The Meal Delivery market in Equatorial Guinea has been experiencing significant growth in recent years, with an increasing number of consumers turning to food delivery services for convenience and variety.
Customer preferences: Equatorial Guinea's consumers are increasingly looking for convenience and variety in their food choices, which has led to a rise in demand for meal delivery services. Busy work schedules and the desire for healthy and diverse meal options have contributed to this trend. Additionally, the COVID-19 pandemic has led to an increase in demand for contactless delivery options.
Trends in the market: The Meal Delivery market in Equatorial Guinea is still in its early stages, but it is rapidly growing. The market is dominated by local players, with a few international companies starting to enter the market. These companies are expanding their offerings to include a wider range of cuisines and dietary options to cater to the diverse tastes of consumers. The use of mobile apps for ordering and delivery has also become increasingly popular, with many companies offering their own apps for easy ordering and tracking.
Local special circumstances: Equatorial Guinea's small population and limited infrastructure have posed challenges for the Meal Delivery market. However, the country's growing middle class and increasing urbanization have created a market for meal delivery services. Additionally, the country's oil wealth has led to a rise in disposable income, which has contributed to the growth of the market.
Underlying macroeconomic factors: Equatorial Guinea's economy is heavily reliant on the oil industry, which has been impacted by fluctuating global oil prices. However, the government has made efforts to diversify the economy and encourage investment in other sectors, which has led to a rise in disposable income and consumer spending. The country's growing middle class and urbanization have also contributed to the growth of the Meal Delivery market. However, challenges such as limited infrastructure and high import costs for food products may pose challenges for the market's future growth.
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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