Report sees double-digit CAGR
India Online Food Delivery Market is expected to be more than US$5 billion opportunities by the end of the year 2023, according to a report by ResearchAndMarkets.
“The e-commerce or online market in India is thriving very rapidly, making it one of the fastest growing online market in the world,” said the report “India Online Food Delivery Market by Operation Type (Aggregator, Cloud Kitchen), City, Ordering Platform, Cuisine, & Companies”
“Online food delivery market in India is one of its segments, which is growing in double-digit CAGR,” added the report released on 26 April 2019.
During early days, online food ordering and the delivery market was mainly concentrated on pizza, burgers and such, while now this idea has immersed the bulk of the food industry.
With the growing penetration of the internet, a new wave of online services including ordering and delivery of food has come to the forefront of this marketplace.
These food aggregators allow customers to compare menus, prices, reviews and then place their orders from a wide network of restaurants conveniently, said the report.
India Online Food Delivery Market is showing immense potential and attracting huge investments.
It is mainly driven by India’s young population base, increasing digitization, growing penetration of smartphones, increasing disposable income of people in the region, a rising proportion of women in the working population and adoption of aggressive marketing strategies by food start-ups.
Features, like ordering food and getting it delivered anytime and anywhere with the convenience of either online payment or payment on delivery, are some of the other factors which are anticipated to further drive the growth of India Online Food Delivery Market.
In addition, lucrative offers, easy & user-friendly interface, cash-back, social media, and customer integration are also helping online food delivery market to grow in the forecast period.
Zomato, Swiggy, FoodPanda, Faasos, Freshmenu are some of the top companies working in the online food delivery market. fiinews.com
