What Is The Overview Of The Global Virtual Kitchen Market?
A virtual kitchen, also known as a ghost kitchen, is a professional food preparation and cooking facility set up to prepare delivery-only meals. It operates without a physical dine-in location and is designed to fulfill online orders through delivery services or directly via the restaurant's app or website.
Virtual Kitchen Global Market Report 2024 provides data on the global virtual kitchen market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Virtual Kitchen market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Virtual Kitchen Market?
The virtual kitchen market has grown rapidly in recent years, increasing from $60.15 billion in 2023 to $68.04 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. This growth is attributed to increased social media marketing, higher demand for international cuisines, the rising popularity of shared kitchen concepts in hotels and restaurants, a growth in standalone brands serving customers from a single location, and increased demand for fast food products. The market is projected to grow further, reaching $112.47 billion in 2028 at a CAGR of 13.4%. Factors contributing to this forecasted growth include a rise in online food delivery demand, changing consumer taste preferences, increased disposable income, growing smartphone usage, and easier access to the internet. Major trends in the forecast period include a focus on advertising, strategic partnerships, transformation of the restaurant industry, innovative service launches, and technological advancements.
What Are The Core Factors Supporting Growth In The Virtual Kitchen Market?
The growing significance of digitalization is expected to drive the growth of the virtual kitchen market. Digitalization involves converting information into a digital format for easy processing, storage, and transmission. This trend enhances brand visibility, customer engagement, and support while being cost-effective. Digitalization is crucial for virtual kitchens, streamlining operations, improving customer experiences, and optimizing resource management. For instance, a report published in February 2024 noted that in 2022, the digital sector contributed $171.25 million to the UK economy, accounting for 7.2% of the total gross value added (GVA), an increase from 7.1% in 2021. Therefore, the growing significance of digitalization is expected to drive the growth of the virtual kitchen market.
Get Your Free Sample of the Global Virtual Kitchen Market Report
What Are The Major Segments Within The Global Virtual Kitchen Market?
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
Which Trends Are Expected To Transform The Virtual Kitchen Market?
Companies in the virtual kitchens market are developing innovative ghost kitchens to optimize operations and delivery services. Ghost kitchens offer scalable solutions for expanding market presence and revenue. For instance, in November 2022, US-based Pepsicon launched a ghost kitchen service for restaurant partners, enabling them to use popular beverage and snack brands to create unique virtual menu items and experiences, helping restaurants start new virtual brands or outsource concepts.
What Is The Fastest Growing Region In The Virtual Kitchen Market?
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.
