Regionally, the global cloud kitchen market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in North America is estimated to witness noteworthy growth over the forecast period on the back of the growing buying power of consumers, coupled with their access to several digital touchpoints. In addition, rising awareness levels about the benefits of cloud kitchens among foodservice operators is encouraging many franchised store outlets to establish cloud kitchens, which in turn is also expected to fuel the market growth in the region in the coming years. Moreover, the market in Asia Pacific is projected to grab the largest share during the forecast period ascribing to the rise in online food delivery services, coupled with escalating adoption of smartphone applications in the region. The total number of smartphone users in India surpassed a value of 740 million in the year 2019, which is projected to exceed 1 billion in 2040.
The global cloud kitchen market is further classified on the basis of region as follows:
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Our in-depth analysis of the global cloud kitchen market includes the following segments:
By Product Type
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major factors driving market growth owing to the growing emphasis of consumers for online food services over dining experience, and increasing usage of independent cloud kitchens by grocery stores.
Ans: The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022-2031.
Ans: The major players in the market are Rebel Foods Private Limited, Kitchen United, DoorDash, Inc., Zuul Kitchens, Inc., Kitopi Catering Services LLC, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, nature, product type, and by region.
Ans: The franchised segment is anticipated to hold largest market size and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.
Ans: Limitations regarding food varieties offered by cloud kitchen are estimated to hamper the market growth.
Ans: North America will provide more business opportunities for market growth owing to the growing buying power of consumers, coupled with their access to several digital touchpoints.