At 9.43% CAGR, Delivery And Takeaway Food Market Size Worth $353.4 Billion By 2026: Industryarc

Date

10/27/2022 6:01:22 AM

(MENAFN- EIN Presswire)

Market Research Reports, Business Consulting Services & Analytics

Increase in Internet Connectivity and smartphone Users is Projected to Drive Delivery and Takeaway Food market Growth.

HYDERABAD, TELANGANA, INDIA, October 27, 2022 / / -- IndustryARC, in its latest report, predicts that The 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. However, the low profits being earned by significant food delivery companies are anticipated to restrict demand.

3. 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. 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.

2. For instance, major luxury restaurants such as Taj Group, Marriot, ITC, and Hyatt have formed tie-ups with food delivery companies such as Zomato and Swiggy to deliver their meals to customers.

3. Orders from the app Deliveroo were found to be 31% more expensive than ordering directly, while Uber Eats was 25% more costly. Moreover, complaints among customers regarding cold food delayed delivery, and missing food items are prevalent.

4. 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.

5. Major industry players in the Delivery and Takeaway market have been incurring losses which is anticipated to hamper expansion plans. Moreover, it makes the market seem unattractive to new entrants, further hindering the growth during the forecast period. 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

B. Fast Food Market

Venkat Reddy
IndustryARC

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