Food Industry growth no matter if it is Online Food Industry has been phenomenal since the last decade and is itching entrepreneurs to not look away. In recent 4-5 years, the food industry has seen a tremendous shift, now more and more verticals of food businesses have started. There are several big players already like Uber eats, Zomato, Swiggy, Faasos, Grubhub and this trend will continue to grow even further.
Check out these interesting facts
The online Food Industry revenue is expected to reach USD 11,66 M in 2021.
The online Food Industry revenue is projected to reach a revenue growth of 10.6% in 2022.
The User reach in Online food delivery market is expected to reach 16.2% in 2021.
Online food delivery has the largest segment in Restaurant to consumer delivery with an expected market of USD 5,960 M in 2021.
Are you one of budding investor and actively looking to invest into online food industry. Then, you are on the right track and the current scenario is fit best to start your venture.
In this blog, we will emphasis on why it is the right time to invest in food industry. Further, we will be looking deeply into the insights and futuristic segments of this industry.
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What makes this online food delivery business so compelling for investors
- Users growth is unbelievable ! This online food industry has 1226 M users in 2017, 1371 M in 2018 and 1533 M in 2019.
- Revenue growth too is off the charts and indeed a capable niche to develop into horizontal.
- Online food industry records total of revenue $ 52, 494 M in 2017, $57,855 M in 2018 and $65, 495 M in 2019.
Some Interesting facts regarding the food Industry
- More than 80% of restaurants are allowing usage of technology into their business.
- Tools like online ordering, reservation, inventory apps, analytics, contactless deliveries, and much more.
- USA alone has 60% consumers which orders once a week.
- USA market will projected an average 58 USD million growth.
Inspiring Online Food Businesses in Numbers
- It has 38 M average orders per month
- 70 M active users
- 68 USD Million revenue in total
- It has 43 M average orders per month
- 93 M active users
- $ 2.6 Billion revenue in total
- It has 13.8 M average orders per month
- 19.3 M active users
- 1 USD Billion revenue in total
- It has 30 M average orders per month
- 61 M Active users
- 67.3USD Million revenue in total
Build your own Online food business
First of all, there are multiple niches within the online food business. You can pick & choose as per your liking and how much invest front you willing to give in.
On Demand Delivery Model
- Order only – JustEat, Delivery Hero and Grubhub
- Single/Multiple Storefront – Dominos, KFC and McDonalds
- Food Aggregators – Swiggy, Zomato, Doodash and Faasos
Custom Food Solutions
- Specialized Services- BigOven, Yummly, and Wild Ediblesm.
- Table Booking/Restaurant – Open Table, Eat App, And Resy.
Secondly, a complete suite of technology is advised to go with the selected business model. This will ensure a seamless platform to run your food business which in turn assures acquisition of both users and providers.
Choose the right tech partner
- Start your business with immediate effect.
- Established your won source code and IP Rights
- Robust and Scalable Venture
- Get more creative and flexibility of operations
Afterwards strategies a well planned market strategy constituting both organic and paid aspects.
Reach Out Market
- Start it well before the launch
- Emails, SMS, Social media, display, flyers, banners in social and popular places.
- Content creation, Create events/contest, phot & video gallery
- Discounts and coupons
- Google Ad sense, YouTube Ads, Twitter Ads, Display Ads
Last but not least Future of Online Food Industry
- Consumers expects to reach $ 2400.5 million by 2024
- Revenue expects to reach $ 106025 million by 2024
- By 2025, online food delivery will reach $ 200 billion.