A continuation of lockdown measures, coupled with changes to consumer behaviour, mean that the global online food delivery market is expected to grow by 10% this year, compared to 2020, a new study has found.
The study, conducted by StockApps.com and Statista, says that the market could be worth around $151.5 billion (€122.9 billion) this year, with some 1.6 billion people around the world using online food delivery services.
According to the study, revenues in the online food delivery segment surged by close to 30% amidst the COVID-19 outbreak.
Growth Rate
In 2017, the segment was worth $76.2 billion, rising to $107.4 billion by the end of 2019, an increase of 41%. During 2020 alone, a further 27% increase was experienced, with the segment worth $136.4 billion (€110.7 billion) by year end.
This increasing trend is set to continue in the following years, with the figure rising to $182.3 billion (€147.9 billion) by 2024.
In terms of the numbers using online food delivery services, while this stood at 1.17 billion in 2019, it jumped 25% last year to 1.46 billion.
Over the next three years, the number of people using online food delivery services is set to reach almost two billion globally, according to the study.
The data shows that the number of users in the platform-to-consumer segment surged by 30% amid the coronavirus outbreak, rising from 539 million in 2019 to 704.7 million in 2020. In 2021, this figure is expected to increase to 791 million.
The restaurant-to-consumer segment hit 760 million users in 2020, a 20% increase year-over-year. It is expected to reach over 821 million in 2021.
China Expansion
In terms of geography, China represents the world's largest online food delivery market, accounting for $51.5 billion in revenue in 2020, driven by an increase of 28% during the COVID crisis. The market is expected to grow to $57 billion this year.
The US ranks second, with an anticipated market size of $28.4 this year (an increase of 30% in two years), followed by India, which is set to reach $11.6 billion this year.
© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.
