Ghana, a country in West Africa, has seen a surge in the Online Food Delivery market in recent years.
Customer preferences: Ghanaians are increasingly turning to online food delivery services due to the convenience it offers. With the rise of technology and the growing middle class, people are looking for ways to save time and effort. Online food delivery services provide a solution to this problem by offering a wide range of food options at the click of a button. Moreover, the COVID-19 pandemic has accelerated the adoption of online food delivery services as people prefer to stay home and order food instead of going out to eat.
Trends in the market: The Online Food Delivery market in Ghana has seen a significant increase in the number of players in the market. The competition is intense, and companies are trying to differentiate themselves by offering unique services such as same-day delivery, subscription-based services, and discounts. Additionally, there is a growing trend towards healthy eating, and many companies are offering healthy food options to cater to this demand. The use of social media platforms such as Instagram and Facebook has also increased, and companies are using these platforms to market their products and services.
Local special circumstances: One of the unique challenges facing the Online Food Delivery market in Ghana is the lack of a formal addressing system. This makes it difficult for delivery drivers to locate customers and can result in delayed deliveries. Additionally, the cost of data and internet services is relatively high, which can limit the number of people who can access online food delivery services.
Underlying macroeconomic factors: The Ghanaian economy has been growing steadily over the past few years, with a projected growth rate of 5.1% in 2021. This growth has led to an increase in disposable income, which has contributed to the growth of the Online Food Delivery market. Additionally, the government has implemented policies to encourage entrepreneurship, which has led to the emergence of new players in the market. The growth of the Online Food Delivery market in Ghana is expected to continue as more people adopt online services and the economy continues to grow.
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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