Food delivery market worth $323bn in 2022
Like other-internet based industries, the food delivery industry is also expected to witness a post-pandemic lull in growth.
The food delivery industry is expected to bring $323bn in revenue in 2022, according to SafeBettingSites.com, a 9% increase of $296bn earned in 2021.
Due to the pandemic, the food delivery industry witnessed incredible growth in 2020 and 2021. In 2020, the sector grew by almost half as the total revenue increased by 47.8%.
The following year, the annual growth dipped to 27.6%, but nonetheless, it was an impressive figure.
The annual growth rate is expected to decline further to 9% in 2022. In the coming years, the growth rate will continue to slide down. Regardless, by 2027, the food delivery industry is expected to be worth $466bn in annual revenue.
When we look at revenue distribution, we notice that the share of platform-to-consumer delivery has consistently increased. As major delivery platforms continue to exert greater control over the delivery industry, the platform-to-consumer share is only expected to grow.
In 2017, platform-to-consumer delivery contributed 59% of the total revenue. In 2022, the share of platform-to-consumer revenue is expected to have increased to 64.4%. By 2027, the platform-to-consumer delivery method would account for more than 65%.
Courtesy of Bizcommunity – read full article here.