Should you dabble in the Food Industry?
The online food industry is thriving in the world and is very big in Pakistan as well. Technology has made everything very simple. It is easy to order food at your doorstep with the click of a button. It is fast, convenient and consumers don’t have to spend so much time in lines just to place an order.
For all the tech savvy people out there who are keen on starting a low cost but more capital inflow business, the online food business model seems like the perfect catch. The market opportunity in the online food industry remains bigger than ever. Pakistan is also emerging as a distinct name in the online food industry. Businesses like EatOye, KhaoPiyo, FoodPanda and Supermeal are thriving in Pakistan.
Food Industry is a niche that is still blooming
In the United States Morgan Stanley Research hints to a core addressable restaurant spend of $210 billion of which online food industry comprises of only $10 billion. Figures make this less than 5% which means that e-food and online delivery is a niche that is still developing. In Pakistan the city Karachi has come forward as a boom in the online food industry delivery services. Previous figures report that the worth of online food business is Rs 15 billion per year. The outlets deal with takeaways and delivery services. Many local food outlets are also shifting to the online delivery industry since it is an additional revenue stream.
Many businesses in Pakistan are eyeing the potential online food markets in other parts of the world as well. Foortal.pk as now established a delivery service in the United Kingdom under the name supermeal.co.uk.
Since, fast food industry accounts for the 2nd largest in Pakistan. Pakistani consumers spend about 42% of their income on fast food and with the growth rate of 20% annually it makes the fast food business in Pakistan a niche to dabble in.
The online food industry in the world and especially Pakistan seems like a potential business venture for all the business minded people out there.
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I’m a communication enthusiast and junior editor-reporter at Research Snipers, I have completed a degree in Mass Communication but am very enthusiastic about new technology, games, and mobile devices. I have the main interest in Technology and games.