The sales for online food delivery services market forecast is estimated to be valued at US$ 37,982 Mn in 2021. As per Future Market Insights (FMI), the overall market value is expected to reach US$ 10, 26,439 Mn by 2031, rising at a CAGR of 9.5% for 2021-31.
Consumersonline exposure has grown significantly. Rising internet prevalence and drastically increased smartphone accessibility are enhancing their online exposure. Several markets have benefited from the scenario. Online food delivery services may be among those who have benefited the most from the current circumstances.
Online Food Delivery Services Market business research performed by FMI includes key findings such as the latest and speculative production capacity, capacity utilization rates of each manufacturer, recent and speculative pricing, and price optimization strategy across the value chain, as well as an economic evaluation of online food delivery services market production.
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Several restaurants and online platforms have been able to expand their delivery network throughout cities as a result of technological advancements. Furthermore, IoT integration has allowed customers to place orders for food using voice commands. At regular intervals, leading companies introduce advancements in technology utilised for online meal delivery services. This is good news for the stock market.
Key Takeaways from the Online Food Delivery Services Market Study:
- In 2021, the US market for online food delivery services is projected to be valued US$ 1,20,756 Mn during the forecast period, the market is expected to grow at a significant rate.
- According to FMI analysis, Brazil will acquire market share of 45.2% in the Latin America region owing to rapid digitalization.
- Germany will grow at CAGR of around 9.8% over the forecasted period. It is estimated to acquire market share of 20.3% in 2021
- Asia Pacific is likely to become a very lucrative market. The Asia Pacific market will develop due to rising disposable income and growing urbanization.
- To stay relevant in developed markets, key businesses are expected to focus on innovation and providing efficient services. They are also researching and developing new more robust model.
Changing Lifestyles of consumers urging the growth of the Online Food Delivery Services Market
As the number of working population is increasing in most of the developed and developing countries such as US, Germany, China, India, etc. The consumer’s preference for convenient food is on the rise due to busy schedules. The millennials and Gen Z are more inclined towards experiencing food of different cuisine and taste which has surged the growth of online food delivery services market.
Who is Winning?
Key players in the global food dehydrator market are focusing on reaching a large consumer base by implementing various strategies such as social media marketing and promotional activity, researching and developing more robust new models and strengthening distribution channel.
Some of the major companies offering online food delivery services are Just Eat Holding Limited, Deliveroo, DoorDash, foodpanda, Takeaway.com, GrubHub, Postmates Inc., Swiggy, Zomato, Uber Technologies, Inc. and others.
Market Segments Covered in Online Food Delivery Services Industry Analysis
By Delivery Type:
- Restaurant to Consumer
- Platform to Consumer
By Order Type:
- Website/Desktop
- Mobile Application
By Payment Method:
- Cash on Delivery
- Online
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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Key Questions Answered in the Report
How much is the Online Food Delivery Services Market current worth?
Currently Online food delivery services Market is worth more than US$ 1,026.44 Bn.
At what CAGR is the market expected to grow?
Online food delivery services Market is expected to grow at a CAGR of around 9.5% during the period 2021-2031.
How was the performance in the last five years?
In terms of revenue Online food delivery services Market grew at a CAGR of around 7.6% during 2016-2020
What are the key trends boosting Online Food Delivery Services Market sales?
Increasing consumer inclination towards on the go food, while population growth played a role, the majority of the growth came at the expense of the grocery industry, as millennials and Gen Z prefer the convenience of ready-to-eat meals.
How are market players reacting to the new developments in the market?
Market players are trying to increase their profit margins as the fixed costs are increasing they are trying to balance out the dine-in and online delivery space.
Which are the major countries driving demand for Online Food Delivery Services Market?
The US, China, India, Japan, and Germany are the major countries driving demand for online food delivery Services Market.
What outlook does Latin America provide?
Latin America is estimated to grow at a CAGR of 12.5% over the forecast period.
At what level does the report reflect pricing analysis?
The report presents a detailed cost analysis of the online food delivery services market based on delivery type i.e. platform to consumer and restaurant to consumer.
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