by The online takeaway food market allows customers to order meals from local restaurants through web-based and mobile-based platforms for convenient home delivery. With rising preference for ready-to-eat meals and benefits such as saving time for customers, the market has garnered significant popularity.
The global Online Takeaway Food Market is estimated to be valued at US$ 167.2 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Digital innovations in food delivery platforms have encouraged the growth of online takeaway food market substantially. Applications of technologies such as artificial intelligence, predictive analytics and augmented reality in food delivery platforms have enhanced customer experience through personalized recommendations, optimized delivery routes and real-time order tracking, propelling the market growth. The rising focus of food delivery platforms on digital innovations is expected to remain a key trend in the online takeaway food market over the forecast period.
SWOT Analysis
Strength: Growing preference of online food ordering among consumers due to easy accessibility and convenience. Increasing internet penetration and usage of smartphones across the globe is further boosting the market growth.
Weakness: Logistical and transportation challenges faced by market players in timely delivery of food items. Concerns related to security of payment modes and customer data on online platforms.
Opportunity: Untapped growth potential in emerging economies of Asia Pacific and Latin America. Introduction of drones and autonomous delivery vehicles could augment delivery operations.
Threats: Stiff competition and pricing pressure among leading players. Vulnerability of supply chains and operations disruptions arising due to Covid-19 pandemic.
Key Takeaways
The Global Online Takeaway Food Market is expected to witness high growth over the forecast period of 2023 to 2030.
The Asia Pacific region is emerging as the fastest growing region for online takeaway food market led by China, India, Japan and Southeast Asian countries. The easy availability of a wide variety of cuisines, affordable delivery charges and doorstep delivery offered by various market players is driving the market growth in this region.
Key players operating in the Online Takeaway Food Market are Swiggy, Zomato, Deliveroo, Uber Eats, DoorDash, Grubhub, Just Eat Takeaway.com, Gojek and GrabFoodpanda. These players are focusing on capabilities enhancement through introduction of new services and solutions to fulfill evolving customer demand.
