The popularity of restaurant delivery services in Latvia has seen a significant increase in recent years.
Customer preferences: One of the main reasons for the growth in the restaurant delivery market in Latvia is the changing preferences of customers. Consumers are increasingly looking for convenience and time-saving options, which has led to a surge in demand for food delivery services. Additionally, the COVID-19 pandemic has further accelerated this trend, as people are more hesitant to dine out and prefer to order food from the comfort of their homes.
Trends in the market: The restaurant delivery market in Latvia is highly competitive, with a large number of players vying for market share. The trend towards healthier eating has also impacted the market, with many restaurants offering healthier options on their delivery menus. Furthermore, the use of technology has enabled restaurants to streamline their delivery operations, resulting in faster and more efficient service.
Local special circumstances: One unique aspect of the restaurant delivery market in Latvia is the country's harsh winter climate. During the winter months, many people prefer to stay indoors, which has further boosted the demand for food delivery services. Additionally, the Latvian cuisine is heavily influenced by its neighboring countries, such as Russia and Germany, resulting in a diverse range of food options available for delivery.
Underlying macroeconomic factors: The Latvian economy has been growing steadily in recent years, which has resulted in increased disposable income for consumers. This has led to a rise in dining out and ordering food delivery services. Furthermore, the country's tourism industry has been growing, with a record number of tourists visiting Latvia in recent years. This has also contributed to the growth of the restaurant delivery market, as tourists often order food delivery services during their stay.
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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