Food & Drink - Lithuania

Lithuania

The Food & Drink market in Lithuania is expected to see significant growth in the coming years.
According to projections, the total revenue in this market is set to reach US$250.20k in 2022.
This growth is anticipated to continue at an annual growth rate of 11.11%, resulting in a projected market volume of US$452.90k by 2027.
Within the Food & Drink market, various revenue streams are expected to contribute to this growth.
In-app purchase (IAP) revenue is projected to reach US$25.90k in 2022, while paid app revenue is expected to reach US$9.03k in the same year.
Additionally, advertising revenue is projected to reach US$215.30k in 2022.
In terms of user engagement, the number of downloads in the Food & Drink market is projected to reach 327.60k downloads in 2022.
Currently, the average revenue per download is expected to amount to US$0.76.
When compared globally, it is worth noting that in the United States generates the highest revenue in the Food & Drink market, with a projected revenue of US$786.60m in 2022.
However, it is important to consider the different market dynamics and consumer behaviors in each country.
Overall, these statistics highlight the potential growth and revenue opportunities within the Food & Drink market in Lithuania.

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.