Global Online Food Delivery Services Market Forecast to Exhibit above 9% CAGR, Spurred Rising Penetration of the Internet and Smartphones, says Future Market Insights
The global online food delivery services market size is expected to reach US$ 4,212.6 Mn by the end of 2029. According to a study by Future Market Insights (FMI), the market will show a steady rise at an impressive CAGR of 9.3% between 2019 and 2029. According to the report, the increasing penetration of the internet, remarkably rising access to smartphones and the resulting demand for better online services are paving way for the exponential growth of the market in the coming years. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
Online Food Delivery Services Market
A recent market study published by Future Market Insights on the Online Food Delivery Serv...
It includes in-depth insights into the online food delivery services market. Some of these are:
- The estimated value of the market was at US$ 1,731.2 Mn in 2019. The market is expected to rise at a robust pace during the course of the forecast period.
- Regionally, North America emerged as a key market for online food delivery services.
- Asia Pacific is expected to emerge as a highly lucrative market. Increasing disposable income and awareness of consumers will stoke growth in the Asia Pacific market.
- Mobile applications are likely to constitute the leading segment in terms of channel type in the market
- Key players are likely to focus on innovations and offering prompt services to stay relevant in developed markets.
“Asia Pacific has emerged as a highly lucrative market for online food delivery services. The rising penetration of internet and better accessibility to smartphones are chief factors enabling growth in the Asia Pacific market for online food delivery services,” said a lead FMI analyst.
Improvement in Technology Infrastructure to Boost Growth in Developing Economies
The online food delivery services market is expanding at an accelerated pace in developing countries. The investment towards improving technology infrastructure is stoking growth opportunities for the market in these nations. As a result of technology improvements several restaurants and online platforms are able to expand their delivery network across cities. In addition to this, IoT integration has enabled consumers to place order for their food using voice command. Leading firms are introducing improvements in technologies used for online food delivery services at regular intervals. This has bode well for the market.
Who is Winning?
Some of the leading players operating in the online food delivery services market are Deliveroo, DoorDash, foodpanda, GrubHub, Just Eat Holding Limited, Postmates Inc., Swiggy, Takeaway.com, Uber Technologies, Inc., Zomato and others.
As a result of increasing competition, leading companies are focusing on scaling up their volume of orders. They are also partnering with restaurants and cafes and launching innovative ordering and advanced delivery options in order to gain competitive edge in the market.
Get Valuable Insights into Online Food Delivery Services Market
Future Market Insights, in its new report, presents an unbiased analysis of the global online food delivery services market, covering historical demand data and forecast figures for the period between 2019 and 2029. The study divulges compelling insights into growth witnessed in the market. In terms of channel type, the market can be segmented into mobile applications and website/desktop. On the basis of type, the market can be bifurcated into restaurants-to-consumer and platform-to-consumer. By payment methods, the market can be split between cash on delivery and online. Regionally, the market comprises North America, Latin America, Europe, APEJ, Japan, Oceania, and the Middle East and Africa.
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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