May 18, 2024
Online Takeaway Food Market

Online Takeaway Food Market is Heating Up with Growing Mobile App Usage

The online takeaway food market has experienced significant growth in recent years driven by growing mobile app usage and increasing internet penetration. The market offers a wide variety of cuisines including Asian, Italian, Mexican, American and others that can be ordered online and delivered to customers’ doorsteps. This convenience of ordering from preferred restaurants while sitting at home or work has increased the popularity of online food delivery services.

The Global Online Takeaway Food Market is estimated to be valued at US$ 192.62 Mn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the online takeaway food market are Epiroc Ab, AB Volvo (Volvo Construction Equipment), Doosan Corporation, Caterpillar Inc., and Deere & Company. The presence of major players has led to high competition in the market. These companies are focusing on partnerships and mergers and acquisitions to expand their business operations.

Growing preference for ordering food online instead of dining out as it saves time has boosted the demand for online takeaway services. Busy lifestyles coupled with increased disposable income has further augmented the market growth. Furthermore, novel trends such as ordering food through social media platforms are catalyzing the sales of online takeaway food.

Geographical expansion of leading marketplace players into developing regions of Asia Pacific, South America, Middle East and Africa provides tremendous opportunities for market penetration. Favorable demographics such as young population and rapid urbanization support the futher growth of online takeaway food market across global locations.

Market Key Trends

One of the emerging trends in the global online takeaway food market is growing popularity of food delivery through mobile apps. Leading companies are making significant investments in developing advanced features in their mobile applications to offer more personalized experience to users. Enhanced features like customized notification settings, order tracking, saved address and payment methods are enhancing consumer engagement with mobile apps. This trend is expected to continue and drive the revenue of online takeaway food market during the forecast period.

Porter’s Analysis
Threat of new entrants: Low initial investments required by businesses to enter the market attracts new companies periodically. However, major companies have established brand names and operational efficiency making it difficult for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative options. Buyers can negotiate and demand better service quality or lower prices from food aggregators.
Bargaining power of suppliers: Food suppliers have low bargaining power as there are many restaurants and cloud kitchens supplying foods to food aggregators. Suppliers are dependent on food aggregators for reaching customers.
Threat of new substitutes: New substitutes in the form of direct ordering at restaurants or ordering through other food delivery apps pose low to moderate threat.
Competitive rivalry: Intense competition exists among major online food ordering platforms to gain more market share by offering discounts, evolving technological interfaces and extensive delivery coverage areas.

Geographical Regions
North America accounts for the largest share in the global Online Takeaway Food Market currently, valued at US$ 73.22 Mn in 2024. Canada and US lead the online food ordering demand in the region. Asia Pacific region is expected to witness fastest growth during the forecast period, with China, India and Indonesia among the major growth contributors. Increasing young working population and improving internet penetration in developing Asian countries will drive market value growth over the next six years in Asia Pacific region.

Geographical Regions
Europe accounts for the second largest market currently, valued at US$ 54.81 Mn in 2024. Top revenue generating countries for online takeaway food market in Europe are UK, Germany, France and Italy. Adoption of advanced technologies by leading food aggregators to enhance customer experience and penetration into smaller towns and cities offer growth opportunities during the forecast period.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it