Ordering food online is made easy by platforms like Uber eats, Deliveroo, GrubHub, and Postmates. These food ordering and delivery platforms have brought a significant revolution in the food industry by providing more convenience to the customers and an opportunity to expand for the restaurants.
Online food delivery is not something new. Along with other industries, the rise of digital technology has also reshaped the food industry. And, the rate at which online food delivery is growing shows that online food demand will surpass the offline demand in just a few years. The revenue of the online food industry is expected to grow at a CAGR rate of 7.5% from 2020 to 2024 resulting in a projected market volume of $182,327m by 2024.
The graph of the online food delivery industry was growing at a staggering rate until the outbreak of the Novel Coronavirus. Not only the food delivery businesses but also the restaurants witnessed a huge drop in the customers. People preferred cooking their own meals instead of stepping out of their houses for eating at restaurants or ordering from restaurants.