Online Food Delivery

The revenue in the Online Food Delivery market in Cyprus is projected to reach US$124.90m by 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 12.22%, resulting in a projected market volume of US$222.40m by 2029.
In Cyprus, the Grocery Delivery market is expected to show a revenue growth of 17.7% in 2025.0.
The projected market volume for this market is US$115.90m in 2024.
In global comparison, China is expected to generate the most revenue in the Online Food Delivery market, with US$450.50bn in 2024.
The average revenue per user (ARPU) in the Grocery Delivery market in Cyprus is projected to amount to US$444.40 in 2024.
In the Grocery Delivery market, the number of users in Cyprus is expected to amount to 346.1k users by 2029.
The user penetration in the Grocery Delivery market in Cyprus will be at 20.6% in 2024.
Cyprus is experiencing a surge in online food delivery services, with a growing number of restaurants offering convenient and contactless options for customers.

Definition:

Online Food Delivery refers to the intersection of ordering groceries and prepared meals online. Orders are typically placed through an app or website and delivery times vary.

Structure:

The Online Food Delivery market contains the user and revenue development of two different delivery service solutions: (1) Meal Delivery and (2) Grocery Delivery. Included are services that deliver prepared meals and food ordered online for direct consumption (Meal Delivery) and non-prepared food and beverage products, household, and personal care products (Grocery Delivery). Meal delivery includes the delivery of meals carried out directly by restaurants (Restaurant Delivery) and online delivery services that provide customers with meals from partner restaurants that do not necessarily have to offer food delivery themselves (Platform Delivery). Grocery Delivery consists of fresh, nonprepared products delivered from supermarkets or retailers where delivery is scheduled (Retail Delivery), Delivery that is under 3 hours and operates dark stores or own warehouses (Quick Commerce), and prepared fresh ingredients to be prepared at home, typically offered through a subscription service (Meal Kit Delivery).

Additional Information:

Revenue figures are the gross merchandise value (GMV), defined as the total sales dollar value for merchandise/food sold through the Online Food Delivery marketplace. User and revenue figures represent B2C services.

Meals and groceries ordered online that are directly delivered by the restaurant, retailer, or platform no matter if ordered via a platform (e.g. Delivery Hero, Instacart) or a restaurant/retailer website (e.g. Domino's, Walmart.com)
Online meal and grocery order and delivery both carried out by a platform (e.g. Deliveroo, Grab, Flink)

Phone orders
Click & collect Grocery orders
Ready-to-eat meals

Cyprus, a beautiful island in the Mediterranean, is known for its rich history and culture. However, the island is also experiencing a surge in the Online Food Delivery market, with many companies expanding their services to cater to the growing demand.

Customer preferences: Cyprus has a diverse population, with locals and tourists alike enjoying a wide range of cuisines. As a result, the Online Food Delivery market in Cyprus has seen an increase in demand for international cuisine, including Asian and Middle Eastern dishes. Additionally, customers are increasingly looking for healthy and organic options, with many restaurants and delivery services offering such choices.

Trends in the market: One of the major trends in the Online Food Delivery market in Cyprus is the rise of mobile applications. With the increasing use of smartphones, many delivery services have developed user-friendly apps that allow customers to order food with just a few clicks. Another trend is the use of social media platforms such as Instagram and Facebook to showcase food options and promotions, which has proven to be an effective marketing strategy.

Local special circumstances: Cyprus is a popular tourist destination, with millions of visitors every year. This has led to an increase in demand for food delivery services, especially during peak tourist seasons. Additionally, the island's warm climate and outdoor lifestyle have contributed to the popularity of picnics and outdoor dining, leading to a rise in demand for delivery services that cater to these needs.

Underlying macroeconomic factors: The Online Food Delivery market in Cyprus is also influenced by macroeconomic factors such as the country's GDP growth and unemployment rate. As the economy continues to recover from the financial crisis, more people are able to afford delivery services, leading to an increase in demand. Additionally, the rise in unemployment has led to an increase in the number of people working from home, creating a larger customer base for delivery services.

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 Ecommerce market, in a PDF format.