The demand for grocery delivery services in Equatorial Guinea has been on the rise in recent years.
Customer preferences: Customers in Equatorial Guinea are increasingly turning to online grocery delivery services due to the convenience and time-saving benefits they offer. With the growth of the middle class and an increase in disposable income, customers are seeking more efficient ways to shop for groceries. Additionally, the COVID-19 pandemic has accelerated the adoption of online grocery shopping as customers seek to reduce their exposure to the virus.
Trends in the market: The grocery delivery market in Equatorial Guinea is still in its early stages, with a few players dominating the market. However, the market is expected to grow rapidly in the coming years as more players enter the market and existing players expand their operations. The market is also expected to become more competitive, with players offering better prices and more diverse product offerings to attract customers.
Local special circumstances: Equatorial Guinea is a small country with a relatively small population, which presents challenges for grocery delivery companies. The country's infrastructure is also underdeveloped, with poor road networks and limited access to electricity and internet services in some areas. These factors can make it difficult for grocery delivery companies to operate efficiently and cost-effectively.
Underlying macroeconomic factors: Equatorial Guinea's economy is heavily reliant on the oil and gas industry, which has been hit hard by the COVID-19 pandemic and the global economic downturn. This has led to a decline in government revenues and a reduction in consumer spending. However, the government has implemented measures to support the economy, including the reduction of taxes and the provision of financial assistance to small and medium-sized enterprises. These measures are expected to stimulate economic growth and boost consumer spending, which could have a positive impact on the grocery delivery market.
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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