Food & Drink - Colombia

Colombia

Colombia's Food & Drink market is anticipated to witness impressive growth, with total revenue projected to reach US$2.33m by 2022.
This is expected to result in a substantial market volume of US$4.41m by 2027, reflecting an annual growth rate (CAGR 2022-2027) of 12.35%.
Within the Food & Drink market, in-app purchase (IAP) revenue is projected to reach US$620.90k in 2022, while paid app revenue is expected to reach US$178.30k.
Additionally, advertising revenue in this market segment is projected to reach US$1,532.00k in 2022.
Furthermore, the number of downloads in the Food & Drink market is forecasted to reach 2.38m downloads in 2022, highlighting the growing popularity of these applications.
Currently, the average revenue per download is expected to amount to US$0.98.
When considering a global comparison, it is noteworthy that in the United States generates the highest revenue in the Food & Drink market, with an estimated US$786.60m in 2022.
This emphasizes the significant market potential and opportunities for growth within Colombia's Food & Drink market sector.

Key regions: United States, India, South Korea, Japan, Asia

Market

Region

Region comparison

Currency

Analyst Opinion

Since the start of Apple, Inc.'s App Store in 2008 with around 500 apps, mobile apps have come to dominate the digital economy and have quickly outpaced the demand for desktop applications. As of 2021, the Apple App Store and Google Play Store had more than 5 million apps combined. Because many apps from the West are not available in China, many new app stores have emerged there. Digital lifestyles around the world now depend on adopting mobile apps, especially when it comes to social networking. The games industry has also been thoroughly transformed by the app revolution and is demonstrated by the fact that the games category is the largest and highest-grossing app category.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.