Online takeaway food involves ordering food from local restaurants, cafes and fast food joints without physically visiting them. The food is ordered through the food aggregators and delivery partners associated with the restaurant. This service makes it very convenient to order food through mobile platforms and receive it at the doorstep. Major takeaway items include pizza, Asian foods, desserts, cheese cakes and various cuisines from across the world. Online food takeaway services are increasingly gaining traction among millennials and generations, owing to ease of ordering and payment options.
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 Dynamics:
Surging popularity of online food delivery channels is driving the growth of the online takeaway food market. Busy lifestyles and increased smartphone penetration are encouraging consumers to order food online. Further, various marketing initiatives and discounts offered by food aggregators are also influencing the customers’ preferences. For instance, Swiggy and Zomato are dominating the Indian online food delivery market through marketing campaigns on digital media and offers. Another key factor fuelling the market growth is increasing number of online food delivery platforms which amplifies the availability and accessibility of takeaway food. However, concerns regarding data privacy remains a key challenge for players in this industry.
SWOT Analysis
Strength: The online takeaway food market provides convenience to customers as food can be ordered using mobile apps or websites from the comfort of home and delivered within a short period of time. This has led to an increase in orders. Secondly, it allows vendors to reach a wide customer base and increase their sales. Thirdly, vendors can easily maintain digital menus and update them regularly online.
Weakness: Restaurants and vendors incur additional costs for delivery and packaging. They also need to deal with risks of food getting cold or spoiled during transit. Secondly, the quality of food may sometimes deteriorate compared to dining in as it needs to survive transportation.
Opportunity: With growing internet and smartphone penetration, the target customer base for online takeaway food platforms is increasing exponentially providing significant growth opportunities. Secondly, innovations in food packaging and delivery technologies will help improve quality and experience for customers thereby attracting more users.
Threats: Stiff competition from existing and new entrants can impact market share and profitability. Secondly, reliance on third party delivery partners can impact service quality and control over operations.
Key Takeaways
The Global Online Takeaway Food Market Size is expected to witness high growth over the forecast period supported by changing lifestyles and increasing preference for online ordering and deliveries. 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.
The Asia Pacific region dominates the market currently and is expected to maintain its lead over the forecast period as well. Countries like China, India, and Japan have emerged as major centers of growth due to rising incomes, expanding middle class and high smartphone penetration. High smartphone and internet penetration combined with rising disposable incomes and preference for on-demand delivery services have propelled order volumes in the region. China, in particular, has several major players that have captured a substantial market share nationally as well as expanded overseas.
Key players: Key players operating in the online takeaway food market are Jon-Don LLC., LG Electronics., Appliance Laundry Systems LLC., Electrolux Group, ECOLAB, among others. Key players are focusing on expanding into new geographies and developing innovative products and packages to strengthen their positions in the rapidly growing market.
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