Online food delivery thriving

More growth and opportunities are in store for the global online on-demand food delivery services market, a new study from Global Industry Analysts (GIA) revealed. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace. For example, amid the COVID-19 crisis, the global market for online on-demand food delivery services estimated at US$42.7 billion in the year 2020 is projected to reach a revised size of $202.6 billion by 2026, growing at a compound annual growth rate (CAGR) of 29.4% over the analysis period. Order-based food delivery services, one of the segments analysed in the report, will record a 27.5% CAGR and reach $223.5 billion by the end of the analysis period. Meanwhile, after examining the business implications of the pandemic and its induced economic crisis, growth in the logistics-based food delivery services segment is readjusted to a revised 52.2% CAGR for the next seven-year period.
The US market for online delivery services is estimated at $17.2 billion in 2021, while China, the world’s second-largest economy, will reach a projected market size of $35.1 billion by 2026, trailing a CAGR of 28.6% over the analysis period. Other noteworthy growths will be in Japan and Canada, each forecast to grow at 26.1% and 25.3%, respectively, over the analysis period. (Image from Unsplash)

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