Global Food Delivery: Consolidation A Key Theme Again In '26

研报英文原文证据摘录

Global Food Delivery: Consolidation A Key Theme Again In '26

Equity Research

10 June 2026

Global Food Delivery

Consolidation A Key Theme Again

In '26

We expect 2026 global GOV growth to slightly accelerate vs. U.S. Internet

2025, but order growth is slowing. Longer term we estimate a POSITIVE

low double-digit CAGR for the industry. The recent UBER- EMEAPOSITIVEInternet

DHER news has triggered global consolidation as the major U.S. Internet

Ross Sandlerinvestment theme across the industry once again in '26.

+1 415 263 4470

ross.sandler@barclays.com

We appreciate your 5-star vote in the 2026 Extel All-America Research Survey in the Internet BCI, US

Large-Cap and Internet Mid- & Small-Cap categories (Search "Sandler Barclays"). View our

Alex Hughes

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The Key Take Away: We update our global food delivery  2026 Global Food Delivery BCI, US

industry model and are forecasting '26 global gross order Industry Model

volume (i.e., gross bookings or GMV) growth to accelerate Michael DiSanto

+1 212 526 1054vs. 2025, on the back of further penetration of restaurant

michael.disanto@barclays.com

and grocery/retail, M&A improving operations in certain

BCI, US

markets, and expansion in non-core geos. We'd note that order growth is slowing and lagging

GOV growth in '26, which has raised some investor concerns around core restaurant industry Owen Clendenin

+1 212 526 7518maturity. Growth should hold at a low double-digit CAGR over the next few years as restaurant

owen.clendenin@barclays.com

frequency/retention and new verticals penetration continues to improve. Consolidation remains

one of the leading narratives for investors as Uber looks to put Delivery Hero in play. This