Furthermore, in 2019, the global food market was close to USD 220.32 billion. It is expected to grow at a CAGR of 6% by 2027 reaching up to USD 342.52 billion.
A restaurant brand operator who has 200 outlets pan-India said Zomato has been pushing partners in recent weeks to opt for discounting models like Deal of the Day and Everything at one price.
Digital orders for carryout, which represented 62 percent of all digital transactions, jumped 130 per cent. Digital orders for delivery lifted 140 percent.
As per a report by Goldstein Research, the global cloud kitchen market was valued at USD 700 Million in 2018 and is expected to grow at a CAGR of 17.25% through the forecast period (2017-2030).
According to Voicebot.ai, 64% of adults are interested in using voice AI to order food, and more than one-quarter of all US consumers who own voice-activated devices have used them to place food orders. Being quicker and convenient and most importantly - allows people to dine with minimal contact.
Indian food service delivery market is estimated at INR 37,440 crore (US$ 5.2 billion) in GMV in 2019-20. Growing at a CAGR of 33 per cent over the last three years, it is expected to reach 93,600 crore (US $13 billion) by 2022-23.
A recent ING report proves that consumers expect to see healthier food on the store shelves in the future. 43% of respondents are looking for healthy options, while 18% are interested in eco-friendly products.
The Indian food service delivery market is expected to more than double to $13 billion (Rs 93,600 crore) by fiscal 2023 from $5.2 billion (Rs 37,440 crore) in fiscal 2020.