Online Food Delivery Services Market expected to reach US$ 10, 26,439 Mn by 2031 – FMI

Consumersonline exposure has grown significantly. Rising internet prevalence and drastically increased smartphone accessibility are enhancing their online exposure. Several markets have benefited from the scenario. Online food delivery services may be among those who have benefited the most from the current circumstances. The amazing evolution of food delivery aggregators such as Swiggy and Zomato in the Indian market demonstrates the industry’s success. Furthermore, sociological food delivery industry trends such as the growing number of families with dual income earners and changing consumer lifestyles are propelling the online food delivery services market ahead.

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Online Food Delivery Services Market business research performed by FMI includes key findings such as the latest and speculative production capacity, capacity utilization rates of each manufacturer, recent and speculative pricing, and price optimization strategy across the value chain, as well as an economic evaluation of online food delivery services market production.

“Consumers are opting for online food delivery largely owing to fast delivery, ease of ordering, and accuracy in operations. On the other hand, food service providers are gaining through higher revenue, lower labor costs and minimal operational errors, that will support market growth in the years to come,” says the FMI analyst.

Online Food Delivery Services Market – Primary Takeaways

[*]Platform to consumer services are rapidly becoming prominent contributors to revenue owing to efficient shipment facilities being given to restaurants.
[*]Online payment services including net banking and portals are rapidly gaining popularity owing to collaborations between online food delivery service providers and banks.
[*]Asia Pacific is a key market for online food delivery services owing to rising expenditure from the millennial demographic, and their preference for smartphone apps.

Online Food Delivery Services Market – Growth Factors

[*]High penetration of internet services and smartphones is a key factor driving the adoption of online food delivery services.
[*]Offers of cashback, discounts, payment options, and delivery to the doorstep, drive the popularity of online food delivery services.

Online Food Delivery Services Market – Major Constraints

[*]Intense competition owing to the high number of food delivery service platforms hurts profitability.
[*]Lack of resources in restaurants to cope with high order volumes, and deterioration of quality hurts demand.

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The Projected Impact of Coronavirus

As nations around the world enforce large-scale lockdowns, the fear of contagion has pushed consumers to avoid visits to restaurants. However, online food delivery services are expected to benefit from this trend. The pandemic has raised the number of food delivery orders, but has also generated logistical challenges to players operating in the industry. Investments into food safety protocol and equipment are key to sustaining growth through the crisis period.

Competition Landscape

The online food delivery services market comprises players including but not limited to Zomato, Deliveroo, Uber Technologies Inc., DoorDash, Takeaway.com, FoodPanda, Swiggy, GrubHub, Postmates Inc., and Just Eat Holding Ltd.

Players in the online food deliver service market are primarily investing in industry collaborations and acquisitions to expand their consumer base, with attractive offers, keeping ahead in a highly fragmented and competitive landscape.

For instance, Uber has announced the acquisition of Postmates Inc. food delivery service for US$ 2.65 Bn. MakeMyTrip has announced partnerships with premium hotel chains for online food delivery services in major cities in India. Similarly, Swiggy has entered a partnership with hospitality partner Marriott International for a premium delivery service initiative.

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Market Segmentation

By Type

• Restaurant –to- Consumer
• Platform – to- Consumer

By Channel Type 

• Website/ Desktop
• Mobile Application

By Payment Method

• Cash on Delivery
• Online

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