Global Food Delivery market to hit $32.5bn by 2028
By Felicia Nwosu
Worldwide Research report for 2022 has said that the global Online Food Delivery market size was valued at USD 1.87billion and is expected to expand at a CAGR of 10.97% during the forecast period, reaching $32.5 billion by 2028.
According to the Worldwide research, online food ordering and delivery service is considered a fast-growing business owing to factors such as cost & time saving, safer and healthier food, increased customer loyalty, and highly customizable food options.
Moreover, it added that digital food innovation is constantly growing with recent advancements such as virtual restaurants and ghost kitchens.
Citing REVOLVING KITCHEN, the report stated that the number of digital ordering and delivery is increasing by up to 300% compared to dine-in traffic, thereby making the demand to have a direct impact on the growth of the Online Food Delivery.
Stating some of the factors fuelling the growth, it revealed that it is mainly driven by the rising internet penetration coupled with the proliferation of smartphones, growing technology advancement, and emergence of cloud kitchens.
The research body validated the fact that this is because consumers now have access to a variety of applications, including online food delivery services, with improved network connectivity and a rise in the number of smartphones.
It also pointed out the fact that Cloud Kitchen also witnessed a surge in popularity during the COVID-19 pandemic due to the closure of several dine-in restaurants, a trend it noted, is expected to remain strong post-pandemic, due to people getting accustomed to online ordering.
Citing data published by CloudKitchens.com, which observed that the U.S. had approximately 1,500 cloud kitchens as of 2020, and about 51% of restaurateurs which had shifted their business to cloud kitchens in 2020.
The report showed that Cloud kitchens enable owners to quickly expand their businesses across multiple locations with minimal upfront investment, an advantage that has helped to accelerate the rise of cloud kitchens in recent years.
The report profiled some of the key players in the industry,whose supply-demand scope, and market strategies through various marketing methods have been able to remain competitive in the marketing landscape.
Some of the the largest manufacturers of Online Food Delivery Market worldwide include Domino’s Pizza, Just Eat Holding, Delivery Hero Holding, Go-Food,Takeaway, Pizza Hut and others.
Listing some of the types of Online Food Delivery available in the market, the report named them according to product types, stating that the market is categorized into Web-based and App-based.
Its regional segmentation are North America (United States, Canada and Mexico),Europe (Germany, UK, France, Italy, Russia and Turkey etc.), Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam), South America (Brazil, Argentina, Columbia etc.) and Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa).
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