Online food ordering market is growing
The global food market is expected to grow by 10% in 2021 to exceed $ 151 billion. Restrictive measures due to COVID-19 have closed restaurants and bars around the world, causing huge losses to this business. As the pandemic deepened, many turned to food as the only way to keep their businesses afloat.
According to data provided by Stock Apps, the global online food ordering market is expected to reach $ 151.5 billion in revenue and 1.6 billion consumers in 2021, up 10% from the previous year.
Online food ordering revenues were $ 76.2 billion in 2017, according to Statista. At the end of 2019, this value rose to $ 107.4 billion, up 41% over two years.
However, the outbreak of the coronavirus pandemic has led to an increase in online food ordering due to restaurant closures. Statistics show that revenue from the global online food delivery market grew 27% year over year, reaching $ 136.4 billion in 2020.
The upward trend is expected to continue in the coming years and the market will grow to $ 182.3 billion by 2024.
В 2020 году количество потребителей подскочило почти на 25%.
In addition to a significant increase in revenues, the coronavirus has caused a significant increase in the number of users of online food delivery services. In 2019, their number was 1.17 billion, and in 2020 it grew by 25% year on year, reaching 1.46 billion. It is projected to reach nearly 2 billion worldwide over the next three years.
China is the largest online food delivery market with $ 51.5 billion in revenue in 2020 and is expected to grow to nearly $ 57 billion in 2021. The United States is the second largest market with projected revenues of $ 28.4 billion in 2021. India is in third place with a volume of $ 11.6 billion.
This is followed by the United Kingdom and Brazil with $ 6.5 billion and $ 3.8 billion, respectively.