Meal Delivery - Panama | Statista Market Forecast

The Meal Delivery market in Panama is projected to achieve a revenue of US$14.53m in 2024.
With an expected annual growth rate of 13.21% (CAGR 2024-2029), the market is anticipated to reach a volume of US$10.93m by 2029.
In the Platform Deliverymarket, in Panama is expected to have a market volume of US$10.93m in 2024.
When compared globally, China will generate the highest revenue, projected at US$184.50bn in 2024.
The average revenue per user (ARPU) in the Meal Delivery market is expected to be US$40.36 in 2024.
By 2029, the number of users in Panama's Meal Delivery market is estimated to reach 608.2k users.
The user penetration rate in the Meal Delivery market is projected to be 7.9% in 2024.
The demand for meal delivery services in Panama has surged, driven by the country's fast-paced urban lifestyle and growing preference for convenient dining options.

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)

Panama, a country known for its tropical climate, beautiful beaches, and rich culture, is also experiencing a surge in the meal delivery market.

Customer preferences: Panamanians are increasingly turning to meal delivery services due to their busy lifestyle and the convenience it offers. With the rise of the middle class and the growth of the urban population, there is an increasing demand for quick and easy meal options. Furthermore, the COVID-19 pandemic has accelerated the adoption of online food delivery services as people are avoiding crowded places and prefer to have their food delivered to their doorstep.

Trends in the market: The meal delivery market in Panama is becoming increasingly competitive with the entry of international players such as UberEats, Glovo, and Rappi. These companies have been able to leverage their global presence and technology to provide a seamless and efficient delivery experience. In addition, there has been a rise in the number of local startups that are offering niche services such as healthy meal options, vegan food, and gourmet cuisine. These startups are able to cater to the specific needs of the local population and provide a unique value proposition.

Local special circumstances: One of the unique characteristics of the Panamanian market is the high level of competition between the different delivery providers. This has led to an intense price war, with companies offering deep discounts and promotions to attract customers. In addition, the geography of the country presents a challenge for delivery providers as it consists of both urban and rural areas. This requires companies to have a robust logistics infrastructure to ensure timely delivery of food.

Underlying macroeconomic factors: The Panamanian economy has been growing steadily over the past few years, driven by sectors such as construction, logistics, and tourism. This has led to an increase in disposable income and a rise in consumer spending. Furthermore, the government has been investing heavily in infrastructure projects such as the expansion of the Panama Canal and the construction of a new airport terminal. This has led to an increase in job opportunities and a rise in the urban population. As a result, there is a growing demand for food delivery services in the country.

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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