimated to grow at the fastest rate during the forecast period.
- Growing urbanization and the rise of the middle class in Asia Pacific are propelling the growth of online catering marketplace size.
- In China, online catering marketplace sales increased by 23.1 percent year over year, and online food orders accounted for 5% of overall HRI income, with significant growth projected in the next years.
- The European online catering marketplace share faced more challenges in 2020 than it had ever faced before.
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Competitive Landscape:
Key companies profiled in the online catering marketplace report include CMARKETPLACE CATERING, ezCater, Inc., SmartBite, Yummy Corp, Smunch . Co, Sodexo, Mitie Group plc, Olive Catering Services Ltd, Forkable.
To fulfil expanding client demand, the majority of online catering marketplace participants are focussing on developing innovative strategies. Several market participants are also focused on growing their businesses internationally.
Recent Developments in Online Catering Marketplace:
- Partnerships, Product Launches, Collaborations, and Agreements:
- S. Krispy Kreme, Inc. teamed with its franchise partner Americana Group to open the first Krispy Kreme shop in Egypt in North Carolina.
- Pizza Hut and Beyond Meat teamed up to produce Beyond Pepperoni, a delectable plant-based version of Pizza Hut’s pizza topping and a first for both brands.
- Pizza Hut teamed with Hindustan Unilever in August 2021 to introduce the FMCG firm’s Kwality Wall’s ice cream and desserts to its dine-in, delivery, and takeaway menus in India.
Domino’s Pizza teamed with ITC Foods and launched Domino’s Essentials in April 2020, following COVID-19.
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