New Delhi, May 2 -- India's online food delivery market is entering its next growth phase, driven less by new user acquisition and more by rising order frequency, expanding Tier-2+ penetration and steady average order value (AOV) expansion, according to Investec Equities.

The sector is expected to scale from USD 9.1 billion in 2024 to nearly USD 27 billion by 2030, growing at a 19 per cent CAGR, as digital adoption and urbanisation reshape consumption patterns.

The report stated that the broader food services market has grown from Rs 4 trillion in FY20 to Rs 7 trillion in FY25 and is projected to reach Rs 11-12 trillion by FY30, implying an 11-12 per cent Compound Annual Growth Rate (CAGR). Yet penetration remains low at 13 per cent of ...