by The online takeaway food ordering market involves various food categories like fast food, restaurant food, street food and more. Online food delivery services allow customers to choose food from various restaurants, pay online and get the meal delivered at their doorstep. This has made ordering food easier especially for young consumers who are mostly dependent on smartphones and internet.
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 Dynamics
The growing adoption among millenials and increasing preference for convenient food ordering options are driving the global online takeaway food market. As per the heading, the millennial population prefers ordering food online instead of conventional dine-in. Their dependence on digital platforms and enthusiasm for new technology has made them one of the primary users of online food ordering services. Moreover, today’s busy lifestyle has increased the demand for convenient options that save time. People prefer online food delivery as it allows them to get restaurant-quality food without stepping out of their homes or offices. The COVID-19 pandemic further boosted the market growth as social distancing rules increased dependence on contactless food delivery systems.
Segment Analysis
The online takeaway food market is dominated by the fast food segment which accounts for over 40% of the overall market share. Popular food items ordered for takeaway through online platforms include pizza, burgers, pasta dishes and Asian cuisine. The fast food segment is dominating as these items are popular among all age groups and take less time to prepare and delivery. Convenience is the prime reason behind the rising popularity of fast food segment in the online takeaway food market.
PEST Analysis
Political: Food safety and hygiene laws are influencing the online takeaway market positively. Strict regulations prevent the sale of unsafe or contaminated food items.
Economic: Rising disposable incomes and busy lifestyles have increased the demand for convenience foods. The economic growth in developing nations is creating new customers for online food ordering platforms.
Social: Changing food preferences and growing popularity of international cuisines have expanded the menu options for online food aggregators. Younger demographic is most active on digital platforms and drives online order volumes.
Technological: Advanced online platforms with user-friendly interfaces and payment options have made the online food ordering and delivery process very simple. Geotagging and real-time tracking allows consumers to track their orders seamlessly.
Key Takeaways
The Global Online Takeaway Food Market Size is expected to witness high growth over the forecast period supported by increasing smartphone and internet penetration. The young demographic is increasingly adopting online food ordering options boosting market revenues. 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.
Regional analysis: Asia Pacific region dominates the online takeaway food market currently accounting for over 35% share supported by high mobile and online usage in countries like India and China. Key metro cities are expected to drive the highest demand.
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 platform enhancement, tie-ups with restaurants and expansion into new regions to strengthen their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
