DUBLIN, June 19, 2023 /PRNewswire/ — The “India Online Food Delivery Market, Size, Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis” report has been added to ResearchAndMarkets.com’s offering.
India Online Food Delivery Market will surpass US$ 29.33 Billion by 2028 from $5.3 Billion in 2022 and is expected to exhibit a CAGR of 33% during 2022-2028
India has overtaken China to become the world’s most populous nation. The growing smartphone user base and increasing adoption of the internet are driving the demand for app-based Indian online food ordering industry. India’s eating habits are changing dramatically. Restaurant-quality meal delivery was still primarily limited to foods like pizza and Chinese less than two decades ago.
With the introduction of appealing, user-friendly apps, tech-enabled driver networks, and changing consumer expectations, ready-to-eat food delivery has emerged as a major category. Early in the pandemic, lockdowns and physical separation requirements gave the category a huge boost, with delivery becoming a lifeline for the struggling restaurant industry. It is set to become a permanent fixture in the dining scene.
As people seek ease and convenience in today’s fast-paced world, the food industry has remained unaffected by changes in the country’s social, economic, and demographic factors. Getting quality food delivered to the door in 30 minutes using an app is no longer considered a luxury after a long day at work.
Increased disposable income, work pressure, a nuclear family system, easy internet access, and smartphones are among the factors driving India’s online food delivery market growth.
Emerging Trends towards Indian Online Food Delivery
The rise of dual-income families, particularly in urban India, has drastically altered how people live and consume various products and services.
The demand for quick access to food at reasonable prices is increasing. Due to a lack of time and an increasing desire to spend quality time together, most nuclear families in India opt for fast food or takeout to save time and energy that would otherwise be spent cooking a meal at home every day of the week.
The number of working women has increased dramatically. Working women often spend most of their productive hours juggling commuting from home and working.
The growing popularity of on-the-go food items and fast home delivery models that provide convenience, ready-to-eat (RTE), and less expensive food options is increasing demand for online food delivery across India.
The Platform-to-Consumer Delivery Segment held the most Significant Revenue
The Indian industry has been divided into two types: restaurant-to-consumer and platform-to-consumer. The Indian food platform-to-consumer delivery market has grown significantly in recent years, owing to a shift in consumer behavior, increased convenience of ordering food, and rising smartphone and internet penetration.
Furthermore, expanding various food delivery platforms such as Uber Eats, Zomato, and Swiggy increases global online delivery adoption. Again, significant integration of smart technology by food delivery platforms for customer convenience is expected to provide the market with ample growth opportunities. Amazon has been present in the Bangalore market for several months.
Fast Food Market is Expanding due to rising demand for on-the-go Snacks, Convenience Foods, and Ready Meals
The increase in restaurants and hotels is attributed to faster urbanization and globalization, which is expected to boost the Indian online fast-food market. Furthermore, increased consumer health consciousness and demand for healthy and tasty food drive market growth. There has been a significant increase in concerns about fast food.
Online food ordering is a simple and convenient way to order food, either through the website or mobile application of a restaurant or fast-food chain or through a website or app that offers food delivery options from multiple restaurants. Fast food, Indian Fast foods, Chinese, and Italian cuisines, among others, are available on the platforms.
Online Payment Platform is gaining so much attention and Growth Today
India’s online food delivery industry has been divided into two categories based on payment methods: cash-on-delivery (COD) and online. The online segment dominated the Indian online food delivery industry and accounted for the lion’s revenue share. Payments made via UPI, payment wallets, net banking, or credit/debit cards are examples of online payment services.
The growing consumer awareness of digital money and the number of partnerships between banks and online food delivery service providers are driving the adoption of the online payment method.
Bengaluru is the Largest Regional Market in the Indian Online Food Delivery Industry
One of the fastest-growing segments of the Indian e-commerce industry is online food delivery. Bengaluru has maintained its position as India’s food tech capital by topping the charts in online food delivery, followed by Delhi-NCR, Mumbai, Hyderabad, Pune, and others. Swiggy and Zomato are the industry leaders. Over half of the food delivery industry in India is dominated by two companies.
The top seven to ten cities account for roughly one-third of all business. The remaining 490 cities fill in the gaps but are expanding. These smaller cities have seen their business double in the last six months. The online food delivery industry has seen an aggressive movement of people to smaller towns, and with the hesitancy of online food ordering decreasing, smaller cities are rapidly accelerating.
People are more aware in these areas that they can have food delivered instead of going to a restaurant. In addition, orders are being placed by older parents, who are not the original target generation. As a result, more delivery-oriented brands see opportunities.
Key Company Analysis
The industry is being propelled forward as major players move away from their traditional metro bases and into small cities and towns. In addition, the introduction and expansion of delivery-only kitchens in areas with limited restaurant and cuisine options are the impetus for the industry’s growth in tier-2 and tier-3 cities.
The report provides a detailed analysis of the following key players in India’s online food delivery market, covering their market and recent developments such as mergers, acquisitions, investments, capacity expansions, and plant turnarounds: Zomato, Swiggy, Jubilant FoodWorks Ltd, Uber Eats, Dominos, and McDonald’s.
Zomato announced its new platform ‘Zomato Wings’ in 2021 to help its restaurant partners raise funds from investors through its platform.
In 2021, Domino’s reduced its 30-minute delivery time to 20 minutes in the most densely populated areas of the country.
Company Analysis: Overview, Initiatives & Recent Developments, Revenue
- Jubilant FoodWorks Ltd
- Uber Eats
Scope of the Report
- Cash on delivery
- Fast Food
- Delhi NCR
For more information about this report visit https://www.researchandmarkets.com/r/jgve5m
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Originally published at https://www.prnewswire.com/news-releases/india-online-food-delivery-market-forecast-report-2023-a-29-33-billion-industry-by-2028-featuring-zomato-swiggy-jubilant-foodworks-uber-eats-dominos–mcdonalds-301854239.html
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