Online Food Delivery Market to Reach US$ 164.5 Billion by 2024
According to the latest report by IMARC Group, titled “Online Food Delivery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global online food delivery market reached a value of US$ 84.6 Billion in 2018. Online food delivery is a service which enables customers to purchase food online using a website or application. These platforms register and uphold accounts to make the frequent ordering of food more convenient. Generally, a customer begins by searching for a desired restaurant or food outlet, selecting the food items from their menu and choosing the option of delivery or pick-up. The payment is either made online using a credit card, debit card, digital wallet and net banking or via Cash on Delivery (COD). As online food delivery systems reduce errors, labor expenses, long queues and waiting time, their usage is increasing across the globe.
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Market Trends:
Online food delivery applications provide the convenience of ordering food by comparing the menus of different restaurants and receiving fast delivery of meals at the desired location. Moreover, they also aid in making cashless transactions to food joints, thereby increasing the convenience. Apart from this, with the increasing sales of smartphones, rising internet penetration and the burgeoning food industry, a significant number of the consumers are relying on these applications for trying out different cuisines. Further, online food delivery offers service providers with detailed customer information which can be employed by them for developing and implementing promotional strategies. Some of the other growth-inducing factors include rapid urbanization, hectic lifestyles, improved logistics, and the development of user-friendly food websites and applications. Looking forward, the global online food delivery market size is projected to exceed US$ 164.5 Billion by 2024, expanding at a CAGR of 11.4% during 2019-2024.
Market Summary:
Market Breakup by Platform Type
1. Mobile Applications
2. Websites
Based on the platform type, the market has been bifurcated into mobile applications and websites. Currently, mobile applications dominate the market, holding the largest share. Online food orders through mobile phones have witnessed a sharp increase in recent years due to the rising number of smartphones users across the globe.
Market Breakup by Business Model
1. Order Focused Food Delivery System
2. Logistics Based Food Delivery System
3. Full-Service Food Delivery System
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On the basis of the business model, the market has been classified into order focused, logistics based and full-service food delivery systems. At present, order focused food delivery systems account for the majority of the market share.
Market Breakup by Payment Method
1. Online
2. Cash on Delivery
The market has been segmented on the basis of the payment method which includes online and cash on delivery (COD). Amongst these, the online segment represents the most frequently used payment method.
Market Breakup by Region
1. China
2. North America
3. Asia (Excluding China)
4. Europe
5. Rest of the World
Region-wise, the market has been segregated into China, North America, Asia (excluding China), Europe and Rest of the World. Presently, China is the leading market, holding the majority of the market share.
Competitive Landscape
The competitive landscape of the market has also been examined with some of the key players being Just Eat, GrubHub, Delivery Hero, Deliveroo, Takeaway.com, Foodpanda, Ele.me and Meituan Waimai.
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United States Online Food Delivery Market Report, Trends and Forecast: https://www.imarcgroup.com/united-states-online-food-delivery-market
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