new Delhi. India’s online food ordering market is projected to grow from the current $ 4 billion to reach $ 7.5-8 billion by 2022. During this period, the compound annual growth rate (CAGR) of the market will be 25 to 30 percent. This has been claimed in a report by Google and Boston Consulting Group.
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Good news for food technology brands
This is good news for food technology brands. These brands also include FreshTooHome, the world’s largest fish and meat online e-commerce platform that has achieved a total of $ 121 million Series C funding in a year, while for most companies this period is difficult. Was filled with Online food companies such as Lysius, Grophers, BigBasket, Zepfresh and MilkBasket have benefited greatly by increasing internet facilities in Tier-2 and Tier-3 cities.
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Huge profit in lockdown
During the coronavirus epidemic, a lot of people preferred the old way of shopping to online food delivery. During this time, the reach of these companies also increased, which gave them new customer groups and their profits also increased. Along with this, mobile apps, tech integration which includes QR based menu display, contactless payment, online miles customization, online tracking and tracing of ingredients and AI enabled smart camera aided services are being used indiscriminately in food industries these days. Used to be.
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Double turnover estimates
This integration of technology with food is projected to reach $ 8 billion by 2022, growing at a CAGR rate of 25–30 per cent. According to Google and BCG reports, the reach of food tech aggregator has increased six-fold between 2017-2019 due to faster digitization and ever-increasing consumption. Statistics also show that the amount of time spent on online food exploration and ordering has more than doubled from 32 minutes monthly in 2017 to 72 minutes per month in 2019.
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Food ordering frequency increases
It is also estimated that the food ordering frequency may increase by 18–20 per cent, although the average order value may decline by 5–10 per cent. That is, the order size will be small, but the number of orders will increase. Food lovers are ready to pay for food technology innovations without compromising quality. Today’s consumers are well aware of food fraud and are therefore willing to know everything including the ingredients used in their food, the traceability of their source, as well as many health and hygiene factors.