Armenia, a country in the South Caucasus region, is experiencing a boom in the online food delivery market.
Customer preferences: Armenians are known for their love of food, and the convenience of online food delivery services has only added to their enthusiasm. The majority of the population is tech-savvy and enjoys the ease of ordering food online. Additionally, the country's urbanization has led to an increase in demand for food delivery services due to a busy lifestyle.
Trends in the market: The online food delivery market in Armenia has been growing rapidly in recent years. The market is highly competitive, with several local and international players vying for market share. One of the major trends in the market is the increasing popularity of mobile applications for food delivery. Many companies have developed user-friendly mobile apps that allow customers to order food with just a few taps on their smartphones. Another trend is the diversification of the food delivery market, with companies expanding their menus to include a wider range of cuisines and dietary options.
Local special circumstances: Armenia's location between Europe and Asia has led to a unique blend of cuisines, and the online food delivery market reflects this diversity. Armenian cuisine is known for its rich flavors and traditional dishes such as dolma, khorovats, and lavash. Additionally, the country has a large diaspora community, which has led to the popularity of international cuisines such as Lebanese, Georgian, and Italian.
Underlying macroeconomic factors: Armenia's economy has been growing steadily in recent years, with a focus on technology and innovation. The country's IT sector has been booming, and this has led to the development of several online food delivery platforms. Additionally, the COVID-19 pandemic has accelerated the growth of the online food delivery market, as more people are staying home and ordering food online. The government has also been supportive of the development of the online food delivery market, with initiatives to promote entrepreneurship and innovation.
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.
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