Grocery Delivery - Panama | Statista Market Forecast

The Grocery Delivery market in Panama is projected to reach a revenue of US$247.50m in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 14.01%, resulting in a projected market volume of US$476.90m by 2029.
Meanwhile, the Retail Delivery market in Panama is projected to have a market volume of US$247.50m in 2024.
In a global comparison, China is anticipated to generate the highest revenue in the Grocery Delivery market, amounting to US$266.00bn in 2024.
The average revenue per user (ARPU) in the Grocery Delivery market in Panama is projected to be US$233.10 in 2024.
Furthermore, the number of users in the Grocery Delivery market is expected to reach 1.6m users by 2029.
Moreover, the user penetration in the Grocery Delivery market in Panama is estimated to be 23.4% in 2024.
Panama's grocery delivery market is rapidly expanding, with a growing number of local and international players entering the market to meet the increasing demand for convenient and efficient shopping options.

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)

The demand for Grocery Delivery services in Panama has been increasing in recent years, driven by changing consumer preferences and the growth of e-commerce in the country.

Customer preferences: Panama's urban population has been growing rapidly, leading to an increase in demand for convenient and time-saving services. Consumers are increasingly turning to online shopping and home delivery as a way to save time and avoid crowded stores. Furthermore, the COVID-19 pandemic has accelerated the adoption of online grocery shopping and delivery services as consumers seek to avoid physical contact and reduce the risk of infection.

Trends in the market: The Grocery Delivery market in Panama is highly competitive, with both local and international players operating in the space. Online grocery platforms have been expanding their product offerings to include a wider range of items, including fresh produce and household essentials. Additionally, some platforms have introduced subscription services and loyalty programs to retain customers and increase their market share. However, the market is still in its early stages, and there is significant room for growth and innovation.

Local special circumstances: Panama's geography and infrastructure pose unique challenges for the Grocery Delivery market. Many parts of the country are difficult to access, and the transportation network is not always reliable. This can make it challenging for delivery companies to provide timely and efficient service to all areas. Additionally, the country's high levels of inequality mean that access to technology and online services is not evenly distributed, which could limit the growth of the market in certain segments of the population.

Underlying macroeconomic factors: Panama's economy has been growing steadily in recent years, and the country has a relatively high level of internet penetration. These factors have created a favorable environment for the development of e-commerce and online delivery services. However, the country also faces challenges related to income inequality, which could limit the growth of the market in certain segments of the population. Additionally, the COVID-19 pandemic has had a significant impact on the country's economy and could affect consumer behavior in the long term.

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.