Online food delivery is a service offering a digital platform to the consumers for ordering foodstuff with the help of a website or application online. Such a platform facilitates the food ordering process conveniently and easily by registering the consumers with individual accounts. Customers look for desired food outlets, later select food items from the menu and complete the process by adding address and payment details for delivery. Applications facilitate payment options via a wide range of platforms, namely cash on delivery, net banking, debit card, digital wallet, credit card, and several others.
The growing penetration of smartphones and fast internet technology is one of the major factors driving the growth of the global online food delivery services market. In addition, several benefits like rewards, cashback offers, attractive discounts, and doorstep delivery are offered by the online food delivery service solutions. The growing food delivery sector is facilitating consumers to order food from a wide range of restaurants and hotels is one of the crucial factors driving the growth of the market.
The spike in demand for quick home delivery, fresh food, and easy accessibility is further augmenting the adoption of these services. Moreover, the fast expansion of giant delivery companies including Swiggy and Zomato is highly influencing the market. The growing integration of the internet of things is permitting users of online food delivery solutions through voice commands to ease the ordering and delivery process. However, the ongoing technological advancements are creating several lucrative growth opportunities in the global online food delivery services market.
The global online food delivery services market is segmented into the payment method, channel type, type, and region.
By payment method, the market can be segmented into online and cash-on-delivery payment methods. The online segment accounts for the largest share in the global online food delivery services market due to the growing digitalization all across the globe.
By channel type, the market can be segmented into mobile applications and websites. The mobile application segment holds the largest share in the global market due to the high penetration of smartphones coupled with robust internet connectivity globally.
By type, the market can be segmented into the platform to consumer and restaurant to the consumer. The platform-to-consumer segment dominates the global market.
Asia Pacific accounts for the largest share in the global online food delivery services market due to the growing disposable income of the people in the region along with the transforming preferences among millennials. Also, the growing government initiatives to strengthen the internet infrastructure in the region are further likely to accentuate the growth of the regional market.
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North America is expected to grow exponentially in the global market in the forthcoming years due to the work culture and hectic lifestyle of the people in the region.
Some of the significant players in the global online food delivery services market are Uber Technologies Inc., Takeaway.com, Swiggy, Just Eat Holding Limited, DoorDash, Meituan Waimai, Ele.me, Deliveroo, and GrubHub. To cite, Flytrex in September 2017 introduced commercial drones in Iceland for deliveries. Moreover, the companies are also emphasizing on increasing their logistics network in order to grow their market reach.