Europe’s online food Delivery market is anticipated to be valued at US$ 20.27 Billion by 2026, growing with a 5.83% CAGR from 2020 to 2026. This according to The “Europe Online Food Delivery Market & User, Country, Company Analysis & Forecast” report from Research and Markets.
The report said that the online food ordering market in Europe has grown rapidly in the last five years, pointing to the escalating utility of smartphone phone users and the internet penetration rate.
“It contributes to the enormous growth of this market,” the research group said in a release.
“Besides, COVID-19 pandemic has drastically changed the way to order online food in Europe. As people are advised to remain at home and hotels are closed, so online food ordering has shown tremendous growth in this period.”
European venture capitalists maintained a healthy appetite for online food delivery sector with over €1.6 Billion having been invested in food logistics and delivery sector in 2019, while in 2020 Europe Online Food Delivery Market was US$ 13.8 Billion.
Online food delivery expands choice and availability, allowing consumers to order from various food delivery platforms and restaurants with a single click on their mobile phone.
The expansion of the overall online food delivery business that allows customers to order food from restaurants plays a fundamental role in driving market growth. The development of food delivery aggregators’ like Grubhub, Uber Eats and Doordash in the Europe market has further contributed to the market growth.
In 2020, Uber Eat, Glovo, delivery Club, Just Eat and Deliveroo were the top five highest installed food delivery apps across Europe.