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Over the past decade, the global food delivery industry has emerged as a lucrative opportunity for major companies, expected to bring in $323 billion in revenue by 2022, according to a report.
Therefore, it is not surprising that major international brands such as Uber, Tencent and Alibaba have invested in the food delivery industry in recent years, according to the report from SafeBettingSites.com.
9% growth in 2022
Like other internet-based industries, the food delivery industry is also expected to witness post-pandemic growth stagnation. According to data provided by Statista, the food delivery industry is expected to bring in $323 billion in revenue in 2022. This figure implies a 9% increase in revenue to $296 billion in 2021.
The food delivery industry has seen incredible growth in 2020 and 2021 due to the pandemic. In 2020, the industry grew by nearly half, with total revenue up 47.8%. The following year, the annual growth rate dropped to 27.6%, but it was still an impressive number.
Annual growth is expected to decline further to 9% in 2022. Growth rates will continue to decline over the next few years. Regardless, the food delivery industry is expected to generate $466 billion in annual revenue by 2027.
Income Distribution
When one looks at income distribution, one will notice that the share of platform-to-consumer deliveries has been increasing. The platform’s share of consumers is only expected to grow as major delivery platforms continue to exert greater control over the delivery industry.
In 2017, platform-to-consumer delivery contributed 59% of total revenue. By 2022, the platform’s share of consumer revenue is expected to increase to 64.4%.Platform-to-consumer delivery will account for more than 65% by 2027
China will contribute 45% by 2027
China is the most important source of income for the food delivery industry. According to estimates, the value of China’s food delivery industry will reach US$208 billion in 2027, accounting for 45% of total revenue.
Interestingly, the platform-to-consumer model dominates China’s food delivery industry, which is currently dominated by Alibaba-backed Ele.me and Tencent-backed Meituan.
The United States is a distant second. The U.S. is projected to generate $97 billion in annual revenue by 2027. The platform-to-consumer model is not as big in the US as it is in China. DoorDash and UberEats are the most famous food delivery platforms in the United States. arab trade news agency
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