According to Renub Research latest report, “India Online Food Delivery Market, Size, forecast 2023-2028, Industry Trends, Share, Growth, Company Analysis” India’s Online Food Delivery Market is estimated to reach US$ 29.33 Billion by 2028. Online food delivery is the process by which food ordered online is prepared and distributed to the consumer. An online food ordering system is a computer operating system that allows restaurants to accept and manage orders placed over the internet. The food delivery market is rapidly evolving. When it comes to expanding the current customer base and increasing revenue as a restaurant owner, being networked is the way to go.
Customers in tier I and II cities benefit from the market’s rapid digitalization and accessibility to online food delivery services. Furthermore, increased internet and smartphone adoption, an increase in the number of working families, particularly rising female labor-force participation, and rapid lifestyle changes drive the trend.
Demand for app-based online food ordering in India is being driven by a growing smartphone user base and increased internet adoption. To attract customers, several online aggregators have partnered with restaurants to offer combo packages and single-serve meals. Furthermore, food delivery platforms have introduced subscriptions for loyal customers in order to eliminate the delivery fees that are imposed on each meal.
Economic growth and rising household income are expected to drive the market in the coming years, with consumers spending the most on food, housing, transportation, and communication. Furthermore, as they define food consumption patterns, the growing younger population with higher disposable incomes will provide additional impetus to industry growth.
Due to an Increase in Investment, the Restaurant-to-consumer mode will hold the Largest Market Share in India Online Food Delivery Market
The restaurant-to-consumer segment deals with the shipment, while the provider of online food delivery services handles the ordering process. To gain a foothold in the market, players using this model offer customers loyalty and subscription programs. Furthermore, integrating several restaurant chains with aggregators drives segment growth.
The platform-to-consumer model addresses food delivery planning and resource features while also providing shipment services to restaurants lacking in-house delivery resources and facilities. For example, Zomato has a large network with delivery services in almost every location, from urban to rural. They now serve over 30 million monthly active users, with customers in over 500 Indian cities.
Online Payment Services hold the Highest Market Share in India Online Food Delivery Market
Online payment services have the largest market share because they accept payments via payment portals, net banking, or credit/debit cards. The growing customer awareness of digital money, as well as the volume of partnerships between banks and online food delivery service providers, are driving the adoption of the online payment method.
Online payments are quickly becoming the preferred E-commerce payment method, and they will continue to dominate in the coming years. Local digital wallets such as Paytm, MobiKwik, and PhonePe, for example, compete with Google Pay, Amazon Pay, and others for this expanding E-commerce market.
Some customers still prefer cash on delivery (COD) because it ensures the security of their online payment transactions. Banks, on the other hand, are focusing on improving security and providing additional services to customers, which will help to change the system in the coming years.
In 2022, Bengaluru City had the Largest Market Share in India Online Food Delivery Market
The online food delivery industry is one of the fastest-growing sectors in the Indian e-commerce industry. Bengaluru is India’s largest regional market for online food delivery. Young professionals, who are frequent users, account for a sizable proportion of the population. This group, which does not have functional kitchens in the places they stay, relies heavily on food technology. It is usually cheaper and tastes better than the fare at roadside eateries and paying guest accommodations when using the offers available on these aggregators. Furthermore, many of these professionals lack family in the city and long for home-cooked meals.
Fast Food has Supremacy in the India Online Food Delivery Market share due to its Wide Consumer Base
Fast food is one of the fastest-growing food types in India. Children are critical consumers, and fast-food companies do a variety of things to attract them. Consumers now prefer to spend their time and energy on activities other than food preparation. They are becoming more sophisticated as they gain more trust in the available fast-food brands on the market.
Males and females are equally career-oriented in today’s world. Because there is double income, spending capacity increases, increasing the consumption of ready-to-eat food on a larger scale. Furthermore, the days must catch up with the work. People want to spend their free time away from their hectic work lives on entertainment and relaxation. Because of the scarcity of recreational opportunities, many people do not intend to cook and instead rely on fast food.
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Prominent companies competing currently in the India Online Food Deliver Market are Zomato, Swiggy, Jubilant Foodworks Ltd., Yum! Brands, Inc., Uber eats. Dominos, Mcdonald’s, and Faasos.
Type – Report covers India Online Food Delivery Market by type in 2 viewpoints
- Restaurant to Consumers
- Platform to Consumers
Payment – By payment, the India Online Food Delivery Market breaks up into two viewpoints
- Cash on Delivery
City – The Report covers India Online Food Delivery Market by the city in 6 viewpoints
- Delhi NCR
Cuisine – By cuisine, the India Online Food Delivery Market breaks up into five viewpoints
Key Players- All the major players in India’s Online Food Delivery Market has been covered from 3 Viewpoints (Overview, Recent Developments, and Revenue)
- Jubilant Foodworks Ltd.
- Yum! Brands, Inc.
- Uber eats
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