Market Size of Online Food Delivery Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 16.24 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Online Food Delivery Market Analysis
The Online Food Delivery Market is expected to register a CAGR of 16.24% during the forecast period.
- Customers are rapidly heading online, which has fueled drastic growth in the e-commerce industry over the last decade. This shift in consumer shopping habits has been driven by various causes, some of which are industry or country-specific, while others are the product of global shifts.
- Most of it can be attributed to the availability of an increased number of online food delivery businesses, a better understanding by consumers of the developments of online e-commerce, a better easy and secure option for online payments of services, disposable income on the rise, and work from home decreasing time for people to invest in making the food themselves.
- Increased internet penetration rate, quick access to smartphones, simplified e-banking systems, improved food-service logistics, and changing lifestyles are some prime factors driving the growth of online food delivery. As per the report published by Zomato, the Indian food delivery platforms will have 80 million monthly active users in 2021 and have set targets of reaching 200 million over the next few years. Hence, an increase in smartphone users and internet penetration is driving growth in online food delivery services.
- `Some of the recent trends in the market studied include real-time order tracking and customized food delivery. Thus, companies are increasing their investments in research and development (R&D) and marketing and expanding their geographical reach to maintain their position in the market. Most leading players follow logistics-focused food delivery systems due to the model's ability to help gain scale with limited costs and increased speed.
