Grocery Delivery - Cyprus | Statista Market Forecast

The Grocery Delivery market in Cyprus is expected to generate a projected revenue of US$115.90m in 2024.
It is anticipated to experience an annual growth rate (CAGR 2024-2029) of 12.69%, resulting in a projected market volume of US$210.70m by 2029.
In comparison, the Retail Delivery market is projected to have a market volume of US$115.90m in 2024.
Among all countries, China is expected to generate the highest revenue in this market, reaching US$266.00bn in 2024.
The average revenue per user (ARPU) in the Grocery Delivery market in Cyprus is projected to be US$444.40 in 2024.
Furthermore, the number of users in this market is expected to reach 346.1k users by 2029.
The user penetration in the Grocery Delivery market is projected to be at 20.6% in 2024.
With the rise of e-commerce and changing consumer preferences, online grocery delivery services like "Grocery Cyprus" are gaining popularity in Cyprus, offering convenience and time-saving options for busy individuals.

Definition:

The Grocery Delivery market consists of food and non-food products that people regularly buy from a grocery store, including food and beverages, pet food, household cleaning products, personal care products, and other household consumables. Grocery delivery can be purchased through several different sales channels such as Omnichannel, Quick Commerce, or directly from the store.

Structure:

Grocery Delivery contains three markets: Retail Delivery, Quick Commerce, and Meal Kit Delivery. Retail Delivery includes delivery of these products directly by supermarkets, brick-and-mortar shops, or grocery stores. The order is placed through an online shop run by the retailer (e.g. Walmart+, Amazon Fresh). Quick Commerce focuses on online delivery services that provide customers with last-mile delivery (Instacart), or operate ghost stores where product selection is limited but delivery time is faster (e.g. Gorillas, Getir, and Glovo). In this case, the platform (e.g. Gorillas) handles the delivery process. This also includes grocery delivery platforms where delivery is advertised under 3 hours, although, most players aim to deliver in minutes. Finally, Meal Kit Delivery encompasses the delivery of a recipe box where fresh ingredients are delivered to be prepared. This service is usually offered as a subscription plan (e.g. HelloFresh).

Additional Information:

Revenue figures refer to Gross Merchandise Value (GMV). User and revenue figures represent B2C services.

Fresh food & Beverages, personal care, or household items ordered online are directly delivered to the consumer, no matter if ordered via a platform (e.g., Instacart) or a retailer website (e.g., Walmart)
Online Grocery orders and delivery are both carried out by a retailer (e.g., Walmart)
Online orders that are picked up in the supermarket (e.g., Instacart) or operating ghost warehouses and delivery logistics (e.g., Flink)
Online orders of recipe boxes where the ingredients are already preportioned (e.g., HelloFresh)

Phone orders
Deliveries of prepared meals for direct consumption (e.g. Meal Delivery)

Cyprus, a beautiful island in the Mediterranean, is experiencing a surge in the Grocery Delivery market. This trend is not unique to Cyprus, as the COVID-19 pandemic has accelerated the adoption of online grocery shopping worldwide.

Customer preferences: Customers in Cyprus are increasingly turning to online grocery shopping due to its convenience and time-saving benefits. The ability to shop from the comfort of their homes and have their groceries delivered to their doorsteps is a major draw. Additionally, online grocery shopping allows customers to easily compare prices and find deals, which is becoming increasingly important as the economy faces uncertainty.

Trends in the market: The Grocery Delivery market in Cyprus is expected to grow rapidly in the coming years. With the pandemic still ongoing, many consumers are likely to continue shopping online for their groceries even after restrictions are lifted. This has led to increased competition in the market, with both established players and new entrants vying for market share. In response, many companies are expanding their product offerings and delivery options to stay competitive.

Local special circumstances: Cyprus has a unique geographical location, situated at the crossroads of Europe, Asia, and Africa. As a result, the country has a diverse population with different cultural backgrounds and tastes. This presents both challenges and opportunities for companies operating in the Grocery Delivery market. On one hand, companies must cater to the diverse preferences of their customers. On the other hand, there is an opportunity to offer unique products and services that appeal to a wide range of customers.

Underlying macroeconomic factors: The Grocery Delivery market in Cyprus is also influenced by broader macroeconomic factors. The country's economy has been heavily impacted by the pandemic, with a sharp decline in tourism and other industries. This has led to increased unemployment and reduced consumer spending power. However, the government has implemented measures to support businesses and individuals during this difficult time. As the economy recovers, it is likely that the Grocery Delivery market will continue to grow as more consumers adopt online shopping habits.

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.