Quick Commerce - Latvia | Statista Market Forecast

Revenue in the Quick Commerce market in Latvia is projected to reach US$11.00m in 2024.
The market is expected to show an annual growth rate (CAGR 2024-2028) of 6.49%, resulting in a projected market volume of US$14.14m by 2028.
In the Quick Commerce market of Latvia, the number of users is expected to amount to 215.4k users by 2028.
User penetration will be 9.3% in 2024 and is expected to hit 12.3% by 2028.
The average revenue per user (ARPU) is expected to amount to US$65.42.
In global comparison, most revenue will be generated China (US$80.84bn in 2024).
With a projected rate of 21.0%, the user penetration in the Quick Commerce market is highest China.
The Quick Commerce market in Latvia is experiencing a surge in demand for online grocery delivery services.

Definition:

The Quick Commerce market focuses on online grocery delivery services that provide customers with last-mile delivery (Instacart), or operate ghost stores where product selection is limited but delivery time is faster (e.g. Gorillas, Getir and Glovo). In this case, the platform handles the delivery process. This also includes grocery delivery platforms where delivery is advertised under 3 hours, although, most players advertise to deliver in under 30 minutes.

Additional Information

Revenue figures refer to Gross Merchandise Value (GMV). User and revenue figures represent B2C services.

Online grocery orders where the advertised delivery time is under 3 hours
Companies typically operate their own small stores (dark/cloud stores)
Online orders where a personal shopper picks and delivers grocery items (e.g., Instacart)

Phone orders
Online meal order and delivery both carried out by a platform (e.g. Deliveroo)

As consumer trends turn towards ultra-convenience and consumer demands grow, Quick Commerce grocery start-up’s growth exploded. At the end of 2021, Getir, Flink, and Gorillas dominated the European markets, having a total of more than 350 locations. But as demand slows down, we see these player scale back operations. With this, we are also seeing more acquisitions between Meal Delivery players and instant grocery players such as Delivery Hero’s purchase of a majority stake in Glovo.

China leads the quick commerce market of Online Grocery Delivery owing its growth to the rapid increase of internet users, established players, and a mature digital market. Players like MissFresh, and Meituan dominate the market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. 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. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Digital market, in a PDF format.