Online Food Delivery Services Market Growth Trajectory Through 2024-2033

Spread the love

The Online Food Delivery Services by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

Learn More On The Online Food Delivery Services Market:

https://www.thebusinessresearchcompany.com/report/online-food-delivery-services-global-market-report

According to The Business Research Company’s Online Food Delivery Services, The online food delivery services market size has grown rapidly in recent years. It will grow from $143.05 billion in 2023 to $159.46 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to increase in strong economic growth in emerging markets, increased internet penetration and increased availability of mobile devices.

The online food delivery services market size is expected to see steady growth in the next few years. It will grow to $178.4 billion in 2028 at a compound annual growth rate (CAGR) of 2.8%. The growth in the forecast period can be attributed to the internet of things (iot), artificial intelligence, increasing smartphone users, covid-19, growing workforce and government initiatives. Major trends in the forecast period include collaborating with tech giants, invest in expanding, investing in robot and drone technologies, investing in launching contactless delivery features, investing in virtual kitchens, adopting self-driven cars for fast and low-cost delivery and adopting green transport solution.

An increase in smartphone users has given a boost to online food delivery services worldwide. Smartphone users are the primary online shoppers for the F&B industry, and an increase in the number of smartphone users reflects a potential increase in online shopping for food and beverages. For instance, in July 2023, according to DemandSage, a US-based data reporting and analytics solutions provider, 86% of the population around the globe owns a smartphone. There are 6.8 billion smartphone users worldwide as of 2023. In the United States 94.4% millennials own a smartphone. Nearly half of the U.S. population dedicates 5 to 6 hours per day to using smartphones. Hence, an increase in smartphone users and internet penetration is driving growth in online food delivery services market.

Get A Free Sample Of The Report (Includes Graphs And Tables):

https://www.thebusinessresearchcompany.com/sample.aspx?id=3084&type=smp

The online food delivery services market covered in this report is segmented –

1) By Type: Platform-To-Consumer, Restaurant-To-Consumer

2) By Channel Type: Websites, Mobile Applications

3) By Payment Method: Cash-On-Delivery, Online Payment

Upgradation of the distribution network to a more decentralised system, Distribution 4.0, is trending in the food delivery services market. In Distribution 4.0, supplier partner with multiple players for the best market coverage between urban and rural markets, focusing their efforts on marketing, branding, and in-store merchandising to create a best-in-class shopper experience. They are likely to partner with aggregators, e-comm delivery companies, rural distribution companies, and distribution arms of modern trade to drive coverage. E-commerce aggregator Amazon has announced plans to team up with many small-scale businesses, retail outlets, and rural supermarkets to increase their last-mile connectivity. Therefore, the trend of Distribution 4.0 is envisioned to have some positive effects on online food delivery services.

The online food delivery services market report table of contents includes: