Online Takeaway Food Market is Estimated to Witness High Growth Owing to Growth of Internet Penetration and Mobile Apps

Online Takeaway Food Market


Online takeaway food allows consumers to order food for delivery or pickup from local restaurants, fast food outlets, coffee shops and others using various online platforms and mobile apps. From pizza delivery to Chinese and Indian cuisines, online takeaway food marketplaces are increasingly dominating the ready-to-eat food delivery space.

The global Online Takeaway Food Market is estimated to be valued at US$ 167.2 Bn or Mn 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 Dynamics:
The growth of internet penetration and the proliferation of smart devices such as smartphones has emerged as a key driver for the online takeaway food market. Online food delivery platforms have allowed consumers to simply browse menus, select items and monitor order status right from their phones. This convenience and ease of accessibility has boosted the popularity of online food ordering. Another major driver has been the ongoing trend of on-demand food delivery platforms offering varied cuisines, lucrative discounts and cashbacks to attract and retain customers. However, high commissions and charges levied on restaurants and cuisine providers by major platform operators continue to be a challenge.

SWOT Analysis
Strength: The online takeaway food market provides immense convenience to customers as they can order food from the comfort of their homes on their phones or laptops. It also offers a wide range of cuisine options from numerous restaurants. This variety and convenience helps improve customer experience.
Weakness: The online takeaway food market is highly dependent on part-time delivery workers. High turnover rates among these workers can negatively impact service quality. Additionally, reliance on third-party platforms increases operating costs for restaurants.
Opportunity: The growing number of smartphone and internet users provides an opportunity to expand the customer base for online takeaway food platforms. Additionally, emerging technologies such as drones and autonomous vehicles could make food deliveries faster and more cost-effective.
Threats: Stricter regulations around food delivery may increase compliance costs. Also, economic slowdowns could reduce disposable incomes and cause customers to dine out less.

Key Takeaways
The Global Online Takeaway Food Market is expected to witness high growth over the forecast period of 2023 to 2030. The market size stood at US$ 167.2 billion in 2023 and is projected to reach US$ 534.9 billion by 2030, growing at a CAGR of 10%. Rapid urbanization and increasing busy lifestyles have boosted the demand for convenient food ordering and delivery services.

Regional analysis

The Asia Pacific region dominated the online takeaway food market in 2023, accounting for over 35% of the global revenue. China, India, and Indonesia have emerged as highly lucrative markets attributed to rising internet and smartphone penetration coupled with growing digital payments adoption. Europe is another major regional market favored by increasing preference of customers toward home-delivered foods. In terms of growth, the markets in Middle East and Africa and Latin America are expected to offer attractive opportunities during the forecast period supported by growing young populations and expanding online food ordering platforms.

Key players
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 companies have established strong footholds in their respective regional markets through ongoing investments in expanding their suite of services, tie-ups with restaurants and delivering superior customer experience. Their substantial financial capabilities provide an advantage to invest in new technologies.

For more insights, Read- https://www.ukwebwire.com/online-takeaway-food-market-demand-share-analysis/

Comments

Post a Comment

Popular posts from this blog

The Notchback Market is Estimated To Witness High Growth Owing To Rising Demand From Emerging Economies

Image
  Notchback Market Market Overview: A notchback is a body style of cars characterized by a gently sloped rear window and greenhouse. Notchbacks provide practical interior space with good cargo capacity. They offer balanced interior volume for passengers and cargo along with sleek and stylish exterior design. The body style has advantages like no C-pillar which enhances visibility compared to sedans. Market key trends: The growth of the notchback market is attributed to rising demand from emerging economies like China, India and Brazil. These nations have growing middle-class population and increasing disposable income which is driving vehicle ownership. Moreover, notchback body style is quite popular in these developing markets due to its spacious cabin combined with stylish looks at affordable prices. Leading automakers are launching various notchback models to cater to the surging demand from developing countries, which is fueling the growth of the notchback market size during ...
Read more

The increasing demand for adhesives and sealants is anticipated to open up the new avenue for Petroleum Resins Market

Image
Petroleum Resins Market  Market Overview: Petroleum resins are amorphous thermoplastic polymers made from petroleum-based feedstock materials, through either thermal or catalytic polymerization. They are mainly used for applications such as adhesives, inks, paints, rubber compounding, and others. Different types of petroleum resins include C5 resins, C9 resins, hydrogenated hydrocarbons (HHCs), and modified and specialized petroleum resins. Among applications, adhesives and sealants hold the largest share in the petroleum resins market owing to increasing use of petroleum resins in hot melt and pressure sensitive adhesives. Market Dynamics: The increasing demand for adhesives from packaging and construction industries is a major driver for the petroleum resins market. According to statsista, the global adhesive market was valued at over US$ 53.3 billion in 2020 and is projected to reach around US$ 78 billion by 2027, growing at a CAGR of over 5.7% during the forecast period. Pe...
Read more

Global Synthetic Biology Market Analysis: Size and Share

Image
Synthetic Biology Market  Synthetic biology encompasses the design, construction, and redesigning of biological parts, devices, and systems, either non-existent in nature or reengineered from existing biological systems. The market is experiencing significant growth, driven by the increasing demand for personalized medicine and healthcare. Applications of synthetic biology span pharmaceuticals, chemical production, agriculture, environmental protection, and renewable energy. Advancements in synthetic biology contribute to the rapid manufacturing of biotherapeutics, fostering the development of personalized medicine and more cost-effective healthcare solutions. The Synthetic Biology Market is projected to be valued at US$ 31,693.59 million in 2023, with an expected CAGR of 28% during the forecast period from 2023 to 2030, according to a newly published report by Coherent Market Insights. Key Market Trends: A prominent trend in the Global Synthetic Biology Market is the escalat...
Read more