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Online Takeaway Food Market is Estimated to Witness High Growth Owing to Opportunity of Continuous Convenience and Variety

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Rajkumar cmi
Online Takeaway Food Market is Estimated to Witness High Growth Owing to Opportunity of Continuous Convenience and Variety

Online takeaway food allows both individuals as well as families to order meals from their favorite local restaurants at the convenience of their homes or offices. This has helped accelerate the demand for hygienic, nutritious and customized food options especially among the working population and millennials. The growing preference for convenient and quick meal solutions is further fueling the market growth.

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 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The growth of the online takeaway food market is accelerating primarily due to the increasing trend of digitization and convenience. With growing usage of smartphones and internet, more people are opting for online food ordering platforms which allows them to browse menus, add items to cart and pay without visiting restaurants. Various food chains and restaurants are investing in digitization of services to meet the changing consumer preferences. They are focusing on enhancing their digital presence and enabling advanced features like online payment, live order tracking and customized meal options on their websites and mobile apps. This is enabling higher accessibility and convenience which is fueling the demand in the online takeaway food market.

Segment Analysis

The global online takeaway food market size is dominated by the food delivery segment. With the rising adoption of food delivery apps and increasing prominence of quick-commerce platforms, the food delivery segment accounts for over 65% of the overall online takeaway food market. The ease of ordering and convenience of doorstep delivery offered by food delivery apps and websites has made this segment immensely popular among consumers.

Key Takeaways

The global online takeaway food market is expected to witness high growth over the forecast period 2024 to 2031. 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 2031.

Regional analysis: North America currently dominates the global online takeaway food market. The region accounted for around 35% market share in 2024 owing to high penetration of online food delivery platforms and rising preference of consumers towards convenience food options. However, Asia Pacific is expected to be the fastest growing regional market during the forecast period with countries like China, India, and Indonesia witnessing exponential growth in online food orders and platforms.

Key players: Key players operating in the online takeaway food market are Epiroc Ab, AB Volvo (Volvo Construction Equipment), Doosan Corporation, Caterpillar Inc., and Deere & Company. Epiroc Ab holds the leading market position globally with its strong product portfolio and widespread geographical presence. AB Volvo also has a sizable market share attributed to its robust overseas sales network and wide range of construction equipment.

Get more insights on this topic: https://www.newsstatix.com/online-takeaway-food-market-share-and-opportunity-analysis/

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