Online Takeaway Food Market is mushrooming on the prominent pillars of high-speed Internet services and proliferation of smartphones

SEATTLE, WA, US, January 5, 2022 /EINPresswire.com/ -- Online Takeaway Food Market is mushrooming on the prominent pillars of high-speed Internet services and proliferation of smartphones , By 2027, the global online takeaway food market is expected to reach US$ 29.94 billion, representing a 14.0 percent CAGR over the forecast period (2019-2027). According to the Global Wellness Institute, the global wellness economy was worth US$ 3.7 trillion in 2015, and by the end of 2017, it had grown to US$ 4.2 trillion. In 2017, the market for healthy eating, nutrition, and weight loss accounted for US$ 702 billion of the total global wellness economy.

Overview

There are many factors why ordering online takeaway food from an independent franchise outlet or online store is more profitable than ordering from a chain restaurant. Most traditional delivery services only offer a small selection of the different countries and cuisines they serve. Some may even only serve a small selection of imported foods. In addition, owing to their size and resources, online takeaway food services are able to provide more food than a traditional restaurant would be able to. They have an extensive supply of ready-to-eat (RTA) food from many different countries and cuisines. This is especially helpful for travelers from other countries who would like to take a sample of the local foods.

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Competitive Landscape

Major companies contributing to the global online takeaway food market include Foodpanda, Takeaway.com, Delivery Hero SE, GrubHub, Just Eat, LimeTray, Swiggy, Zomato, and Deliveroo.

Drivers

Burgeoning demand for ready-to-eat foods among the working population due to busy lifestyles in the urban space is expected to foster growth of the online takeaway food market during the forecast period.

In addition to this, proliferation of smartphones in parallel to the advent of the 5th generation mobile networks is expected to boost growth of the online takeaway food market throughout the forecast period.

Summary of the COVID-19 Aftermath

The onset of the COVID-19 pandemic has provided great legs for the global online takeaway food market to expand. The crisis-led outdoor restrictions have compelled restaurant owners to adopt online food delivery services to sustain through this uneven business climate. On top of that, internet usage skyrocketed among the consumers due to restricted outdoor activities, hence, broadening the scope for the market.

Key Takeaways

The online takeaway food market is anticipated to grow at a CAGR of 14.0 % throughout the forecast period on the heels of increasing demand for online food delivery services and rising investments in the food business. For instance, in July 2021, the Japanese investment firm, SoftBank, invested around US$ 450 million in Swiggy, an Indian food delivery major, to capitalize on huge potential in the region.

In the cluster of regions, North America is well-positioned to reign supreme in the global online takeaway food market on account of rapid adoption of these services among major players such as McDonalds and Dominos.

Bubbling under the top spot, the Asia Pacific region is another investment hotspot for the global online takeaway food market at the helm of emerging Indian start-ups focused on online food delivery services.

Key Takeaways/Market Trends

During the forecast period, rising disposable income and a growing female labour force are expected to propel the global online takeaway food market forward. According to World Bank data, the female labour workforce accounted for 38.92 percent of the total labour force in 2012, and it increased to 39.09 percent in 2017. This is expected to rise even more during the forecast period, boosting demand for online takeaway food.

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➸ Quantitative, qualitative, value (USD Million), and volume (Units Million) data are among the segments and sub-segments included in the report.
➸ Data on demand and supply forces, as well as their effects on the market, can be found at the regional, sub-regional, and country levels.
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