The transition from the traditional dine-in set up at your favorite restaurant to an online delivery may not have been one of the smoothest.
But one thing is for sure, digital transformation does change our lifestyle and habits. More people have begun ordering food online now than ever before.
And considering the present situation it is certainly safer to order food online and have it delivered to you to curtail the spread of the coronavirus. Food delivery apps services are efficient, fast, and could get you the cuisine you crave for without leaving the comfort of your home.
The Future Of Food Delivery
The food delivery industry is expected to grow from $107.44 billion last year to $111.32 billion this year at a CAGR of 15%. Even this has been largely affected by the economic slowdown caused by COVID-19 restrictions. Online food delivery platforms are thriving as of now.
One of the key factors that enable online food delivery market to thrive is the preference of consumers to order food online as it is easily accessible and hassle-free.
The recent e-commerce statistics prove that almost half of the online shopping conversion happens over a smartphone. The smartphone users have touched 4.2 billion last year. A key indicator regarding the prosperity of food delivery apps is the steady growth of smartphone users worldwide.
Online food delivery apps like Grubhub and Ubereats have seen huge increase during the pandemic. Grubhub reported a 35% active consumer growth and brought the company $27.6 million in the second quarter of 2020 as compared to 20.2 million in the same quarter in 2019.
Top Food Delivery Apps
The food delivery companies have been ranked by their revenue according to their annual financial report. But where that wasn’t available, we used data provided by Forbes.
Total revenue: $13.75 billion
Meituan Waimai is China’s leading food delivery firm covering 2,800 cities. Users can also order medications, fruits, and other essentials available in a supermarket. Meituan Waimai’s market value surpassed $200 billion making it the fifth-largest company in Hong Kong stock market.
Total revenue: $1.2 billion
Just Eat Takeaway has food delivery operations in 24 countries. Founded originally in Denmark they merged with Takeaway.com in 2019 and named it Just Eat Takeaway. They acquired Grubhub for $7.3 billion to foray into the US market. This made them the biggest online food delivery operator outside China.
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