by The online takeaway food market caters to a wide range of ready-to-eat food products that can be ordered via online platforms and mobile applications. Food products such as pizza, Chinese and Southeast Asian foods, sushi, salads, burgers, sandwiches, desserts and many more dishes are available for order and delivery within a short timeframe. The growing trend of online food delivery services has made easy access to a variety of cuisines possible without the hassle of dining out or cooking. The global Online Takeaway Food Market is estimated to be valued at US$ 167.2 Bn in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing popularity of online food delivery driven by expanding internet penetration and rising smartphone usage has been a key trend fueling the growth of the online takeaway food market. With access to a wide range of cuisines, convenience of ordering from any location via an app or website and quick delivery times, online food delivery platforms have witnessed immense preference among urban population. The improved user interface of apps and timely delivery standards adopted by food aggregators are further encouraging more customers to opt for online means when ordering takeaway meals, thus enhancing the growth prospects of this industry over the forecast period.
SWOT Analysis
Strength: The online takeaway food market offers high convenience for customers to order meals without visiting restaurants physically. It saves time and effort for customers.
Weakness: Food quality may get compromised during delivery process leading to lesser customer satisfaction compared to dine-in. Cyber security issues can arise while making online payments.
Opportunity: Growing internet and smartphone penetration in developing countries provides significant scope to expand customer base. Introduction of new cuisines and innovative food items can attract more customers.
Threats: Stiff competition from existing players can squeeze margins. Rising raw material prices and high delivery costs are challenges.
Key Takeaways
The Global Online Takeaway Food Market Size is expected to witness high growth. The global Online Takeaway Food Market is estimated to be valued at US$ 167.2 Bn in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2023 to 2030.
North America dominates currently due to high internet usage and fast adoption of online food ordering services. Asia Pacific is expected to grow at the fastest pace considering rising young population and improving digital infrastructure in countries like India and China.
Key players operating in the online takeaway food market are Jon-Don LLC., LG Electronics., Appliance Laundry Systems LLC., Electrolux Group, ECOLAB, among others. The market is fragmented with presence of numerous international and regional players. Companies are focusing on expanding into new regions and launching apps & websites with advanced features for superior customer experience. They are also investing in own fleet of delivery staff and vehicles to ensure fast and reliable deliveries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
