The virtual kitchen global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Virtual Kitchen Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The virtual kitchen market size has grown rapidly in recent years. It will grow from $60.15 billion in 2023 to $68.04 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to increased social media marketing, increased demand for international cuisines, increased popularity of shared kitchen concepts in hotels and restaurants, rise in number of standalone brands serving customers from a single location, increased demand for fast food products.
The virtual kitchen market size is expected to see rapid growth in the next few years. It will grow to $112.47 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to rise in online food delivery demand, changing consumer taste preferences, rise in disposable income, increasing use of smartphones, easy access to internet. Major trends in the forecast period include focus on advertising, strategic partnerships, transformation of the restaurant industry, innovative service launch, technological advancements.
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Scope Of Virtual Kitchen Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Virtual Kitchen Market Overview
Market Drivers –
The growing significance of digitalization is expected to propel the growth of the virtual kitchen market going forward. Digitalization is converting information, data, or physical objects into a digital format that computers can easily process, store, and transmit. The growing significance of digitalization can be attributed to increased brand awareness and visibility, enhanced customer engagement, improved customer support, and cost-effective marketing. Digitalization plays a crucial role in the success and efficiency of virtual kitchens by streamlining operations, improving customer experiences, and optimizing resource management. It enables virtual kitchens to operate more efficiently, reduce costs, and provide a better customer experience, ultimately driving growth and success in the competitive food delivery market. For instance, in February 2024, according to a report published by the United Kingdom, in 2022, provisional estimates indicate that the digital sector contributed $171.25 million to the UK economy, accounting for 7.2% of the total UK gross value added (GVA), an increase from 7.1% in 2021. Therefore, the growing significance of digitalization is driving the growth of the virtual kitchen market.
Market Trends –
Major companies operating in the virtual kitchens market are focused on developing innovative kitchens, such as ghost kitchens, to streamline operations and optimize delivery services. The ghost kitchen capability provides a turnkey, scalable solution for customers looking to bring their flavors to new or existing markets, grow their off-premise footprint, and drive revenue. For instance, in November 2022, Pepsicon, a US-based company, launched its ghost kitchen service for restaurant partners. This service allows customers to leverage the company’s beverage and snack portfolio, including popular brands such as Pepsi, Mtn Dew, Doritos, and Cheetos, to create uniquely branded menu items and virtual experiences. It will help restaurants to start their virtual brand, bring in an outside brand, or outsource their concept to other restaurants.
The virtual kitchen market covered in this report is segmented –
1) By Component: Software, Services, Hardware, Other Components
2) By Application: Workplaces, Household, Schools, Other Applications
3) By End-User: Commercial Space, Residential, Hospitality, Other End Users
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Regional Insights –
North America was the largest region in the virtual kitchen market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual kitchen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the virtual kitchen market are Uber Eats , Starbucks Corp., DoorDash Inc., Micro-Star International, Deliveroo, Foodpanda, CloudKitchens , GrubHub Holdings Inc., Kitopi , Postmates Inc., Rebel Foods, Kitchen United, Wetzel’s Pretzels LLC, Clicky Media Ltd., Deliverect, Kitchen Connect, Zuul Kitchens Inc., Dahmakan, Taster Group Ltd., Franklin Junction, The Local Culinary, Smart City Kitchens, Ghost Kitchen Orlando, Kouzina FoodTech, Nextbite
Table of Contents
1. Executive Summary
2. Virtual Kitchen Market Report Structure
3. Virtual Kitchen Market Trends And Strategies
4. Virtual Kitchen Market – Macro Economic Scenario
5. Virtual Kitchen Market Size And Growth
…..
27. Virtual Kitchen Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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