The online catering marketplace is expected to escalate at a CAGR of 4.6% from US$ 76.3 Billion in 2022 to US$ 119.9 Billion by 2032.
The Online Catering Marketplace is witnessing substantial growth as it transforms the way people plan events and order food. With its convenience and wide variety of options, the marketplace has become a go-to platform for individuals and businesses looking for hassle-free catering solutions. The digitization of the industry and increasing demand for personalized menus drive the market’s expansion.
Global online catering marketplace share growth is being fueled by a number of factors, including greater disposable income, more food consumption, increased internet access, and higher financial growth.
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.
The company’s website says they’re working on a plan to expand their online presence, but they’re also looking for help from the community. The expansion of the online catering marketplace is largely due to this factor.
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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.
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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Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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