Online food delivery service providers are largely focused on implanting stringent safety procedures in operations to allay consumer fears of contagion during the covid-19 pandemic.
DUBAI, UAE / ACCESSWIRE / August 4, 2020 / Future Market Insights: The online food delivery services market is anticipated to surpass a valuation of US$ 4.2 Bn by the end of the assessment period in 2029. With governments around the world pushing the public to temporarily shun non-essential contact with other people, online food delivery services have positioned themselves as a safe alternative to pubs, restaurants, and other social venues. Strict implementation of food safety procedures and no-contact delivery methods, the demand for online food delivery services will remain strong for the foreseeable future.
"Consumers are opting for online food delivery largely owing to fast delivery, ease of ordering, and accuracy in operations. On the other hand, food service providers are gaining through higher revenue, lower labor costs and minimal operational errors, that will support market growth in the years to come," says the FMI analyst.
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Online Food Delivery Services Market - Primary Takeaways
- Platform to consumer services are rapidly becoming prominent contributors to revenue owing to efficient shipment facilities being given to restaurants.
- Online payment services including net banking and portals are rapidly gaining popularity owing to collaborations between online food delivery service providers and banks.
- Asia Pacific is a key market for online food delivery services owing to rising expenditure from the millennial demographic, and their preference for smartphone apps.
Online Food Delivery Services Market - Growth Factors
- High penetration of internet services and smartphones is a key factor driving the adoption of online food delivery services.
- Offers of cashback, discounts, payment options, and delivery to the doorstep, drive the popularity of online food delivery services.
Online Food Delivery Services Market - Major Constraints
- Intense competition owing to the high number of food delivery service platforms hurts profitability.
- Lack of resources in restaurants to cope with high order volumes, and deterioration of quality hurts demand.
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The Projected Impact of Coronavirus
As nations around the world enforce large-scale lockdowns, the fear of contagion has pushed consumers to avoid visits to restaurants. However, online food delivery services are expected to benefit from this trend. The pandemic has raised the number of food delivery orders, but has also generated logistical challenges to players operating in the industry. Investments into food safety protocol and equipment are key to sustaining growth through the crisis period.
The online food delivery services market comprises players including but not limited to Zomato, Deliveroo, Uber Technologies Inc., DoorDash, Takeaway.com, FoodPanda, Swiggy, GrubHub, Postmates Inc., and Just Eat Holding Ltd.
Players in the online food deliver service market are primarily investing in industry collaborations and acquisitions to expand their consumer base, with attractive offers, keeping ahead in a highly fragmented and competitive landscape.
For instance, Uber has announced the acquisition of Postmates Inc. food delivery service for US$ 2.65 Bn. MakeMyTrip has announced partnerships with premium hotel chains for online food delivery services in major cities in India. Similarly, Swiggy has entered a partnership with hospitality partner Marriott International for a premium delivery service initiative.
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More About the Study
The FMI study provides detailed insights on online food delivery services market. The market is broken down in terms of type (restaurant to consumer and platform to consumer), channel type (website and mobile application), and payment method (cash on delivery and online) across seven key regions (North America, Latin America, Europe, Asia Pacific Excluding Japan, Japan, Oceania, and MEA).
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SOURCE: Future Market Insights