Online Food Delivery and Takeaway Market to develop at a CAGR of 7.20% from 2024 to 2034, totaling around US$ 56,828.1 million by the end of 2033

According to the latest industry analysis, the market size for online food delivery and takeaway is projected to soar to a valuation of USD 28,295.9 million in 2024, with a promising growth trajectory expected to reach USD 56,828.1 million by 2034, marking a robust CAGR of 7.20%. This growth is fueled by shifting consumer preferences towards convenience, urbanization, technological advancements, and a post-pandemic emphasis on comfort.

The post-pandemic world has brought about a shift in the way people order food. Seeking comfort and convenience, individuals all around the world are increasingly relying on demand for online food delivery and takeaway services. This trend has given rise to a diverse range of options, restaurants, cuisines, and preferences for people living away from their families.

The demand for online food delivery and takeaway services is driven by:

• Urbanization: Rapid urban population growth leads to demanding schedules and limited time for cooking, making online food delivery a convenient option.
• Convenience: Tech-savvy individuals, especially those living away from family, prefer the diverse options and convenience offered by online food platforms.
• Restaurant Partnerships: Restaurants join delivery platforms to expand their customer base without heavy marketing investments.
• Technology Adoption: Increasing smartphone penetration and internet access enable broader adoption of online food delivery platforms.

The ongoing trend of health-conscious dietary habits has also influenced the online food delivery and takeaway market. Online food delivery platforms are also offering vegan, vegetarian, gluten-free, and keto options to cater to the demands of people with specific dietary preferences.

With the widespread use of mobile phones and easy access to the internet, people in urban and semi-urban setups are increasingly relying on these platforms for their everyday meals. The use of AI and machine learning algorithms is also improving personalized recommendations, making the online food delivery experience more enjoyable and seamless. These food delivery applications focus on sustainable packaging and eco-friendly delivery practices to meet the needs of eco-conscious consumers.

Key factors fostering market growth include:

• Technological Integration: AI and machine learning improve personalized recommendations and streamline operations, enhancing customer experience.
• Health Consciousness: Demand for vegan, vegetarian, gluten-free, and keto options cater to health-conscious consumers, along with sustainable packaging and eco-friendly practices.
• Market Segmentation: Expansion into hyperlocal delivery and the rise of ghost kitchens tap into niche markets and address evolving consumer needs.
• Global Expansion: Emerging economies witness expanding online platforms, while established markets innovate to sustain growth amidst competition and rising costs.

“The world is continuously pushing toward sustainability. Companies in the online food delivery and takeaway market must embrace sustainable packaging and delivery practices to cater to the demands of eco-conscious consumers” – Nandini Roy Choudhury, Client Partner at Future Market Insights

Key Takeaways from the Market Study:

• The non-veg segment is set to dominate the online food delivery and takeaway market with a share of 89.40% in 2024.
• Based on the price range, the low segment is on track to lead the online food delivery and takeaway industry with a share of 55.30% in 2024.
• The online food delivery and takeaway industry in China is anticipated to develop at a CAGR of 3.90% through 2034.
• The online food delivery and takeaway industry in Germany is estimated to rise at a 5.10% CAGR through 2034.
• The online food delivery and takeaway market in the United States has the potential to increase at 4.20% CAGR through 2034.
• The Japan online food delivery and takeaway industry is predicted to rise at a 6.40% CAGR through 2034.
• The online food delivery and takeaway industry in India is very likely to inflate at a CAGR of 6.90% through 2034.

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Competitive Landscape:

The online food delivery and takeaway market is highly competitive and dominated by several prominent companies are

• Uber Eats
• DoorDash
• Grubhub
• Swiggy
• Meituan Dianping
• Delivery Hero
• Deliveroo
• Ele.me
• Foodpanda GmbH
• Just Eat Holding Limited
• Takeaway.com Holding B.V
• Grubhub Inc.
• Domino’s Pizza Inc.
• Snapfinger Inc.
• Pizza Hut Inc.
• Foodler Inc.
• Mobo Systems Inc.
• Zomato Media Private Limited

Company Practices

• These companies are constantly coming up with exclusive offers and discount plans to attract more consumers to their platforms.
• To stay competitive in the market, these companies are also embracing sustainable packaging and delivery practices, which is a positive step towards reducing their environmental impact.
• Key players are offering additional coupons and cashback to customers if the food is not delivered within the promised time, which is a great way to improve customer satisfaction and loyalty.

Recent Developments:

• In March 2022, Foodhub partnered with MoEngage to improve customer engagement using AI-powered solutions.
• In Dec 2023, Just Eat Takeaway.com announced plans to trial an in-car food ordering service in Europe.
• In March 2024, Zomato started delivering food to cinema halls after Swiggy announced train food delivery services.

Key Takeaways for Investors:

• Market Diversification: Investing in diverse segments such as online food delivery, hyperlocal delivery, and virtual restaurants offers opportunities for portfolio diversification and risk mitigation.
• Technology Adoption: Supporting companies that leverage AI, machine learning, and sustainable practices can enhance operational efficiency and customer satisfaction, driving long-term profitability.
• Partnership Potential: Exploring partnerships with established players or innovative startups can facilitate market penetration and expansion into new geographical regions or niche segments.
• Market Differentiation: Identifying unique value propositions, such as exclusive offers, subscription-based services, or sustainable practices, can help companies stand out in a competitive landscape and attract discerning consumers.    

Key Segments in the Global Online Food Delivery and Takeaway Market:

By Product Type:

• Vegetarian
• Non-vegetarian

By Price Range:

• High
• Mid
• Low

By Distribution Channel:

• Fast Food
• Chain Restaurants
• Online Channels
• Independent Restaurants
• Others

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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