A massive increase in the food delivery market over the past five years has enabled giants like Uber Eats and DoorDash to gross hundreds of billions of dollars. Although Uber Eats is still far below DoorDaash in terms of its share in the home market, the company has earned tens of billions of dollars from its business.
According to data presented by AltIndex.com, Uber grossed almost $50 billion from its food delivery business in five years.
Uber Eats Revenue Skyrocketed by 700% Since 2018
Over the past five years, food delivery has expanded from takeaways to delivering anything and everything to consumers. This impressive growth, boosted by COVID-19, has helped the entire market triple, with online food delivery reaching 3.3 billion users and becoming a trillion-dollar industry in 2023.
Uber Eats has always had a lion`s share in this landscape. Although still far below its biggest competitor in the home market, DoorDash, which had a 67% market share in the United States last year, Uber`s food delivery service has grown immensely over the years.
According to official company data, Uber Eats grossed $600 million in 2018. A year later, this figure jumped by 150% and hit $1.9 billion. After a slowdown in 2019, Uber`s food delivery business exploded amid the pandemic, with the company seeing the biggest annual growth of 152% and grossing $4.8 billion that year.
Statistics show Uber Eats revenue has continued rising over the past three years, although the annual growth rate slowed down compared to its peak in 2020. After growing by 72% in 2021 and 31% in 2022, revenue increased by only 11% but still hit an all-time high of $12.2 billion in 2023. Furthermore, this represents a massive 700% increase compared to 2018, when the company grossed almost 20 times less revenue.
More than 300 million People to Flock to Food Delivery Apps in 2024; Total Number of Users to hit 3.6 billion
Although the world`s largest on-demand food delivery services, like Uber Eats, already generate impressive revenue, 2024 might bring even more impressive figures as the entire market reaches record profits and users.
According to Statista Digital Market Insight, more than 300 million people will start using food delivery apps this year, pushing the total number of users in the market to 3.6 billion. This impressive user base will continue driving revenue growth.
Last year, online food delivery hit a massive milestone and became a trillion-dollar industry. Statista expects market revenue to grow by nearly 18% and hit $1.22 trillion in 2024, with each user spending roughly $335 on food delivery. Statista expects the entire market to continue growing rapidly in the following years and hit an almost $2 trillion value by 2029.
