Meal Delivery - Cyprus | Statista Market Forecast

The Meal Delivery market in Cyprus is projected to generate a revenue of US$9.01m in 2024.
It is expected to experience an annual growth rate (CAGR 2024-2029) of 5.36%, resulting in a projected market volume of US$11.70m by 2029.
In the Platform Deliverymarket, in Cyprus is expected to reach a market volume of US$6.34m in 2024.
When compared globally, China is projected to generate the highest revenue, amounting to US$184.50bn in 2024.
The average revenue per user (ARPU) in the Meal Delivery market in Cyprus is projected to be US$67.21 in 2024.
Additionally, the number of users in the market is expected to reach 169.9k users by 2029.
The user penetration rate in the Meal Delivery market in Cyprus will be at 10.6% in 2024.
With the rise in urbanization and busy lifestyles in Cyprus, the demand for meal delivery services has seen a significant surge.

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)

Cyprus, a small island country located in the Eastern Mediterranean, has seen a significant rise in the popularity of meal delivery services in recent years.

Customer preferences: One of the main reasons for this trend is the busy lifestyle of Cypriot consumers. With long working hours and a desire for convenience, many people are opting for the ease of having meals delivered to their doorstep. Additionally, the younger generation is more open to trying new cuisines, which has led to the emergence of a variety of international food options in the meal delivery market.

Trends in the market: The meal delivery market in Cyprus has also seen a shift towards healthier options. Consumers are increasingly health-conscious and are looking for meals that are not only convenient but also nutritious. As a result, many meal delivery companies are now offering healthier menu options, such as low-carb or vegetarian meals, to cater to this demand.Another trend in the market is the rise of online ordering and mobile apps. With the widespread use of smartphones, consumers can now easily order their meals through mobile apps, making the process even more convenient. This has led to a rise in the number of meal delivery companies offering online ordering and delivery services.

Local special circumstances: One unique aspect of the meal delivery market in Cyprus is the popularity of traditional Cypriot cuisine. While international options are becoming more popular, traditional Cypriot dishes such as souvlaki and moussaka remain a staple in the market. Many meal delivery companies offer these dishes, along with other local favorites, to cater to the demand for traditional Cypriot cuisine.

Underlying macroeconomic factors: The growth of the meal delivery market in Cyprus can also be attributed to the country's growing economy. With an increase in disposable income, consumers are more willing to spend money on convenience and luxury. This has led to a rise in the number of meal delivery companies offering premium options, such as gourmet meals and high-end ingredients.In conclusion, the meal delivery market in Cyprus is experiencing growth due to the busy lifestyle of consumers, a desire for convenience, and a shift towards healthier options. The rise of online ordering and mobile apps has also contributed to this trend. The popularity of traditional Cypriot cuisine is another unique aspect of the market, while the country's growing economy has led to an increase in premium meal delivery options.

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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