Food & Drink - Western Asia

Western Asia

The Food & Drink market in Western Asia is projected to witness a significant growth in the coming years.
By 2022, the total revenue in this market is estimated to reach US$3.12m.
This upward trend is expected to continue with an annual growth rate of 13.21%, resulting in a projected market volume of US$6.05m by 2027.
Within the Food & Drink market, in-app purchase (IAP) revenue is projected to reach US$0.67m in 2022, indicating a growing trend in consumer spending on digital food and drink-related products.
Similarly, the revenue from paid app downloads is estimated to reach US$0.44m in 2022, reflecting the willingness of consumers to invest in premium food and drink applications.
Moreover, advertising revenue in the Food & Drink market is expected to reach US$2.00m in 2022.
This suggests an increasing interest from advertisers to target consumers in this market segment, leveraging the popularity and engagement of food and drink-related content.
In terms of user engagement, the number of downloads in the Food & Drink market is projected to reach 1.79m downloads in 2022.
This signifies a high level of interest and demand for food and drink-related applications among consumers in Western Asia.
Currently, the average revenue per download in this market segment is expected to be US$1.74.
This metric indicates the average amount of revenue generated per individual download, highlighting the potential profitability of the Food & Drink market in Western Asia.
When comparing these figures on a global scale, it is noteworthy that in the United States leads in terms of revenue generation.
In 2022, in the United States is projected to generate a substantial revenue of US$786.60m within the Food & Drink market, indicating the country's prominence and significance in this 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.