The Online Catering Marketplace is projected to witness steady growth in the global market at a CAGR of 4.6% during 2022 and 2032. The online catering marketplace share is projected to be valued at USD 76.3 Billion in 2022 and is forecasted to reach USD 119.9 Billion by 2032.
The global expansion of online catering marketplace share is being driven by financial growth, more disposable income, increased food consumption, and improved internet penetration. The increase in adoption of online catering is due to the growing trend of ordering meals online and customers spending more money on food consumed outside the home around the world.
Online catering marketplace key players are focusing on expanding their services in every manner they can, including facilitating online catering services and reacting to the growing trend of food delivery to homes. This is one of the major factors driving the growth of online catering marketplace share.
Furthermore, marketplaces assist local and small companies in making their menus available online and increasing their revenue. Due to these factors the popularity of marketplace is growing rapidly throughout 2022 to 2032.
| Attributes | Details |
|---|---|
| Online Catering Marketplace CAGR (2022 to 2032) | 4.6% |
| Online Catering Marketplace Value (2022) | USD 76.3 Billion |
| Online Catering Marketplace Value (2032) | USD 119.9 Billion |
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Due to the rising consumers' disposable income, the popularity of online catering is rising, electronic payment systems have gotten more reliable, and the number of suppliers and their delivery networks continues to grow.
The rise of online catering marketplace share, as well as consumer use of these channels in developing nations has altered the way customers and providers interact, particularly during COVID pandemics. Food ordering through online catering was already a trend in industrialized countries.
Online catering services have evolved in response to changes in socioeconomic conditions, as there is a lot higher need for lunch/dinners consumed outside the home.
Scientific and technological developments have also aided mass-production caterers and food producers in streamlining their operations, increasing efficiency and improving safety.
Furthermore, the usage of computers and smartphones has made a significant contribution in the growth of online catering marketplace size. The demand for exquisite cuisines has increased as a result of increased migration, urbanization, globalization, as well as more exposure to various cuisines. These factors provide marketplace for online catering growth opportunities for the key players during the forecast period.
Advertisements for ethnic cuisine and a growing enthusiasm among locals to taste new meals in places like corporate offices, government offices, education facilities, entertainment centers, hospitals, and travel facility hubs have boosted adoption of online catering even more.
With the necessity to cater to institutional levels such as supplying food at the workplace and institutions providing care for various target groups, such as hospitals, old age homes, orphanages, and hostels, new types of marketplace are emerging.
Consumers are being enticed to consume more food marketplace through online catering through rising household income and the rise of dual-income households in the majority of regions.
Apart from these causes, the online catering marketplace share is gaining pace in both developed and developing countries around the world, and franchising remains one of the most popular growth techniques.
As the majority of millennials like ordering food online, their spending on online catering is expanding at a faster rate than their expenditure on traditional family eateries. Many international marketplace and hotel brands are extending their presence in foreign markets, owing to the adoption of online catering among the young population.
By service type, the wedding catering segment is anticipated to dominate the marketplace during 2022 to 2032.
Destination weddings are becoming increasingly popular among millennials, with one out of every four couples in the United States choosing for one. Furthermore, weddings in New York City are by far the most lavish destination weddings.
The average wedding costs over USD 70,000, which is not surprising. As a result of these factors, the online catering marketplace share is projected to grow throughout 2032.
By application, the corporate segment is projected to dominate the marketplace with a CAGR of 4.2% during 2022 to 2032.
The corporate catering segment in marketplace is fueled by changes in working habits. With the advent of the gig economy and more flexible work arrangements, employers are looking for new ways to retain employees, and they've discovered that food is one of them. According to studies, productivity increases when employees eat at their desks rather than taking a long lunch break.
As a result, more companies are investing in office catering. Catering is seen by employers as an investment in staff retention rather than a once-in-a-lifetime reward. These are some of the reasons propelling the growth of corporate segment and overall online catering marketplace size.
Principal Consultant
North America is anticipated to hold the largest online catering marketplace share. The rising number of dual-earner households, rising disposable income, the presence of fast-food chains, and the region's overall economic growth are all key factors in making this region one of the largest market.
The United States is the largest market in North America, owing to consumer preferences of eating out most days of the week and the expansion of online catering marketplace size in the country over the last few years.
Apart from the United States, Mexico is a promising country in this region in terms of CAGR. Due to the growing millennial population, changing consumer lifestyles in the country, and an increasing number of tourists visiting the country, Mexico is expected to grow at the steady CAGR in this region.
During the projected period, the Asia Pacific marketplace is expected to increase at the fastest rate.
Growing urbanization and the expansion of the middle class in the Asia Pacific area are driving online catering marketplace growth. In Asia, the marketplace is fragmented, with small-to-medium businesses predominating. The diverse cuisines and consumer consumption trends in this region are heavily influenced by regional variation.
In China, marketplace generated a 23.1% increase over the previous year, and online food orders accounted for 5% of total HRI revenue, with significant growth predicted in the years ahead.
In comparison to other regions, Europe is predicted to grow steadily. In 2020, the European online catering marketplace market faced more obstacles than ever before. In addition to the COVID-19, Brexit has thrown this industry into disarray in the United Kingdom. The impact of Covid-19 on the UK economy and the food and hospitality industries has been enormous.
The latest research by FMI suggests that the marketplace's competitive landscape exhibits a fragmented nature, with various competitors present.
Since the food service industry was severely impacted by the COVID-19 epidemic in 2020, market participants were not willing to put their businesses at risk by investing in risky markets and perhaps losing money. However, as the markets began to open, significant companies in this sector began to expand their enterprises, and changes in the industry occurred.
During the forecast period, new product launches and expansions through partnerships are likely to provide attractive chances for the eatable service market to develop. The following are the major developments in the global online catering marketplace:
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Online catering marketplace is projected to have a CAGR of 4.6% through 2032.
United States is anticipated to lead the online catering marketplace by 2032.
By application, the corporate segment is anticipated to dominate the online catering marketplace.
The online catering marketplace is predicted to grow USD 119.9 Billion by 2032.
Wedding catering segment is anticipated to lead the online catering marketplace.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Marketplace Analysis 2017 to 2021 and Forecast 2022 to 2032 5. Global Marketplace Analysis 2017 to 2021 and Forecast 2022 to 2032, By Service Type 5.1. Wedding Catering 5.2. Social Event Catering 5.3. Restaurant Catering 5.4. Others 6. Global Marketplace Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 6.1. Corporate 6.2. Educational Institutions 6.3. Healthcare 6.4. Industrial 6.5. Hospitality Services 6.6. Others 7. Global Marketplace Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. East Asia 7.5. South Asia 7.6. Oceania 7.7. MEA 8. North America Marketplace Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9. Latin America Marketplace Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Europe Marketplace Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. East Asia Marketplace Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. South Asia Marketplace Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Oceania Marketplace Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. MEA Marketplace Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 15. Key Countries Marketplace Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. CMARKETPLACE CATERING 17.2. Dine Contact Catering 17.3. Sodexo 17.4. ezCater Inc. 17.5. SmartBite 17.6. Yummy Corp 17.7. Smunch. Co 17.8. Mitie Group plc 17.9. Olive Catering Services 17.10. Forkable 18. Assumptions & Acronyms Used 19. Research Methodology
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