Yahoo Finance Virtual Kitchen Market Estimated to Gain USD 13.97 Billion by 2030, Registering a Massive 12.5% CAGR - Report by Market Research Future (MRFR)
New York, USA, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Virtual Kitchen Market information by Technology, by Components, by End Users and Region – forecast to 2030” market size to reach USD 13.97 billion, growing at a compound annual growth rate of 12.5% by 2030.
Market Scope:
The virtual kitchen market is growing rapidly, basically due to the increasing popularity of the ghost kitchen trend. The dynamic restaurant industry is highly competitive, witnessing a continually shifting consumer base. This, as a result, encourages restaurants to pursue new ways of doing business, and the rise of virtual kitchens is one of the most recent and intriguing trends in the industry.
Virtual kitchens, also known as cloud kitchens, serve as off-premises kitchens or separate delivery and take away only businesses. This new model of business has been garnering huge popularity lately. Many restaurants embraced the virtual kitchen concept in the wake of the COVID-19 pandemic.
Virtual kitchen solutions protect containerized applications/infrastructure and reduce business impact, enabling seamless and automated recovery with minimal downtime and restore functionality. Advances in technology present new opportunities in application development and safeguard against rising numbers of cyber threats.
Dominant Key Players on Virtual Kitchen Market Covered are:
Clicky Media (UK)
The National Kitchen & Bath Association (US)
Homer TLC Inc. (US)
Samsung Group (South Korea)
HTC Corporation (Taiwan)
LG Electronics Inc. (South Korea)
IKEA (Netherlands)
The Saturn Corporation (US)
Aetna (US)
Micro-Star International (Taiwan)
Microsoft Corporation (US)
Cawdor Stone Gallery (UK)
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Market USP Exclusively Encompassed:
Market Drivers
Virtual Kitchen Evolves as a Successful Restaurant Business Model Solution
Major trends in the virtual kitchen market include rising usage of artificial intelligence and increasing shift towards digitalization in the restaurant industry. Besides, the rising adoption of virtual kitchens to help identify the voice commands and work according to the needs and choices of consumers drives the market growth. The rising trend of online food ordering bolsters the virtual kitchen market size.
The rising use of food delivery apps due to changes in the lifestyle of people is another major reason defining the growing market landscape. The virtual kitchen market outlook implies that the market would generate enormous revenues with the rapid technological upgrades and growing use of various delivery apps.
Virtual kitchens are cost-effective, easy, and help boost food deliveries effectively in a faster way. Additionally, rising developments in virtual and augmented reality would play a causal role in developing the virtual kitchen market. Technology companies, such as Samsung Groups, HTC Corporation, Microsoft Corporation, and LG Electronics, are some top providers in meeting the virtual kitchen market demand.
Enhancing internet connectivity with 5G is projected to have an exponential impact on the virtual kitchen market growth. Moreover, the rise in the number of users in various social media platforms is expected to accelerate market shares during the upcoming future years. With the help of social media, it has become easier to understand the behavioral changes and preferences of the customers.
The drastic increase in social media users and platforms such as Instagram and Facebook has made it easier to attract even more customers. Also, increasing numbers of fast-services and fine dining restaurants are projected to offer huge opportunities for the market to thrive. The rising preference for ordering food from outside due to the busy schedule of work would foster the value of the global virtual kitchen market.
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High Initial Investment Requirements and Maintenance Costs Are Major Hindrances
Some of the restraints that could affect the market growth in the upcoming years are the rising costs of virtual kitchen systems and tools. Also, the adoption of low-cost alternatives can hinder market growth.
Besides, challenges such as the inefficient supply chain of food delivery and increasing cases of cybercrimes/ data theft can appear as growth hampering factors, leading to speculations among consumers. Also, stringent rules and policies implemented by the governments can impede market growth to a significant extent.
Segmentation of Market Covered in the Research:
The virtual kitchen market is segmented into components, technologies, end-users, and regions. The component segment is bifurcated into software/solutions, hardware, and services. The technology segment comprises Wi-Fi, artificial intelligence (AI), 3D, and others. The end-user segment is bifurcated into hospitality, residential, commercial places, and others. The region segment comprises the Americas, Asia Pacific, Middle East & Africa, Europe, and others.
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Regional Analysis
North America dominates the global virtual kitchen market, heading with the strong presence of well-established market players and user base in the region. Besides, rapid advances in technologies, solution enhancement, and related technologies boost the market size.
The increasing uptake of cloud-based technologies across major applications impacts regional market growth positively. Furthermore, huge R&D investments made in the development of virtual kitchen solutions and the vast demand for reliable data backup & recovery systems support the growth of the regional market. With rising businesses, the US leads the regional market, followed by Canada.
COVID-19 Impact on the Global Virtual Kitchen Market
The COVID 19 significantly influenced the virtual kitchen market. On one side, where the pandemic spurred a food delivery industry boom; on the other hand, it wreaked havoc on the restaurant industry. In many states, restaurants couldn't host dine-in customers, and some places still have such restrictions. Amid such challenging scenarios, virtual kitchens provided an answer to traditional establishments.
The data indicate that delivery and takeaways won't disappear even once dining returns to pre-pandemic norms. A takeout and delivery-only model would comply with any regulations and won't confuse customers by changing its service. Many cloud kitchens host multiple businesses, like shared workspaces for restaurants, drastically reducing building-related costs like rent.
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Competitive Landscape
The virtual kitchen market witnesses several strategic approaches, such as collaboration, partnerships, mergers & acquisitions, expansion, and product launches. Major industry players also make significant investments in research and development activities and expansions.
For instance, recently, on Jan.05, 2022, Waitr announced its partnership with Virtual Dining Concepts to offer multiple VDC's of virtual restaurant brands, such as MrBeast Burger, Guy Fieri's Flavortown Kitchen, and Buddy V's Cake Slice, on its delivery app. The partnership includes a referral agreement allowing Waitr's existing restaurant partners to add VDC's virtual brands to their operations. In addition, to create new opportunities for both companies, the deal reflects the virtual restaurant brand category's recent growth, bolstering Waitr's push to diversify. Such partnerships may also help scale the fledgling virtual kitchen space, attracting investors' attention.
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