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.
The Online Catering Marketplace is expanding significantly as it revolutionises how people organise events and place food orders. The marketplace has developed into a go-to resource for people and companies searching for hassle-free catering solutions because of its convenience and large range of possibilities. The market is growing as a result of industry digitization and rising consumer demand for customised menus.
A number of variables, including increased disposable income, increased food consumption, expanded internet access, and enhanced financial growth, are driving the expansion of the global online catering market share.
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Online meal ordering and increased expenditure on food consumed outside the home are two factors that have contributed to the growth in popularity of online catering marketplaces.
According to the company’s website, they are developing a strategy to increase their internet visibility, but they are also appealing for community support. This element has played a significant role in the growth of the internet catering sector.
Additionally, by making their menus available online, internet catering marketplace helps local and small enterprises increase their revenue. These factors are predicted to lead the popularity of the online catering sector to significantly increase between 2022 and 2032.
Due to the global lockdown caused by COVID-19, restaurants and cafés were compelled to close for a prolonged length of time; as a result, the market share of the online catering marketplace decreased.
To address the problems experienced by participants in the online catering economy as a result of the COVID-19 epidemic, new and innovative business models are being implemented. Customers are anticipated to return to the online catering marketplace using creative marketing techniques, increasing their spending 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.
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.
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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.
Key Segments:
By Service Type:
- Wedding Catering
- Social Event Catering
- Restaurant Catering
- Others
By Application:
- Corporate
- Educational Institutions
- Healthcare
- Industrial
- Hospitality Services
- Others
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