U.S. restaurant delivery revenues are sharply increasing. The market is growing and expanding based on consumer demand for convenience and speed of food. Consider the astounding fact that 70% of Millenials (ages 18-34) have ordered takeout via a website or app.
Another consideration is this: 2018 Bureau of Labor Statistics reported that 63% of families with children have both parents employed. This translates to less time to shop and prepare food at home.
In a survey by Morgan Stanley, which included nearly 6,000 customers, 47 percent had their food delivered over a six-month period in 2017, compared to 44 percent in the previous year.
Similarly, food delivery sales have grown 20 percent while the overall number of deliveries increased 10 percent over the last five years, according to the NPD Group.
Investment firm Cowen Group is bullish about the online food delivery space, predicting a 79 percent spike from $43 billion in 2017 to $75.9 billion in 2022—or 12 percent growth annually—in the total U.S. food delivery market. If you are interested in learning in more detail about your options, check out this article: