Booming of Food delivery Industry in India
E-commerce or Online purchasing is thriving very rapidly in India, making it one of the world’s fastest-growing online markets. One of its segments is the online food delivery market in India, which is growing in double-digit CAGR. In the early days, online food ordering and the delivery market concentrated mainly on pizza, burgers, and so on. However, this concept has sunk into the bulk of the food industry.
In 2019, India’s online food distribution industry hit a size of US$ 3.6 billion. Online ordering of food lets individuals order and obtain the right food items at the doorstep. Features such as ordering food and having it delivered at the ease of anywhere with the flexibility of either paying online or paying on delivery are some of the other factors expected to propel further the growth of India’s online food delivery industry. Additionally, lucrative offers, easy & user-friendly functionality, cashback, social media, and customer integration help grow the market for online food delivery over the forecast period.
Also, seeing the rising online food market in smaller towns and cities, restaurants, and even food retail chains is turning to the channel by linking up with different portals.
Swift digital transformation and expansion in both online customer base and consumption will allow India’s online food industry to become an $8 billion market by 2022 — a 25–30% CAGR rise. Google’s and Boston Consulting Group’s (BCG) report revealed that cuisine variety (35%) was one of the main factors for the repetitive use of online food ordering apps, followed by good discounts and ease of access.
It’s no surprise that India has one of the world’s youngest population. The Indian population’s median age is 27 years, compared to the 32-year BRICS average. The combination of growing communities and high disposable income generates sustainable consumer demand for new-age goods. In this situation, the consumer persona produced tends toward impulsive transactions rather than well-thought-out decisions. Among this age group, the ability to seek new products and services is also higher than the comparatively aging population.
Increasing access to high-speed internet facilities and increasing mobile sales are currently seeing market growth. It, in combination with the rising workforce and inflating income rates, propels the growth of India’s online food delivery industry. Although the players are mainly focused in the country’s urban regions, with Bangalore, Delhi, and Mumbai representing the three biggest markets, vendors are now targeting smaller cities, since they have high growth potential. Read more: https://therollingplate.com/booming-of-food-delivery-industry-in-india/