Restaurants and mobile food services thrive in the tech-driven era. Automation and improved processes boost efficiency, attracting businesses and satisfying consumers. Social media, Gen Z, and 21st-century trends fuel remarkable growth.
The restaurants and mobile food services market is estimated to be valued at US$ 2.29 trillion in 2023 and is projected to record a CAGR of 3.0% between 2023 and 2033 to reach an expected valuation of US$ 3.08 trillion by 2033.
The market for restaurants and mobile food services is anticipated to grow as technology replaces the meal delivery industry. The adoption of automation and improved procedures in the food industry is gradually gaining popularity as both businesses and consumers benefit. The market for restaurants and mobile food services has experienced spectacular expansion thanks to the social media era, Generation Z, and the twenty-first century.
Online Food Delivery could have Deleterious Repercussions that Limit the Market’s Expansion.
Customers are apprehensive about online food ordering because of a couple of its drawbacks. Even while food delivery provides numerous advantages, there are some drawbacks as well. When there is a lot of traffic, home delivery applications encounter problems.
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Food from delivery services is typically wrapped in plastic, making it less aesthetically pleasing than food that is presented correctly on your plate in a restaurant. The fact that guests may be charged extra fees for using meals on wheels is another drawback.
Even though most nations provide free meal delivery, if an order’s value is below a certain level, customers could still be asked to pay for delivery—even though the food they bought was fairly reasonably priced. This has an adverse effect on the market for restaurants and mobile food providers.
Regional Outlook
Currently, Asia Pacific is dominant and holds a substantial market share for restaurants and mobile food services. The causes of this include rapid urbanization, an increase in disposable income, and a willingness among individuals to try new dishes.
In particular, there have been numerous mergers and acquisitions in the food business, especially in China and India, which indicates that the market may prosper in the years to come.
After Asia Pacific, North America holds a significant market share in second place, followed by Europe. Both North America and Europe are expected to experience moderate growth during the predicted period.
Key Takeaways
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Feb 08, 2024