How much is the online food delivery industry worth?
With a surge driven by the coronavirus pandemic shutdown, the online food industry is worth a huge amount
Like so much going online, the food delivery industry has grown astronomically. With the global impact of coronavirus causing havoc with retail and hospitality, many food delivery companies have seen rapid growth in digital dishes being ordered.
Sales for meal delivery services through the end of May 2020 more than doubled, compared to the previous May of 2019, according to data from Second Measure.
In May, 29 percent of Americans order from Grubhub, Doordash, Uber Eats (and its subsidiaries, including Seamless and Eat24), up from last year's 23 percent.
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Online food delivery giant DoorDash (and its subsidiaries, Caviar) took a huge piece of the market with 44 percent. The third-largest online food delivery service was Uber Eats with a notable 22 percent share of May sales.
It's interesting to notice that the top two food delivery providers are each more popular in different parts of the country. For example, 52 percent of May sales in NYC were on GrubHub, while in the same month DoorDash sales in San Franciso were 64 percent and Uber Eats took 64 percent in Miami.
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With a surge driven by the coronavirus pandemic shutdown, the global online food industry is worth $111.32 billion, according to a report by Business Wire. Looking forward, the market is predicted to grow and reach $154.34 billion in 2023 (CAGR of 11.51 percent).
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The online food delivery industry's revenue in the US is predicted to reach $26,527 million this year. Revenue is expected to increase with an annual growth rate (CAGR 2020-2024) of 5.1 percent, resulting in a projected market volume of $32,325 million by 2024.