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The global peer-to-peer dining market is experiencing substantial growth and is predicted to continue this trend in the following years. With the market size projected to grow from around $6.11 billion in 2023 to about $6.36 billion in 2024, this growth represents a compound annual growth rate CAGR of 4.0%. This expansion in the recent period can largely be attributed to the increased internet penetration, the rise of social media platforms, the growth of food tourism, the demand for unique and personalized dining experiences, and the increase in disposable incomes.
What is the Forecast for the Peer-to-Peer Dining Market Size and Growth Rate?
Looking further into the future, consistent growth is expected within the peer-to-peer dining market. The market is forecasted to see a rise to approximately $7.48 billion by 2028, with an increased CAGR of 4.1%. Further growth drivers include the continued rise of foodie culture, a surge in urbanization, an increased focus on sustainability, demand for personal culinary experiences, and an uptick in experiential travel. Major trends projected to influence this sector include the integration of virtual reality, embracing the transparency of blockchain technology, the implementation of artificial intelligence for personalized menu recommendations, the growth of subscription-based services, and an emphasis on zero-waste cooking.
What Key Factors are Propelling the Peer-to-Peer Dining Market Forward?
A significant factor contributing to the growth of the peer-to-peer dining market is the increase in home cooking. As more individuals are preparing and cooking meals at home using basic cooking techniques and raw ingredients, peer-to-peer dining platforms are connecting these individuals to share home-cooked meals. This fosters community engagement and cultural exchange. For example, a report from the Bureau of Labor Statistics published in December 2023 revealed that food expenditures at home surpassed $5,700 in 2022. This spike in home-cooked meals is evidently driving the growth of the peer-to-peer dining market.
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Who are the Key Industry Players Within the Peer-To-Peer Dining Market?
Major companies operating within the peer-to-peer dining market include Feastly, Withlocals, Traveling Spoon, The London Supper Club, EatWith, Hobnob, B'Ville Diner, Supper Club, Cookly, BonAppetour, CookUp, EatMeet, EatWithMe, FoodieTrip, HomeCooked, Kitchen Surfing Inc., Secret Dinner, ShareDine, Table at Home, and MealSharing.
What are the Emerging Trends within the Peer-To-Peer Dining Market?
In order to stay competitive within the evolving market, many operating companies are focusing on developing innovative offerings such as home-cooked meal services. This provides consumers with affordable, fresh, and home-style meals, prepared in private residences for others to enjoy. For instance, in February 2023, Zomato, an India-based online restaurant guide and food ordering platform, launched a service called Zomato Everyday, which aims to provide home-cooked meals starting at an affordable price. This strategic shift represents a concerted effort to cater to individuals who live away from home and often miss the comfort of home-cooked meals.
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How is the Global Peer-To-Peer Dining Market Segmented?
The global peer-to-peer dining market can be segmented in the following categories:
1 By Dining: Casual Home Dining, Fine Dining, Themed Dinners, Food Tours
2 By Nationality: Domestic, International
3 By Demographic: Male, Female, Kid
4 By Age Group: Below 15 Years, 16 To 25, 26 To 35, 36 To 45, 46 To 55, Above 55
5 By Booking Channel: Direct Bookings, Online Travel Agencies OTAs, Other Booking Platforms
What Insights does the Peer-To-Peer Dining Market Offer on a Regional Scale?
Regional insights reveal that North America was the most significant region in the peer-to-peer dining market as of 2023. However, the peer-to-peer dining market report covers numerous regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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