Restaurant Delivery - Panama

Panama

Highlights

The projected revenue for the Restaurant Delivery market in Panama is expected to reach US$10.93m in 2024.
This is anticipated to grow at an annual growth rate of 12.47%, resulting in a projected market volume of US$19.67m by 2029.
By 2029, the number of users in the Restaurant Delivery market is expected to amount to 455.5k users.
In terms of user penetration, it is projected to be 6.1% in 2024 and is expected to reach 9.5% by 2029.
The average revenue per user (ARPU) is expected to be US$39.47.
In comparison to other countries, United States is projected to generate the most revenue in the Restaurant Delivery market, with an estimated amount of US$36.95bn in 2024.
On the other hand, South Korea is expected to have the highest user penetration rate of 44.8% in the Restaurant Delivery market.
Panama's restaurant delivery market is booming, with a surge in demand for quick and convenient food delivery services.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Panama, a country located in Central America, is experiencing a surge in the restaurant delivery market.

Customer preferences: Panama's growing middle class and busy lifestyles have led to an increase in demand for restaurant delivery services. Customers prefer the convenience of having food delivered to their doorstep, especially during the pandemic when many people are staying home.

Trends in the market: The restaurant delivery market in Panama is becoming increasingly competitive, with both local and international players entering the market. Delivery platforms are offering a wider variety of cuisines and partnering with more restaurants to attract customers. Additionally, there has been a rise in ghost kitchens, which are delivery-only restaurants that operate out of shared kitchen spaces.

Local special circumstances: Panama's location and status as a transport hub have made it an attractive market for international delivery platforms. However, local players are also thriving by offering unique services such as alcohol delivery, which is not yet offered by international platforms due to legal restrictions.

Underlying macroeconomic factors: Panama's strong economic growth and increasing urbanization have contributed to the growth of the restaurant delivery market. The country's GDP per capita has been steadily increasing, leading to a rise in disposable income and consumer spending. Additionally, the country's urban population is growing, with more people living in cities and working long hours, leading to a demand for convenient food delivery services.Overall, the restaurant delivery market in Panama is expected to continue growing as more players enter the market and customer demand for convenience remains high.

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.