The online food delivery services market size is likely to expand at a valuation of US$ 41.94 billion in 2023. Based on the online on-demand food delivery services market report, the adoption traces a CAGR of 10% through 2033. At this rate, demand for online food delivery services is expected to register a valuation of US$ 101.32 billion by 2033.
Significant funding in the food transportation sector creates market growth potential. Aside from these expenditures, other changes in client tastes are also influencing market development. For example, the demand for fresh food, quick home delivery, and convenience is driving up the adoption of online meal delivery services. Millennials are also growing interested in online meal delivery services.
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The global online food delivery services market is stirring up a culinary revolution with an estimated market size of US$ 38,200 million in 2022. This burgeoning industry is experiencing a transformative phase driven by changing pricing strategies and the proliferation of multiple meal delivery service platforms, intensifying market competition.
However, challenges loom on the horizon, including the strain on food quality during high-volume orders and the logistical hurdles faced by restaurants in managing multiple deliveries. Yet, the emergence of virtual restaurants and delivery-only kitchens promises to be a game-changer, unlocking substantial growth potential throughout the forecast period.
Key Takeaways:
- Market Size Milestone: In 2022, the global online food delivery services market achieves a remarkable size of US$ 38,200 million.
- Dominance of Platform to Consumer: The platform to consumer category seizes a substantial 55% market share in delivery types in 2022.
- Mobile Applications Lead Channels: By channel type, mobile applications take the lead with a projected 35% global market share in 2022.
- Online Transactions Prevail: Online transactions are anticipated to command 82% of the worldwide market in 2022 by payment type.
- U.S. Market Hegemony: The U.S. online food delivery services market asserts dominance with an expected 90% global market share in 2022, poised for an 8% CAGR during the forecast period.
- Rapid Growth in India: The Indian market anticipates rapid growth, eyeing a global market share of US$ 17,050 million by 2022.
- German Market Surge: The German online food delivery services market exhibits robust growth with an estimated 9.8% CAGR during the forecast period.
“The growing use of smartphones and internet penetration are driving market expansion, which allows customers to order food from a variety of restaurants. This helps to drive market growth,” comments a Future Market Insights analyst.
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Competitive Landscape
Market participants are focusing their efforts on strategic alliances, mergers and acquisitions, and corporate expansions to increase their market position.
- Uber Systems Inc. finalized its acquisition of Drizly in 2021, with the two businesses beginning to integrate their complementing delivery technologies and services the following year.
- Grab Holdings, Southeast Asia’s leading ride-hailing and food delivery company, announced a USD 40 billion merger with Altimeter Growth Corp. in 2021. Investors including BlackRock (BLK.N), Temasek Holdings, Fidelity International, Mubadala Abu Dhabi, and Malaysia’s Permodalan Nasional Bhd will participate in a $4 billion private investment in public equity offering as part of Singapore-based Grab’s agreement with the Altimeter Capital-backed SPAC.
- In 2021, Delivery Hero increased its footprint in Central America and the Caribbean by acquiring Hugo’s food and grocery delivery verticals.
- Uber has agreed to pay $2.65 billion for Postmates, a meal delivery startup, in 2020, as it attempts to expand its foothold in on-demand food delivery while its primary ride-hailing business declines.
Key Segments
By Delivery Type:
- Restaurant-to-Consumer
- Platform-to-Consumer
By Channel Type:
- Website/Desktop
- Mobile Application
By Payment Method:
- Cash On Delivery
- Online
By Region:
- North America
- Latin America
- Europe
- Asia Pacific Excluding Japan
- Japan
- The Middle East & 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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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