Meal Delivery - Caribbean | Statista Market Forecast

The Meal Delivery market in the Caribbean is projected to reach a revenue of US$129.70m in 2024.
It is expected to show an annual growth rate of 4.83% (CAGR 2024-2029), resulting in a projected market volume of US$164.20m by 2029.
In the Caribbean, the Platform Deliverymarket is projected to have a market volume of US$71.86m in 2024.
When compared globally, China is expected to generate the most revenue in this market, with US$184.50bn in 2024.
The average revenue per user (ARPU) in the Meal Delivery market in the Caribbean is projected to amount to US$49.83 in 2024.
By 2029, the number of users in this market is expected to reach 3.3m users.
The user penetration rate in the Meal Delivery market will be at 6.4% in 2024.
The Caribbean is experiencing a surge in demand for meal delivery services due to the convenience and variety they offer to its residents.

Definition:

Meal Delivery is the online ordering and delivery of prepared meals by a restaurant or a platform for direct consumption. Orders are typically placed in an app or on a website. The delivery is handled by the platform enterprise (e.g. Deliveroo) or directly by the restaurant (e.g. Domino’s).

Structure:

Meal Delivery contains the user and revenue development of two different delivery service solutions for prepared meals: (1) Restaurant Delivery and (2) Platform Delivery. The Restaurant Delivery market includes the delivery of meals carried out directly by the restaurants. The order may be made via platforms (e.g. Delivery Hero, Just Eat) or directly through a restaurant website (e.g. Domino's). The Platform Delivery market focuses on online delivery services that provide customers with meals from partner restaurants that do not necessarily have to offer food delivery themselves. In this case, the platform (e.g. Deliveroo) handles the delivery process.).

Additional Information:

Revenue includes the gross merchandise value (GMV), defined as the total sales dollar value for merchandise/food sold through the Online Food Delivery marketplace. User and revenue figures represent B2C services.

Meals ordered online which are directly delivered by the restaurant, no matter if ordered via a platform (e.g. Delivery Hero) or a restaurant website (e.g. Domino's)
Online meal order and delivery both carried out by a platform (e.g. Deliveroo)
Online orders that are picked up in the restaurant

Phone orders
Deliveries of non-processed or non-prepared food (e.g. HelloFresh)

The Meal Delivery market in Caribbean has been steadily developing in recent years, driven by a combination of factors such as changing customer preferences, local special circumstances and underlying macroeconomic factors.

Customer preferences: Customers in Caribbean are increasingly demanding convenient, healthy and affordable meal options that can be delivered to their doorstep. As a result, meal delivery services that offer a wide variety of cuisine options, including vegetarian and vegan, have gained popularity in the region. Customers are also looking for meal delivery services that offer flexible subscription options and easy payment methods.

Trends in the market: One of the key trends in the Meal Delivery market in Caribbean is the emergence of local meal delivery startups that offer unique and authentic Caribbean cuisine. These startups are leveraging the region's rich culinary heritage to offer customers a taste of the Caribbean in the comfort of their own homes. Additionally, there has been a rise in meal delivery services that cater to specific dietary needs such as gluten-free, keto and paleo diets.

Local special circumstances: The Meal Delivery market in Caribbean is unique due to the region's diverse cultural influences and the availability of fresh and locally sourced ingredients. This has led to the emergence of meal delivery services that specialize in fusion cuisine, blending traditional Caribbean dishes with international flavors. Additionally, the region's tourism industry has created a demand for meal delivery services that cater to visitors seeking an authentic Caribbean experience.

Underlying macroeconomic factors: The Meal Delivery market in Caribbean is also influenced by underlying macroeconomic factors such as the growth of the region's middle class and the increasing adoption of technology. As more people in the region become affluent, they are willing to spend more on convenient and healthy meal options. Additionally, the increasing penetration of smartphones and internet connectivity has made it easier for customers to order meals online and track their deliveries in real-time. This has led to a proliferation of meal delivery startups in the region, catering to the growing demand for quality and convenience.

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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