The global Hyperlocal Services Market is estimated to be valued at US$2340.7 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Hyperlocal services refer to on-demand delivery services for goods and services within a relatively small geographical area. This includes quick delivery of goods like groceries, medicines, food delivery etc. It provides convenience, accessibility and quick delivery to customers located within small geographical regions.
Market key trends: One of the major trends driving the growth of the hyperlocal services market is rising popularity of e-grocery services. E-grocery services offer convenience of ordering grocery essentials online and getting them delivered at doorstep within few hours. This is fueling the growth of online grocery shopping especially among time-pressed urban families. Various hyperlocal services players have also launched initiatives to deliver groceries within 1-2 hours to capitalize on growing preference for quick deliveries. This is positively impacting the revenue of hyperlocal services market.
Segment Analysis
The global hyperlocal services market is segmented by type into food ordering, grocery, logistics service, and others. Food ordering is expected to hold the largest market share owing to rise in online food delivery services and growing popularity of food aggregators. Developed economies like North America and Europe hold major share of the global food delivery market whereas developing Asia Pacific region is witnessing fastest growth in food ordering segment.
Key Takeaways
The global hyperlocal services market is expected to witness high growth, exhibiting CAGR of 13.% over the forecast period, due to increasing preference for ready to eat food and ease of ordering food online.
Regional analysis
Regionally, Asia Pacific region is expected to grow at the fastest rate during the forecast period. Countries like India, Indonesia and Vietnam are witnessing exponential growth in hyperlocal services market supported by expanding middle-class population, rising disposable incomes and growing smartphone penetration. North America and Europe currently dominate the global market but Asia Pacific is projected to outpace other regions in the coming years.
Key players
Key players operating in the hyperlocal services market are GrubHub, Just-Eat, Swiggy, Delivery Hero, Foodpanda group, BOXC, Shipster, and HelloFresh Group. These players are focusing on expansion to rural areas and smaller towns to tap the untouched market potential. Players are investing heavily on technological advancement of their platforms and expansion of their delivery fleet to cater to increasing demand from Tier-2 and Tier-3 cities.
