Bengaluru-based company Swiggy has decided to make food delivery through drones. For this, trials will be started from the second week of May. Swiggy has selected 4 companies for this work in Bangalore and Delhi. This company, which started from Bangalore in 2014, is now providing food delivery service in more than 500 cities of the country. Since this decision of Swiggy, the discussion about the fast growing business of online food market in India is in full swing.
In such a situation, today's Bhaskar knows in depth that how big is the market of online food companies spreading rapidly in India and around the world? When and how did online food companies start? How come the business of these companies, which make people into the habit of ordering food online, is more than the GDP of many countries?
What is Online Food Delivery System?
Online food delivery is a system in which you can get food delivered to your home through your mobile or laptop. There are many apps and websites in India for this. Through these apps, favorite food can be ordered from any restaurant or cafe in the city, which will reach your home in a few minutes. Payment for food can be made at the time of ordering or even after delivery.
There are many companies in India that provide food delivery service. Among them, Zomato, Swiggy, Foodpanda, Domino's, KFC, Faasos, Pizza Hut are the major companies.
How did Zomato get started?
This company was started in 2008 from Gurugram, Haryana. Then its name was not Zomato but Foodiebay, which was inspired by eBay. It was founded by Deepinder Goyal and Pankaj Chadha. In 2008, Zomato was not food delivery but restaurant discovery service, that is, its job was to give information about different restaurants in the city.
The service was a huge success and in less than 2 years, Foodiebay has added 2 million customers and 8000 restaurants. In late 2010, the company's founder re-launched it under the name Zomato. Along with this, the company also started food delivery service.
At present, Zomato is providing its service in 15 countries and more than 10,000 cities of the world.
Swiggy started from Bangalore in 2014. This was followed by a company named Uber Eats in 2017. However, it did not last long and on January 21, 2020, Zomato bought it. Apart from this, companies like Food Panda, Domino's, KFC, Faasos are also providing food delivery services in India.
According to research by Google and Boston Consulting Group (BCG), the online food delivery service market in India was worth Rs 35.69 thousand crore in 2020. It is one of the fastest growing sectors in the country. The market for online food delivery services is expected to reach Rs 1.64 lakh crore by 2026. At the same time, India's food delivery market is bigger than the GDP of countries like Maldives, Bhutan, Palau, Barbados and Greenland.
According to World Bank data, in 2020 the GDP of Maldives is about 30.84 thousand crores, Bhutan's GDP is about 18 thousand crores, Palau's GDP is 2.05 thousand crores, Barbados's GDP is 33.4 thousand crores and Greenland's GDP is 23.35 thousand crores. was recorded.
On the other hand, in 2021 the online food delivery market all over the world was recorded at Rs 8.13 lakh crore. It is expected to be Rs 17.14 lakh crore in 2027.
Why is this business growing so fast?
The online food ordering business is continuously moving towards profit due to the service of fast food making and delivery to the people. According to the National Restaurant Association of America, 65% of all restaurants' income in 2020 came from online food orderers.
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