The Caribbean region has seen a surge in the demand for grocery delivery services in recent years.
Customer preferences: The convenience of having groceries delivered to their doorstep has become increasingly popular among Caribbean consumers. With the rise of online shopping, customers are looking for ways to save time and avoid crowded stores. Additionally, the COVID-19 pandemic has accelerated the adoption of grocery delivery services as customers look for safer ways to shop for essentials.
Trends in the market: Several companies have entered the Caribbean grocery delivery market in recent years, including local startups and international players. These companies are competing to offer the most convenient and affordable services to customers. One trend that has emerged is the use of mobile apps to place orders and track deliveries. Another trend is the expansion of delivery options beyond traditional grocery stores to include specialty shops and farmers markets.
Local special circumstances: The Caribbean region is known for its diverse cultures and unique local products. As a result, grocery delivery services in the region must cater to these local preferences. For example, some companies offer delivery of fresh seafood and tropical fruits that are popular in the Caribbean. Additionally, some customers prefer to shop at local markets and small businesses, which presents an opportunity for grocery delivery services to partner with these businesses.
Underlying macroeconomic factors: The Caribbean region has experienced economic challenges in recent years, including high unemployment rates and low GDP growth. However, the growth of the grocery delivery market presents an opportunity for job creation and economic growth. Additionally, the region's reliance on tourism has been impacted by the COVID-19 pandemic, making the growth of the grocery delivery market even more important for the region's economy.In summary, the Caribbean grocery delivery market has seen significant growth due to customer preferences for convenience and safety, the emergence of new delivery options, the need to cater to local preferences, and the potential for economic growth.
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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