online food delivery market

Online Food Delivery Market Overview, Global Industry Trends and Future Demand Till 2028

According to IMARC Group, the global online food delivery market size reached US$ 121.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 250.0 Billion by 2028, exhibiting a growth rate (CAGR) of 11.1% during 2023-2028.

The report has segmented the market by platform type (mobile applications, website), business model (order focused food delivery system, logistics based food delivery system, full-service food delivery system), payment method (online payment, cash on delivery), and region.

Factors Affecting the Growth of the Online Food Delivery Industry:

  • Rising demand for convenience and time efficiency:

The prime factor driving the online food delivery market is the unparalleled convenience it offers to consumers. In line with this, the hectic lifestyles and busy schedules of consumers are prompting them to seek time-saving solutions such as online food delivery platforms to access a diverse range of culinary options without leaving their homes or workplaces. This convenience is accentuated by user-friendly interfaces, real-time tracking features, and a plethora of choices, enabling consumers to browse and order food with just a few taps on their smartphones. As a result, the online food delivery market is gaining traction among consumers.

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  • Technological advancements and digital transformation:

Significant technological advancements and the increasing digital transformation are presenting remunerative growth opportunities for the market. The introduction of mobile applications, sophisticated algorithms, and integrated payment systems enhancing consumer accessibility are aiding in market expansion. Besides this, the incorporation of artificial intelligence (AI) and machine learning (AL) algorithms to improve user experience by providing personalized recommendations and efficient delivery routes is bolstering the market growth. Furthermore, the integration of global positioning system (GPS) technology allowing customers to track the delivery status in real-time has also elevated the overall customer experience, creating a positive outlook for market expansion.

  • Changing consumer preferences and increased urbanization:

The shifting preferences of consumers, coupled with increased urbanization are providing an impetus to the market. As more people migrate to urban areas in search of employment opportunities, the demand for ready-to-eat (RTE) and delivered meals rises significantly. Online food delivery services cater to this demand by offering a wide array of cuisines and food options, often from local restaurants that might not have a physical presence in the immediate vicinity. Apart from this, changing dietary preferences and a growing interest in diverse culinary experiences drive consumers to explore and order food from various sources, fostering the growth of the online food delivery market.

Online Food Delivery Market Report Segmentation:

By Platform Type:

  • Mobile Applications
  • Website

Mobile applications dominate the online food delivery market due to their user-friendly interfaces, real-time tracking features, and on-the-go accessibility, providing unmatched convenience to consumers.

By Business Model:

  • Order Focused Food Delivery System
  • Logistics Based Food Delivery System
  • Full-Service Food Delivery System

Order-focused food delivery systems represent the largest market segment as they cater to the core consumer demand for efficient and reliable meal ordering, emphasizing seamless delivery processes and diverse culinary choices.

By Payment Method:

  • Online Payment
  • Cash on Delivery

Online payments account for the majority of market share, driven by the convenience, security, and speed they offer, aligning with the digital nature of the platform and meeting consumer preferences for hassle-free transactions.

Regional Insights:

  • China
  • North America
  • Asia Pacific ( excluding China)
  • Europe
  • Rest of the World

China has emerged as the leading market in the online food delivery industry due to its massive population, rapid urbanization, and the widespread adoption of mobile technology, creating a fertile ground for the growth of online food delivery services.

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Competitive Landscape:

The competitive landscape of the online food delivery market has been examined in the report, along with the detailed profiles of the major players operating in the industry.

Some of These Key Players Include:

  • Deliveroo
  • Delivery Hero
  • (Alibaba Group)
  • Just Eat N.V.
  • Meituan Waimai

Online Food Delivery Market Trends:

The increasing emphasis on health-conscious eating habits is contributing to the market growth, with consumers seeking diverse, nutritious meal options. In confluence with this, the surge in demand for specialized dietary preferences, including vegetarian, vegan, and gluten-free choices, has spurred the expansion of online platforms that provide a wide array of health-oriented menu selections, fostering market expansion. Furthermore, the rising trend of experiential dining at home, with consumers increasingly valuing the immersive experience of enjoying restaurant-quality meals in the comfort of their homes is presenting remunerative opportunities for the market growth.

Key Highlights of the Report:

  • Market Performance (2018-2023)
  • Market Outlook (2024-2032)
  • Market Trends
  • Market Drivers and Success Factors
  • Impact of COVID-19
  • Value Chain Analysis
  • Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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