The global online food delivery market is expected to grow by 60% and reach $1.65 trillion in value by 2027, according to new research.
Data from AltIndex.com indicated food delivery services generated $1.02 trillion in revenue in 2023, 20% more than 2022.
According to the report, consumers will spend $1.1 trillion on grocery delivery and $510 billion on meal ordering in 2027.
The convenience of ordering food from the comfort of your home has drawn billions of users to the market and helped companies like Uber Eats, Just Eat, Deliveroo and Doordash double and triple their revenue, according to a news release.
According to Statista Digital Market Insights, the global online food delivery market is expected to gross $1.02 trillion in 2023, 20% more than last year and 185% more than in 2019, according to the report.
Over 60% of that value, or around $630 billion, will come from grocery delivery, the market’s largest and highest-grossing segment. Meal delivery will bring in the remaining $390 billion, the report said.
Statista expects consumers worldwide to spend a whopping $1.14 trillion on grocery delivery in 2027, or 80% more than this year, the report said. The meal ordering segment will see a 30% growth in this period, causing the total spending to jump to $510 billion by 2027.
In regional comparison, Asia is by far the largest online food delivery market, generating $564 billion in revenue or more than half the world`s total in 2023. Statista also expects the Asian market to see the biggest revenue growth of all regions, jumping by 54% to $870 billion by 2027, the report said.
North America, the second-largest market, will hit $355 billion in total spending in 2023, the report said. This figure is projected to surge by 42% to $507 billion by 2027, the report said.
Europe follows with $194 billion in revenue by 2027, up from $144 billion this year.
The rising number of people using apps for meal and grocery delivery will push the total user count in the market to impressive highs, the report said.
The Statista survey shows roughly 2.7 billion people used online food delivery services in 2023. Around 70% of all users, or 1.9 billion, used apps like Uber Eats, Doordash and Deliveroo for meal delivery, the release said.
Statista expects the number of people using online food delivery services to jump by 33% in the next four years and hit a whopping 3.6 billion by 2027, the release said.
The meal delivery segment will see a 31% growth in this period, with the total user count rising from 1.9 billion to 2.5 billion. The number of users in the grocery delivery segment is expected to grow even more and jump by 42% to two billion in 2027, the release said.
