Equatorial Guinea, a small country located in Central Africa, has seen a rise in the popularity of online food delivery services in recent years.
Customer preferences: Customers in Equatorial Guinea have shown a growing interest in the convenience and accessibility offered by online food delivery services. With the country's urban population steadily increasing, many consumers are turning to these services as a way to save time and avoid the hassle of cooking or going out to eat. Additionally, the COVID-19 pandemic has further accelerated the demand for online food delivery, as many people are choosing to stay at home and avoid crowded public spaces.
Trends in the market: One of the key trends in the online food delivery market in Equatorial Guinea is the rise of local delivery platforms. While international players such as Uber Eats and Jumia Food have a presence in the country, many consumers are opting for homegrown services that offer more tailored options and a greater selection of local cuisine. Another trend is the increasing use of mobile devices to place orders, with many delivery platforms offering user-friendly apps that allow customers to easily browse menus and place orders from their smartphones.
Local special circumstances: Equatorial Guinea's unique cultural and culinary landscape has also played a role in shaping the online food delivery market. With a diverse population and a mix of traditional and modern cuisine, there is a growing demand for delivery services that cater to a wide range of tastes and preferences. Additionally, the country's small size and relatively underdeveloped transportation infrastructure have made it difficult for traditional restaurants to reach a wider audience, making online delivery services an attractive option for many businesses.
Underlying macroeconomic factors: Despite these positive trends, the online food delivery market in Equatorial Guinea still faces a number of challenges. The country's economy is heavily dependent on the oil and gas sector, which has been hit hard by falling global prices in recent years. This has led to high levels of unemployment and a decline in consumer spending, which could limit the growth of the online food delivery market in the coming years. Additionally, the country's limited internet infrastructure and high data costs could also pose challenges for delivery platforms looking to expand their reach.
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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