The online takeaway food market enables customers to order food from local restaurants and receive delivery at their homes or workplaces through internet enabled devices. Online food ordering and delivery services provide convenience and save time for customers. With increasing internet penetration and smartphone usage, online food delivery services have gained prominence among working professionals as well as students.
The global Online Takeaway Food Market is estimated to be valued at US$ 167.2 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Expanding consumer base presents a key opportunity for growth of the online takeaway food market. Rapid urbanization and changing lifestyles have led to an increase in number of nuclear families and working women population globally. This has boosted the demand for convenience and time saving solutions like online food ordering and delivery services. Busy schedules leave little time for cooking, driving demand for takeaway foods. Further, growing awareness about wider variety of cuisines available through online platforms is augmenting the consumer base for online takeaway food market. Various offers, discounts and loyalty programs by market players to attract new customers also support the market expansion. Tapping into this large consumer demographic through effective marketing strategies can generate further growth in the global online takeaway food market during the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants into the online takeaway food market is medium. While the market has high growth potential with increasing smartphone and internet penetration, new players will face challenges of creating brand awareness and reaching critical scale to handle delivery logistics efficiently.
Bargaining power of buyers: The bargaining power of buyers is high given the presence of many established players in the market providing similar offerings. Buyers can easily shift between platforms based on discounts, offers and delivery timelines.
Bargaining power of suppliers: The bargaining power of suppliers is medium-low. While several restaurants and food outlets supply to these platforms, platforms have the bargaining power given their scale and reach to buyers.
Threat of new substitutes: The threat of substitutes is medium. While dining-out remains an option, substitutes like meal kits delivery are also emerging.
Competitive rivalry: The competitive rivalry in the market is high given the presence of global and regional established players competing on parameters like discounts, fast delivery and varied menu options.
SWOT Analysis
Strength: Large customer base, strong brands, capable delivery fleets, data analytics capabilities to improve customer experience.
Weakness: High customer acquisition and retention costs, dependence on restaurant partners, vulnerability to regulations.
Opportunity: Rapid growth in emerging markets, increasing penetration of smartphones and internet, evolving consumer preference for online ordering and contactless delivery.
Threats: Strict Covid19 restrictions impacting operations, increasing input costs, threat from other online/offline food delivery channels.
Key Takeaways
The Global Online Takeaway Food Market is expected to witness high growth over the forecast period driven by increasing smartphone and internet penetration, busier lifestyles and evolving consumption patterns.
Regional analysis - Asia Pacific dominates the global online takeaway food market currently owing to high mobile connectivity and presence of regional leaders like Swiggy, Zomato, Foodpanda. China alone contributes over 30% to the global online food delivery market revenues currently. India and Southeast Asian countries are also witnessing fast growth backed by growing young population and rising disposable incomes.
Key players - Key players operating in the online takeaway food market are Swiggy, Zomato, Deliveroo, Uber Eats, DoorDash, Grubhub, Just Eat Takeaway.com, Gojek and Grab. These players are investing in integrating new payment modes, expanding selection of restaurants and enhancing delivery capabilities in high potential international markets.
For more insights, Read- https://www.insightprobing.com/online-takeaway-food-market-growth-market-size-share-analysis/
