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The global hyperlocal food delivery market is expected to grow from USD 203.37 billion in 2021 to USD 460.27 billion by 2030, at a CAGR of 9.50% during the forecast period 2022-2030.
The rise in online communication, direct smartphone access, and more precise e-banking systems have made sufficient ground for adopting hyperlocal food delivery across various regions. Further, improved food-service capabilities and transforming customer choices are the expected driving factors for pushing the online food delivery sector ahead. Customers worldwide are positively adopting the online platform, which has pushed the E-commerce industry to a massive expansion during the last few years. Various factors have contributed to adopting hyperlocal food delivery buying patterns, some of which are industry or country-specific, while others result in worldwide expansions.
Competitive Strategy
To enhance their market position in the global hyperlocal food delivery market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
In 2021: Grab Holdings, which is the Southeast Asia's largest ride-hailing and food-delivery company, announced a US$ 40 Billion merger with Altimeter Growth Corp.
Market Growth & Trends
The unique selling point of hyperlocal E-commerce businesses depends on their ability to deliver products and services unexpectedly fast. The availability of the product and providing the order within less than an hour is something hyperlocal delivery models promise to consumers. Whether ordering food from restaurants or ordering groceries, delivering the product in a short time has become very much possible and more accessible credit to hyperlocal platforms. The hyperlocal food delivery model is a perfect example of how technological progress can mix with traditional shopping methods and create a unique formula for success. A hyperlocal business is a medium to help local offline companies to contact their targeted consumers, providing fast product delivery. The service of a hyperlocal business comes under any place, from a few meters to a few kilometers from the company's location.
Key Findings
The type segment is divided into salads, soups, lunch & dinner, sandwiches and burgers, pizza, desserts, beverages, and others. In 2021, the sandwiches and burgers segment dominated the market with the largest market share of 12.5% and market revenue of 25.4 billion. Burgers and sandwiches have become lifestyle benchmarks over the last two decades, and the growing popularity of bread-based meals has been slowly encouraging people to eat more bread-based products.
The delivery type segment is divided into platform to consumer, and restaurant to consumer. In 2021, the platform to consumer segment dominated the market with the largest market share of 56% and market revenue of 113.8 billion. The platform-to-consumer delivery market segment concentrates on the food delivery services that provide customers with food from partner restaurants that don't require food delivery directly, where the platform takes the delivery system.
The payment method segment is divided into online payment, and cash-on delivery. In 2021, the online payment segment dominated the market with the largest market share of 58% and market revenue of 117.9 billion. Online food ordering permits consumers to place an order at almost any time, from any place virtually, saving the time that people typically spend traveling to pick up the food & the online payment makes the ordering process easier.
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Regional Segment Analysis of the Hyperlocal Food Delivery Market
Among all regions, the North American region emerged as the largest market for the global hyperlocal food delivery market, with a market share of around 35.9% and 73.0 billion of the market revenue in 2021. Increasing technological advancements push the regional market's growing adoption rates of hyperlocal food delivery. Additional elements facilitating the need are market players' significant presence, quick adoption of technological innovations, and advances in connected technologies. Accordingly, logistics management platforms are leveraging artificial intelligence and machine learning to help fast deliveries with intelligent order allocation. All the above factors boost the regional market growth.
Key players operating in the global hyperlocal food delivery market are:
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global hyperlocal food delivery market based on the below-mentioned segments:
Global Hyperlocal Food Delivery Market by Type:
Global Hyperlocal Food Delivery Market by Delivery Type:
Global Hyperlocal Food Delivery Market by Payment Method:
About the report:
The global hyperlocal food delivery market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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