According to a new report published by Allied Market Research, titled, “Food Delivery Mobile Application Market," The food delivery mobile application market size was valued at $6,752.32 million in 2020, and is estimated to reach $62,836.97 million by 2030, growing at a CAGR of 25% from 2021 to 2030.
Food delivery mobile application is a digital platform that offers a wide range of menus, prices, reviews given by consumers, and delivery of the food. The food delivery mobile application offers significant potential to publicize restaurants, franchises, and fast-food chains in local as well as international markets. It offers cost savings, high profit margins, easy access, better customer management programs, and intense market presence. The food delivery mobile application is a collective approach taken by a middleman operator that offers large number of restaurants, their menus, prices, and other features on a single online portal. Further, these applications allow customers to browse through a large number of options, various discounts, customer loyalty programs, and customer reviews to renovate designs and features of restaurants.
High internet penetration, growing online food delivery and increase in adoption of smartphones boost the growth of the global food delivery mobile application market. In addition, changing lifestyle in developing countries positively impacts the growth of the market. However, lack of high-speed connectivity in developing and underdeveloped regions and uncertainty of enterprises in developing their own applications hamper the market growth. On the contrary, rise in investment on digitalization and increasing alliances and collaborations of various restaurants with the application developers are expected to offer remunerative opportunities for expansion of the market during the forecast period.
Depending on end user, the food delivery market place segment holds the largest market share in the food delivery mobile application market due to strong presence in local markets, less numbers of rivals at a local level, ability to build a large user base, and availability of a wide range of options on a single portal. However, the restaurants & others segment is expected to grow at the highest rate during the forecast period, owing to growing digital presence of restaurants allowing them to display their menu effortlessly with daily specials.
Region-wise, the food delivery mobile application market size was dominated by Asia-Pacific in 2020, and is expected to witness significant growth during the forecast period, owing to rise in adoption of internet connected devices and rapid digitalization by the local governments. In addition, top players in Asia-Pacific have realized the importance of strengthening the overall food delivery mobile application market to ensure competence and effectiveness of the mobile apps.
In the midst of the global COVID-19 outbreak, the advantages of online food delivery (FD) were obvious as it facilitated consumer access to prepared meals and enabled food providers to keep operating. However, following the recovery from the COVID-19 pandemic, the food industry is expected to grow in the next coming years. Various firms globally have implemented a work-from-home culture for their staff, resulting in rise in demand for ready to eat food, which is expected to increase growth in the food delivery mobile application industry.
KEY FINDINGS OF STUDY
- By deployment platform, the android segment accounted for the largest food delivery mobile application market share in 2020.
- Region wise, Asia-Pacific generated the highest revenue in 2020.
- On the basis of end user, the food delivery market place accounted for the largest food delivery mobile application market forecast.
The key players that operate in the food delivery mobile application market analysis are Apple Inc., CA, Inc. (Broadcom), Cognizant, Google LLC, IBM Corporation, Mendix, Microsoft Corporation, Red Hat, Inc., SAP SE, and Zoho Corporation Pvt. Ltd.These players have adopted various strategies to increase their market penetration and strengthen their position in the food delivery mobile application industry.