Given the exponential growth across India, the online food delivery market volume is estimated to reach $81.9 Bn by 2028, growing at a CAGR of 19.7% during 2023-2028
However, this surge would not have been possible without the sturdy industry stalwarts – Zomato and Swiggy – who lay the groundwork for the food-delivery ecosystem
Here’s an assessment of the year gone by (2023) and the outlook for 2024 to reveal these interesting ground realities and the shape of things to come
Studies reveal that one in four Singaporeans dine out daily, while 80% opt for at least one restaurant meal every week. This shift away from traditional home-cooked meals has stemmed from broader socio-economic changes such as busy lifestyles, increased affluence and, most importantly, the rise of on-demand food delivery services riding the wave of ubiquitous digital tech and the smartphone economy.According to Inc42’s Consumer Sentiment Survey 2023, done in collaboration with Clootrack, Zomato emerged as the preferred online food delivery service among Indian consumers.
But the dynamics of change are not limited to the island nation alone. In the past decade, India has witnessed a similar transformation in eating habits, driven by the rapid growth of the online food delivery segment. As mentioned by Statista, a Rakuten survey in December 2022 found that most Indian respondents aged 16-54 dined out at least once a week.