234,000 food orders are placed on this app every day, but most Americans still don't know about it

Grubhub Seamless, the online and mobile food ordering service company, now processes nearly a quarter-million (234,700) online food orders per day on average, according to its first quarter earnings last week. That's a 30% jump from the same quarter of last year, although it's a smaller growth than previous years.

As seen in the chart below, put together by BI Intelligence, Grubhub continues to grow its daily average order volume, but at a slowing pace. Its daily average order has nearly doubled in the last two years, but at the same time, its growth rate has dropped nearly 10 percentage points year-over-year.

But investors seem to believe there's still huge upside. Although a recent Morgan Stanley survey revealed that nearly 80% of Americans - and 44% of New Yorkers - are clueless about Grubhub, the investment firm says "low penetration and consumer awareness could drive a 5x expansion in GRUB's user base."

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In fact, Americans only spend about $9 billion a year on online food ordering, a tiny fraction of the total $70 billion food takeout and delivery market. Grubhub already controls over 20% of that $9 billion online market, and has plans to expand into the food delivery market as well: it recently acquired two startups, Restaurants on the Run and DiningIn, that currently deliver for more than 3,000 restaurants in the US.

BI Intelligence