Online Take-Out Food Market Grows On The Important Pillars Of High Speed ​​Internet Services And The Proliferation Of Smartphones
SEATTLE, WA, United States, January 5, 2022 /EINPresswire.com/ – Online takeaway food market is multiplying on the important pillars of high-speed Internet services and the proliferation of smartphones. By 2027, the global online takeout market is expected to reach US $ 29.94 billion, a CAGR of 14.0% during 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 healthy eating, nutrition and weight loss market accounted for US $ 702 billion of the global wellness economy.
Overview
There are many factors why ordering takeout online from an independent franchise store 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 serve only a small selection of imported foods. Additionally, due to their size and resources, online take out food services are able to deliver more food than a traditional restaurant could. They have a large supply of ready-to-eat (RTA) meals from many different countries and cuisines. This is especially useful for travelers from other countries who wish to take a sample of local foods.
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Competitive landscape
The major companies contributing to the global online takeout market are Foodpanda, Takeaway.com, Delivery Hero SE, GrubHub, Just Eat, LimeTray, Swiggy, Zomato, and Deliveroo.
Conductors
The increasing demand for ready-to-eat foods among the working population due to the busy lifestyles in the urban space is expected to drive the growth of the online take-out food market during the forecast period.
In addition to this, the proliferation of smartphones alongside the advent of 5th generation mobile networks is expected to drive the growth of the online takeout market throughout the forecast period.
Summary of the consequences of COVID-19
The onset of the COVID-19 pandemic has allowed the global online take-out food market to grow. External restrictions due to the crisis have forced restaurant owners to adopt online food delivery services to survive this uneven business climate. In addition to this, internet usage has exploded among consumers due to the restricted outdoor activities, thus expanding the reach of the market.
Key points to remember
The online take-out food market is expected to grow at a CAGR of 14.0% throughout the forecast period in the wake of the growing demand for online food delivery services and increased investment in the food sector. For example, in July 2021, Japanese investment firm SoftBank invested around US $ 450 million in Swiggy, an Indian food delivery company, to capitalize on the region’s enormous potential.
Within the group of regions, North America is well positioned to reign supreme in the global online takeout market due to the rapid adoption of these services by major players such as McDonalds and Dominos.
Bubbling under the top spot, the Asia-Pacific region is another investment hotspot for the global online takeout market at the helm of emerging Indian start-ups focused on online food delivery services.
Key takeaways / Market trends
During the forecast period, increasing disposable income and increasing female workforce are expected to propel the global online takeout market. According to World Bank data, the female workforce represented 38.92% of the total workforce in 2012, and it increased to 39.09% in 2017. This figure is expected to increase further over the course of the year. of the forecast period, increasing the demand for takeaway food online.
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