The online takeaway food market offers convenience and variety to time-pressed consumers looking for easy meal solutions. Major platforms acting as intermediaries connect local restaurants and their diverse cuisines to customers through online ordering and delivery. This allows people to order dishes from multiple cultures for delivery straight to their homes or offices. The global online takeaway food market offers cuisines from around the world all in one place. With just a few clicks, customers can choose between Italian, Chinese, Mexican, Indian and other flavors to suit any tastebud. The online platforms also provide key nutritional information, reviews and ratings to help consumers select the best options.
The global Online Takeaway Food Market is estimated to be valued at US$ 167.2 Bn in 2023 and is expected to exhibit a CAGR of 34.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving growth in the Global Online Takeaway Food Market Size is the preference for contactless delivery amongst customers in the wake of the COVID 19 pandemic. Many people now opt for online ordering over dine-ins or pickups to avoid direct contact. This has led to increased digital ordering along with no-contact delivery options becoming the norm. Moreover, the pandemic has accelerated the shift to online platforms and apps for everyday tasks including food ordering. Convenience, safety and reliability are attracting more users to digital takeaway solutions on a long-term basis.
Porter’s Analysis
Threat of new entrants: The online takeaway food market has moderate threat of new entrants due to high initial capital requirements for setting up online food delivery network and partnerships with restaurants.
Bargaining power of buyers: The bargaining power of buyers is high due to large number of buyers and easy availability of substitutes. Buyers can switch between various online platforms offering takeaway foods.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many restaurants who can supply foods through online platforms. However, brands attract larger number of customers.
Threat of new substitutes: The threat of new substitutes is high due to option of home delivery through different modes like phone ordering or ordering directly at restaurants.
Competitive rivalry: The competitive rivalry in the market is high due to presence of many regional and global players competing on parameters like range of cuisines, delivery time, discounts and offers.
Key Takeaways
The Global Online Takeaway Food Market is estimated to be valued at US$ 167.2 Bn in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2023 to 2030.
The global online takeaway food market is expected to witness high growth. The market in Asia Pacific region is projected to dominate the global market during the forecast period due to rising youth population, high smartphone penetration and changing food habits in countries like China and India. China holds major share of the region due to increasing dependence on online platforms for food delivery. India is also projected to offer lucrative opportunities owing to growing preference among young population to order foods online and get it home delivered.
Key players: Key players operating in the online takeaway food market are Jon-Don LLC., LG Electronics., Appliance Laundry Systems LLC., Electrolux Group, ECOLAB, among others. Key players are focusing on expanding their businesses through strategic partnerships with local restaurants to cater to diversified demand of customers across various countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn