Rise in middle class population coupled with changing lifestyle of the people in India to fuel India Online Food Ordering and Delivery Market through 2024
According to TechSci Research report, “India Online Food Ordering and Delivery Market By Operation Type, By Source, By Payment, Competition, Forecast & Opportunities, 2024”, India online food ordering and delivery market is predicted to grow at a CAGR of over 7% on the back of rising disposable income, increasing penetration of internet and usage of smartphones. Moreover, restaurants and cafes are showing inclination towards online sale of their food items as it significantly reduces operational overheads.
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In terms of payment, India online food ordering and delivery market is categorized into mobile wallet, card payment, cash on delivery and net banking. Among these payment modes, cash on delivery dominated India online food ordering and delivery market in 2018. The growth of cash on delivery payment category can be attributed to the fact that people, in India, while making online payments, are skeptical of the process and mechanism they have to go through while making a payment online. However, with increasing security features being provided by various banks while making online transactions is gaining customer’s trust which is anticipated to increase the market share of other payment methods. The card payment category is predicted to grow at a decent pace during forecast period owing to increasing preference towards using plastic money, after the government’s announcement of incentives on the use of debit/credit cards in the country wherein, service charges and surcharge will not be applicable while making payment through debit/credit cards. Moreover, reward points and grace period are other factors encouraging the use of card payment in India.
Regionally, India online food ordering and delivery market is categorized into North, South, East and West. Among the regions, the southern part of the country accounted for a significant portion of the Indian market in 2018. The growth of the southern region is due to the presence of large number of students and working professionals from other regions of the country.
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“India online food ordering and delivery market is expected to offer tremendous potential for growth over the course of next five years. The growth of the market is majorly due to the discounts, cashbacks, coupons and deals that a user can avail while ordering food online. Moreover, growing investments in online food ordering and delivery market is further positively influencing the growth of the market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Online Food Ordering and Delivery Market By Operation Type, By Source, By Payment, Competition, Forecast & Opportunities, 2024”, has evaluated the future growth potential of India online food ordering and delivery market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India online food ordering and delivery market
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