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| Online Takeaway Food Market |
The online takeaway food market has experienced tremendous growth over the past few years. The shift in consumer preference towards online food delivery services coupled with the convenience offered by various online platforms have boosted the demand for online takeaway food significantly. Rising urbanization and busy lifestyles have limited the time available for cooking at home, driving the need for ready-to-eat food options. Moreover, young working professionals and millennials with greater spending power increasingly rely on online food ordering and delivery.
The Global
online takeaway food market is estimated to be valued at US$ 192.62 Mn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period
2024 to 2030.
Key Takeaways
Key players operating in the online takeaway food market are Epiroc Ab, AB
Volvo (Volvo Construction Equipment), Doosan Corporation, Caterpillar Inc., and
Deere & Company. These players are focusing on expanding their service
offerings and geographical reach through strategic partnerships and mergers
& acquisitions. For instance, in 2022, Just Eat Takeaway acquired Grubhub
to consolidate its position in the US online food delivery market.
The market provides huge opportunities for industry players to capitalize on
the evolving consumer preferences and delivery needs for online takeaway food
orders. Players are investing in digitization and developing advanced
technology-driven solutions to offer greater convenience, faster delivery
times, and enhanced customer experience.
Additionally, there is significant potential for market players to expand into
new regional markets across the globe. Several international food chains and
restaurant brands are collaborating with local online food delivery platforms
to penetrate new international markets and establish a strong global footprint.
The global expansion strategy allows companies to leverage local cuisine
preferences and grab a large untapped market share globally.
Market drivers:
Increasing Internet Penetration: Growing internet and smartphone users globally
have enabled easy access to online food delivery platforms. Surging internet
penetration is a major growth driver for the online takeaway food market.
Changing Consumer Preferences: evolving lifestyles, growing busy schedules and
preference for convenience are prompting consumers to rely more on online food
ordering and delivery services. This changing consumer behavior pattern fuels
the market growth.
Market restraints:
Data Privacy and Security Concerns: Confidential customer data shared on online
food delivery platforms raises privacy and security issues. Breach of customer
data may hamper the market growth.
Shortage of Delivery Staff: Unavailability of sufficient delivery staff during
peak hours creates delays in order fulfillment and dissatisfies customers. This
acts as a restraining factor.
Segment Analysis
The global Online
Takeaway Food Market is segmented into type and platform. By type,
Fast-food segment dominates the market as it represents restaurants such as
pizza, burgers, sandwiches etc. which contribute major portion of takeaway
foods globally. Consumers prefer fast food for their convenience and quick meal
options. By platform, the mobile applications sub segment holds the largest
share as consumers prefer ordering food through their smartphones due to easy
accessibility and availability of various payment options.
Global Analysis
North America region accounts for the largest share in the online takeaway food
market currently. Countries like US and Canada have high internet and
smartphone penetration allowing consumers to conveniently order takeaway food
online. Asia Pacific region is expected to witness the fastest growth during
the forecast period owing to rising young population, increasing disposable
incomes and rapid digitalization in developing countries like India and China.
Countries in this region are adopting online food ordering services rapidly for
the convenience offered. Europe region also captures significant market share
and is expected to grow at a steady rate over the coming years.
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