The Equatorial Guinea restaurant delivery market is seeing a steady increase in demand due to changing consumer preferences and the growing popularity of food delivery services worldwide.
Customer preferences: As consumers in Equatorial Guinea become increasingly busy, they are looking for more convenient and time-saving ways to access food. This has led to a rise in demand for restaurant delivery services, as customers seek to have their favorite meals delivered to their doorsteps. Additionally, the COVID-19 pandemic has accelerated this trend, as consumers look for safer ways to access food without leaving their homes.
Trends in the market: The restaurant delivery market in Equatorial Guinea is still in its early stages, but it is growing rapidly. This growth is being driven by the entry of new players in the market, as well as the expansion of existing players. The market is becoming increasingly competitive, with companies offering a variety of delivery options, including on-demand delivery, scheduled delivery, and subscription-based services.
Local special circumstances: Equatorial Guinea is a small country with a population of just over one million people. The country's economy is heavily reliant on oil exports, which has led to significant wealth disparities. As a result, the restaurant delivery market in Equatorial Guinea caters primarily to the affluent population, with high-end restaurants dominating the market.
Underlying macroeconomic factors: Equatorial Guinea's economy has been hit hard by the COVID-19 pandemic, with the country experiencing a significant decline in oil prices. This has led to a decrease in government revenue and a slowdown in economic growth. However, the restaurant delivery market has remained resilient, as consumers continue to demand convenient and safe ways to access food. As the country's economy recovers, it is likely that the restaurant delivery market will continue to grow, driven by changing consumer preferences and the entry of new players in the market.
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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