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Increase in Internet Connectivity and Smartphone Users is Projected to Drive Delivery And Takeaway Food Market Growth

HYDERABAD, TELANGANA, INDIA, January 23, 2023 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that The Delivery And Takeaway Food Market size is estimated to reach $353.4 billion by 2026, growing at a CAGR of 9.43% during the forecast period 2021-2026. Food delivery involves the customer directly or indirectly, places their order with the restaurant, who then delivers the food to the customer by themselves or via a third-party company. Meanwhile, takeaway involves the customer placing an order with restaurants or food chains and then walk into the restaurant to pick up the finished meal at a pre-determined time. Takeaway restaurants and cloud kitchens are where the dine-in option is unavailable and only allow takeaway and offline or online ordering for home delivery. The rapid rise in popularity of fast foods is anticipated to drive the Delivery And Takeaway Food Market during the forecast period. However, the higher price charged for home delivery of food is anticipated to restrict growth opportunities for the Delivery and Takeaway Food industry. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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Key takeaways:

1. Geographically, North America accounted for the largest Delivery And Takeaway Food Market share in 2020 owing to significant customer expenditure levels on food and the high penetration of major fast-food restaurant chains.

2.An increase in the disposable income and penetration of food delivery companies in developing countries is anticipated to drive the market during the forecast period.

3. However, the low profits being earned by significant food delivery companies are anticipated to restrict demand. Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Delivery And Takeaway Food Market Report.

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Segmental Analysis:

1. Based on Order Type, the Delivery And Takeaway Food Market is segmented into Online, Telephone calls, Face to Face and others. The Face-to-Face order and takeaway segment is anticipated to have the largest market share in 2020 and is poised to dominate the market with a CAGR of 9.7% during the forecast period 2021-2026.

2. This makes them more convenient and allows the chains to serve more customers daily. Furthermore, the franchise model adopted by major fast-food chains has led to a rapid global expansion, increasing their customer base. The Cloud kitchen segment is anticipated to witness the fastest growth with a CAGR of 10.4% during the forecast period owing to its low set-up cost, low operational costs, and flexible menu.

3. The North American segment is projected to dominate the Delivery and Takeaway Food Market during the forecast period 2021-2026 with a market share of 31% owing to factors such as an increase in sedentary lifestyle, high penetration of fast-food chains, high disposable income, and large population with access to smartphone technology and internet connection.

4. Smartphones are used to place delivery or takeaway orders via phone calls, online websites, or mobile apps. For instance, the smartphone users in India increased from 4.7% in 2011 to around 60.6% in 2021 and is projected to reach 96% by 2040. Meanwhile, internet access grew from 7.5% in 2010 to approximately 50% in 2020 in India.

5. The higher costs associated with using mobile apps to place food delivery or takeaway orders is anticipated to challenge growth. It may discourage low and middle-income customers from placing orders. Orders from the app Deliveroo were found to be 31% more expensive than ordering directly, while Uber Eats was 25% more costly.

6. This is anticipated to decrease customer satisfaction which will lead to a reduction in demand. Moreover, around 53% of Deliveroo and 42% of Uber Eats customers found it difficult to raise complaints. For instance, online food delivery service Zomato reported a 330% increase in losses in the financial year 2020; Swiggy, another major food delivery service, registered a 60% increase in losses despite a rise in overall revenue.

Competitive Landscape:

The top 5 players in the Delivery And Takeaway Food industry are -

1. Zomato

2. Swiggy

3. Uber Eats

4. DoorDash

5. Domino's Pizza Inc

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Related Reports:

A. Restaurant Consumables Market
https://www.industryarc.com/Report/15525/restaurant-consumables-market.html

B. Fast Food Market
https://www.industryarc.com/Research/Fast-Food-Market-Research-511144

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