Restaurant Delivery - Caribbean

Caribbean

Highlights

The projected revenue in the Restaurant Delivery market in the Caribbean is expected to reach US$71.86m by 2024.
This is anticipated to show an annual growth rate (CAGR 2024-2029) of 4.37%, resulting in a projected market volume of US$88.98m by 2029.
By 2029, the number of users in the Restaurant Delivery market is expected to amount to 2.4m users.
The user penetration is projected to increase from 4.7% in 2024 to 5.7% by 2029.
The average revenue per user (ARPU) is expected to be US$37.75.
In global comparison, United States is expected to generate the highest revenue in the Restaurant Delivery market, reaching US$36.95bn in 2024.
South Korea is projected to have the highest user penetration rate of 44.8%.
Despite the challenges posed by limited infrastructure and remote locations, the Caribbean's restaurant delivery market is steadily growing, driven by the rising demand for convenience among locals and tourists alike.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Caribbean region has always been a popular tourist destination, attracting people from all over the world with its pristine beaches, clear waters, and vibrant culture. With the rise of food delivery services, the restaurant delivery market in the Caribbean has also been growing steadily.

Customer preferences: Customers in the Caribbean region are increasingly looking for convenience and speed when it comes to ordering food. With the rise of food delivery apps, customers can now easily browse through menus, place orders, and track their deliveries in real-time. Additionally, customers in the region are also becoming more health-conscious and are looking for healthier food options.

Trends in the market: One of the key trends in the restaurant delivery market in the Caribbean is the rise of local food delivery services. While international food delivery apps are also popular in the region, local apps are gaining traction due to their focus on local cuisine and faster delivery times. Another trend in the market is the increasing use of technology to improve the delivery experience. For example, some restaurants are now using drones to deliver food to customers on remote islands.

Local special circumstances: One of the unique challenges faced by the restaurant delivery market in the Caribbean is the geography of the region. With many islands and remote locations, delivering food can be difficult and expensive. Additionally, the region's reliance on tourism means that the market can be highly seasonal, with demand for food delivery services fluctuating throughout the year.

Underlying macroeconomic factors: The growth of the restaurant delivery market in the Caribbean is being driven by a number of underlying macroeconomic factors. These include the increasing use of technology, changing customer preferences, and the rise of the sharing economy. Additionally, the region's growing middle class and the rise of e-commerce are also contributing to the growth of the market. However, the market is also facing challenges such as high delivery costs and the need to adapt to the region's unique geography and culture.

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.