Global Online Food Delivery Market Report and Forecast 2023-2028

Global Online Food Delivery Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global online food delivery market attained a value of USD 275.32 billion in 2022. Aided by the increasing internet penetration and the growing preference for convenience, the market is projected to further grow at a CAGR of 14.0% between 2023 and 2028 to reach a value of USD 611.14 billion by 2028.

Online food delivery refers to the process of ordering food from restaurants or foodservice providers through digital platforms such as websites and mobile applications. Online food delivery services typically operate in two models: restaurant-to-consumer and platform-to-consumer. The former involves restaurants providing their delivery services, while the latter involves an aggregator platform that connects customers to multiple restaurants and manages the delivery process.

Another factor propelling the growth of the online food delivery market is the busy and fast-paced lifestyle of consumers, which has led to a growing preference for convenience in food ordering. The convenience, coupled with the increasing disposable incomes, has resulted in a higher demand for online food delivery services. The expanding foodservice industry and the growing variety of food options available on online food delivery platforms are also driving the online food delivery market growth. As more restaurants and foodservice providers partner with online food delivery platforms, the choices for consumers have broadened, catering to diverse preferences and dietary requirements. This has attracted a larger customer base and increased the overall demand for online food delivery services.

The integration of advanced technologies such as artificial intelligence (AI), machine learning (ML), and big data analytics in online food delivery platforms is another trend aiding the growth of the online food delivery market. These technologies help platforms personalise customer experiences, optimise delivery routes, and enhance overall operational efficiency. For instance, AI-driven chatbots are being used to assist customers in placing orders, while ML algorithms help platforms analyse customer preferences and suggest personalised food recommendations.

Government initiatives and investments to promote digitalisation and internet penetration, particularly in emerging economies, are also supporting the growth of the online food delivery market. These initiatives are aimed at bridging the digital divide and providing affordable internet access to a larger population, thereby increasing the potential customer base for online food delivery platforms.

Market Segmentation

The market can be divided on the basis of platform type, business model, payment method, and region.

Market Bifurcation by Platform Type:

• Mobile Applications
• Websites

Market Segmentation by Business Model:

• Order Focused
• Logistics Based
• Restaurant Specific

Market Breakup by Payment Method:

• Online
• Cash on Delivery

Market Division by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global online food delivery companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Uber Technologies Inc.
• DoorDash, Inc.
• Delivery Hero SE
• Meituan Inc.
• Just Eat Takeaway.com N.V.
• Domino's Pizza, Inc.
• Roofoods Ltd
• Yum! Brands Inc.
• Demae-Can Co., Ltd
• Bundl Technologies Private Limited
• Zomato Limited
• Yandex.Eda, LLC
• Rappi Inc.
• Others

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.