The Worldwide Digital Food Delivery Industry is Expected to Reach $369 Billion by 2030
The global digital food delivery market is expected to reach USD 369.97 Billion in 2030 and register a revenue CAGR of 13.2% during the forecast period, according to the latest report. Increasing preference for on-demand food services and the technological advancements in the hospitality & tourism sector are key factors driving the market growth.
Digital food delivery platforms have gained immense popularity among consumers in recent years, as they offer a convenient and hassle-free way to order food from restaurants and fast food chains. These platforms also provide an efficient delivery system that ensures the timely delivery of food orders. Moreover, these platforms allow users to track their order status in real time, which adds to the convenience factor.
Technology is playing a pivotal role in the restaurant industry. It is blurring the lines between restaurants and other businesses, as customers can now order their favorite foods from any number of establishments without ever leaving their homes. As a result, a new delivery system business model has emerged in the food service industry, with companies like GrubHub, Foodler, and Seamless leading the charge. This new model is based on convenience and ease of use, and it is quickly gaining popularity with consumers.
In terms of revenue, the online ordering segment is expected to grow at the highest CAGR of 14.4% during the forecast period. This is attributed to the growing popularity of online food ordering platforms, such as Zomato and Swiggy, which allow users to order food from their favorite restaurants with just a few clicks.
After the outbreak of COVID-19, there has been a surge in demand for the digital food delivery market as consumers prefer contactless deliveries to minimize their exposure to the virus. In addition, with the lockdown and social distancing norms, people opt for online food ordering and delivery services.
Unstable, or somewhat unreliable, internet connection, poor management, and delayed or failed deliveries are some of the critical challenges faced by the digital food delivery market. Moreover, the lack of standardization regarding quality and pricing is another challenge that hampers market growth.
The original article is “The Worldwide Digital Food Delivery Industry is Expected to Reach $369 Billion by 2030.”