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 EMEA Internet

Andrew Ross, CFAinvestment theme across the industry once again in '26.

+44 (0)20 7773 3023

andrew.ross@barclays.com

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

industry model and are forecasting '26 global gross order Industry Model Guillaume Galland, CFA

volume (i.e., gross bookings or GMV) growth to accelerate +44 (0)20 7773 4061

vs. 2025, on the back of further penetration of restaurant guillaume.galland@barclays.com

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

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

Olivia Venancio

GOV growth in '26, which has raised some investor concerns around core restaurant industry +44 (0)20 3555 0278

maturity. Growth should hold at a low double-digit CAGR over the next few years as restaurant olivia.venancio@barclays.com

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

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

Yash Jain

follows a number of smaller moves in '25 including DoorDash acquiring Deliveroo, Uber’s +91 (0)22 6175 3418

acquisition of Trendyol GO (and subsequently Getir delivery in ‘26), and Prosus acquiring Just yash.jain2@barclays.com

Eat Takeaway.