During the forecast years 2022 to 2032, it is expected that the worldwide hyperlocal food delivery market will expand at a moderate rate of 8.3 percent. By 2032, the hyperlocal food delivery market share is projected to have a net worth of US$ 493.9 billion, up from US$ 222.5 billion in 2021.
In recent years, online food ordering has grown in popularity. The rapid development of technology and online connections, which make quick and simple meal delivery possible, is one of the main drivers fueling the hyperlocal food delivery market’s expansion. As a result, an increase in mobile users and internet usage is driving up demand for hyperlocal food delivery services.
With the added convenience of having items delivered to their doorsteps, consumers have access to a wide range of food products via their mobile devices. Additionally, because employees don’t have to spend all day on the phone or at the counter, hyperlocal meal delivery services benefit food service firms in several ways, including labor savings.
Consumers had been cooped up in their houses due to government-ordered lockdowns during the Covid-19 outbreak, preventing them from carrying out regular shopping. Numerous restaurants have closed their doors or, as a result, switched to the takeout business model, which has inflated the hyperlocal food delivery market numbers in recent years.
Other significant benefits of hyperlocal food delivery for service providers include improved online order consistency, increased guest convenience, streamlined order processing, and so forth.
Additionally, online meal ordering may provide food service providers with useful consumer data that can be used to create marketing strategies like targeted promotions to increase demand during off-peak hours, promotions especially created for specific customer groups, and couponing strategies that have accelerated market adoption trends for hyperlocal food delivery.
- According to large geographic areas, North America is the region that contributes most to the hyperlocal food delivery sector, accounting for around 36.8% of the total income made globally.
- United States, China, and Germany, the top three performing economies for the global hyperlocal food delivery business, together account for roughly 38.5 percent of the total shares.
- Nearly 89.5 percent of the market size for hyperlocal food delivery is accounted for by the home delivery segment, which consists of merchants and third-party delivery service providers.
The high quality of living enjoyed by Americans continues to fuel the region’s desire for online meal delivery services. The top companies in North America, including Doordash, Uber Eats, Postmates, GrubHub-Seamless, and Caviar, are pursuing strategies such as new product development, global growth, acquisitions, and finance to expand the hyperlocal food delivery industry.