Online takeaway food ordering refers to online platforms that allow customers to directly order and schedule food delivery from local restaurants and food joints. Customers can browse through a list of available restaurants, view their menus, select dishes and pay for orders online. The food is then securely delivered by the restaurant or a affiliated delivery partner. Online takeaway platforms provide high levels of convenience to customers with benefits such as home delivery, cashless payments and easy return/exchange policies. They also help restaurants increase their delivery capabilities and gain access to a larger customer base.
The global Online Takeaway Food Market is estimated to be valued at US$ 167.2 Bn in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: The growing millennial population that increasingly prefers online ordering represents a major market opportunity for players in the online takeaway food market. Millennials, those born between 1980 and 2000, currently account for over 25% of the global population. They have high disposable incomes, are digital natives and willing to try new trends and services. Catering to the preferences and on-the-go lifestyles of millennials can help online takeaway platforms significantly increase their customer base and order volumes over the forecast period. Developing user-friendly apps, offering various payment options and partnering with popular restaurants are some ways players can better engage with millennial users and capture this market opportunity. Porter's Analysis Threat of new entrants: The threat of new entrants is medium as large capital investments are required to penetrate the market and compete with existing players. However, the market is growing at a rapid pace providing opportunities. Bargaining power of buyers: The bargaining power of buyers is high given the presence of many players and options available to choose from. Buyers can opt for substitutes if prices are not competitive. Bargaining power of suppliers: The bargaining power of suppliers is medium as they depend on major players for business. However, key ingredients and packaging material suppliers hold some bargaining power. Threat of new substitutes: The threat of substitutes is medium as alternatives like dining out are available. However, convenience and ease of online ordering attracts customers. Competitive rivalry: The competitive rivalry is high among existing players given the large number of players and concentration. Players focus on wide selection, quick delivery, discounts and loyalty programs. SWOT Analysis Strengths: Wide variety of cuisine options, convenience of online ordering and delivery, established brand names and reputation. Weaknesses: Reliance on third party delivery, fluctuating costs, vulnerability to weather conditions and outages. Opportunities: Growing working population, urbanization, increasing smartphone/internet penetration. Threats: Strict food quality and safety regulations, supply chain disruptions, rising labor costs. Key Takeaways The Global Online Takeaway Food Market Size is expected to witness high growth at a CAGR of 34% during the forecast period of 2023 to 2030. The market size is projected to grow from US$ 167.2 Bn in 2023 to US$ 1,234 Bn by 2030. Regional analysis of the Asia Pacific region is anticipated to dominate the market, accounting for around 45% of the overall market share. Factors such as rising incomes, urbanization, changing lifestyles and increasing number of single households are driving the growth of the online takeaway food market in the region. Key players operating in the Online Takeaway Food Market are Jon-Don LLC., LG Electronics., Appliance Laundry Systems LLC., Electrolux Group, ECOLAB, among others. Jon-Don LLC is one of the leading players focusing on laundry equipment manufacturing for commercial use. Electrolux Group specializes in manufacturing home appliances and commercial products for kitchen, laundry and vacuuming. Get more insights on this topic: https://www.rapidwebwire.com/online-takeaway-food-market-size-analysis/
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