Jul 26, 2021 (AmericaNewsHour) -- In a recent published report, Kenneth Research has updated the Online Food Delivery Market report for for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Online Food Delivery Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017.
The online food delivery market in India is growing in tandem with the evolving lifestyle and eating habits of Indians. Hectic work schedules and rise in disposable incomes have popularized food delivery, especially in urban areas.
The online food delivery market in India was valued at INR 317 Bn in 2019 and is expected to reach INR 630.61 Bn by 2025, expanding at a CAGR of 12.79% during the 2020-2025 period.
Major players in the market include platform-to-customer service providers such as Swiggy (Bundl Technologies Private Limited), FreshMenu (FoodVista India Private Limited), and Zomato (Zomato Media Private Limited). Apart from these, there exist certain companies that operate with a restaurant-to-customer delivery model such as Box8, Domino’s (Domino’s Pizza, Inc.), and KFC (Yum! Brands, Inc.). Several new players such as Amazon and MakeMyTrip have also entered the market, disrupting the online food delivery industry
Investment in established industry players such as Zomato and Swiggy has increased consistently over the years. In April 2020, Zomato and Faasos received funding worth INR 382 Mn and INR 3.78 Bn, respectively. Zomato raised the fund from Horizon Investment Trust, and Faasos received it from its existing investor, Coatue Management, a US-based hedge fund.
COVID-19 ImpactOrder volumes in the online food delivery market in India contracted considerably between March and June 2020, with the implementation of the nationwide lockdown, in the wake of the pandemic. The industry started facing disruption from the beginning of March 2020, when online food delivery services registered a 70% decline in the number of daily orders. However, in October 2020, Swiggy reported that its pan-India food delivery business has recovered around 80% to 85% of its pre-COVID-19 order value, mainly fueled by the ongoing cricket season.
Key growth driver of the marketIn the recent years, the number of working women has increased in the Indian workforce, especially in the city-based organized sectors. The number of double income families has, therefore, increased. Cooking becomes a hassle at times for people with hectic work schedules. Moreover, the dual income scenario has increased the overall spending capacity of families. Also, the key players such as Swiggy, and Zomato provide lucrative offers to customers, both existing and new, in order to keep up the stiff competition in the online food ordering market.
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Key deterrent to the growth of the marketRecently, there have been several instances of spurious and closed restaurants and food shops taking orders on food platforms. Cases of certain outlets, registered on food delivery apps, that are makeshift, or operate out of home joints, with hardly any focus on hygiene and quality, have been reported. This has caused annoyance among both customers and food delivery executives. Also, consumers have expressed concerns over the quality of food since these unauthorized food stalls seldom maintain hygiene. Consequently, customers have exhibited discontent with online food delivery platforms.
Companies covered? Box8
? Bundl Technologies Private Limited
? FoodVista India Private Limited
? Rebel Foods Private Limited
? Zomato Media Private Limited
? Domino's Pizza, Inc.
? Yum! Brands, Inc.
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
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Rated as one of the best multi-client reselling agencies, Kenneth Research provides a single platform for insights on numerous industries for investors and companies who are willing to expand their business. The platform caters to industries that include Healthcare and Pharmaceuticals, Chemicals, ICT and Telecom, Energy and Power, Automotive and Transportation, and several others, and offers the best strategic business consultancy services at a global level.
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