Market Insights eCommerce Online Food Delivery

Meal Delivery - Latvia

Latvia

The Meal Delivery market in Latvia is expected to achieve a revenue of US$19.58m in 2024.
This projection indicates an annual growth rate (CAGR 2024-2029) of 5.57%, leading to a market volume of US$25.67m by 2029.
In terms of the Platform Deliverymarket, the projected market volume in Latvia is estimated to be US$15.31m in 2024.
It is worth noting that, in a global context, China is expected to generate the highest revenue, reaching US$182,900.00m in 2024.
The average revenue per user (ARPU) in the Meal Delivery market in Latvia is projected to be US$53.63 in 2024.
Moreover, the number of users in this market is expected to reach 432.5k users by 2029.
Considering user penetration, it is anticipated that 20.2% of the population in Latvia will be engaged in the Meal Delivery market in 2024.
The meal delivery market in Latvia has experienced a surge in demand due to the convenience and time-saving benefits it offers to busy urban dwellers.

Market

Region

Region comparison

Currency

Analyst Opinion

Latvia, a small country in the Baltic region, has been experiencing a significant growth in the Meal Delivery market in recent years.

Customer preferences: The Latvian population has been increasingly adopting a fast-paced lifestyle, which has led to a growing demand for convenient and time-efficient meal options. Moreover, the COVID-19 pandemic has accelerated the shift towards online shopping and delivery services, including meal delivery. As a result, many Latvians have been turning to meal delivery services to save time and avoid crowded supermarkets.

Trends in the market: One of the most significant trends in the Latvian Meal Delivery market is the increasing popularity of healthy and organic food options. Many Latvians are becoming more health-conscious and are willing to pay a premium for healthy meal options. Additionally, there has been a rise in demand for vegan and vegetarian meals, as more people are adopting plant-based diets.Another trend in the Latvian Meal Delivery market is the growing competition among meal delivery companies. As the market continues to expand, more companies are entering the market, and existing players are expanding their offerings. This competition has led to an increase in the quality of service and a decrease in delivery times.

Local special circumstances: The Latvian Meal Delivery market is unique because of the country's small population and limited geographical size. This means that delivery times are often shorter than in larger countries, and companies can offer more personalized service. Additionally, the Latvian market is relatively new, which means that there is still significant room for growth and innovation.

Underlying macroeconomic factors: Latvia's economy has been growing steadily in recent years, which has led to an increase in disposable income and consumer spending. This growth has also led to an increase in the number of people living in urban areas, which has created a demand for convenient and time-efficient meal options. Additionally, Latvia's membership in the European Union has made it easier for international companies to enter the market and offer their services to Latvian consumers.In conclusion, the Latvian Meal Delivery market is experiencing significant growth due to changing customer preferences, increasing competition, and favorable macroeconomic factors. As the market continues to expand, we can expect to see more innovation and personalized service offerings from meal delivery companies in Latvia.

Methodology

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.