Global Takeaway Food Delivery Industry to Reach USD 120.43 Billion By 2023 —
Introduction / Market Synopsis:
The global takeaway/food delivery market will reach USD120.43 billion by 2023, growing at a Common Annual Growth Rate (CAGR) of 2.57% from 2019 to 2023. The key growth drivers are: continuous growth in internet usage, increasing urbanization, massive growth of the fast-food chains, rising household takeaway food expenditure, emerging millennials, and double income with no kid segment and multi-cultural population, excessive usage of online marketplace, online media and consolidation of industries. The challenges to this market are high entry barriers due to high logistical complexities, detailed monotonous expansion and deployment of online order delivery systems.
For new vendors, setting things up takes a very long time and it is costly too. Regionally, USA holds the highest market share and revenue driven by high demand and trend for online fast food ordering services and to provide customers with excellent experience to eye for larger installed base. After USA, UK has the second largest market share in the global market due to the trend in ordering food online. Food delivery, costly food prices, and high internet use along with rapid penetration of the smartphone are also other factors.
The global online takeaway/food delivery market reached USD 84.6 Billion in 2018. This business model allows consumers to use the food application software (Apps), websites of hotels and restaurants for checking food menus online, read reviews and then place the food order from a smartphone, desktop, or laptop. After the order has been placed, users can track the progress of food delivery, details of the delivery boy, route details to deliver the order timely to the destination and after consumption, provide online reviews on foods and website/restaurants through apps while posting photos of the food, or sharing end-user experiences.
Major Players in Takeaway Food Delivery market are:
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The takeaway food delivery industry is segmented based on its type, application. Based on type, the market is split into Restaurant Packaging, Phone Order, Website Order and Other. Based on application, the market is split into Personal and Enterprise. Website / Online food delivery is growing at a faster rate when compared with other routes such as Phone orders, Restaurant orders. This is due to convenience, speed, excellent food services rendered by delivery boys with low infrastructure cost, high use of internet and penetration of smartphone. Labour costs are saved for online delivery option. The other main benefit is accuracy of online orders.
The takeaway food delivery industry is divided into North America (United States, Canada, Mexico), Europe (Germany, France, UK, Italy, Russia, Spain), Asia Pacific (China, Japan, India), South America (Brazil, Argentina), the Middle-East and Africa (Saudi Arabia, Turkey), and Others. Among the European countries, after the UK, Germany will have high growth Online food delivery market due to an increase in orders per active user and for increasing average order size. After Germany, Netherlands show promising growth for the online market with larger adoption of the online marketplace being an efficient, effective and lucrative option for food delivery with low infrastructure cost.
The global takeaway food delivery industry will show enormous growth in the next five years. Though the USA will dominate the overall market, China and India will have the fastest growth during the forecast period. By payment method, the online payment industry will lead the market whereas, for the business model, order focused food delivery systems will dominate the market.
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