Panama, known for its beautiful beaches and tropical climate, has also seen a surge in the online food delivery market in recent years.
Customer preferences: Panamanians have shown a growing preference for the convenience of online food delivery, with a particular emphasis on speed and reliability. Customers expect their food to be delivered quickly and accurately, without any errors in the order. Additionally, there is a growing demand for healthy and organic food options, with many customers willing to pay a premium for these choices.
Trends in the market: One major trend in the online food delivery market in Panama is the rise of local delivery services. While international companies like Uber Eats and Glovo have a presence in the market, local companies like Appetito24 and Hugo have become increasingly popular due to their focus on customer service and knowledge of the local food scene. Another trend is the increasing use of technology to improve the ordering and delivery process, such as the use of mobile apps and real-time tracking of deliveries.
Local special circumstances: Panama's unique location as a bridge between North and South America has led to a diverse culinary scene, with influences from the Caribbean, Spain, and indigenous cultures. This has resulted in a wide range of food options available for delivery, from traditional Panamanian dishes to international cuisine. Additionally, the country's growing tourism industry has led to an increase in demand for food delivery services, as visitors seek out convenient and reliable ways to enjoy local cuisine.
Underlying macroeconomic factors: Panama's strong economic growth and rising middle class have contributed to the growth of the online food delivery market. With more disposable income and less free time, many Panamanians are turning to online food delivery as a convenient option for meals. Additionally, the country's high rate of urbanization and traffic congestion have made it difficult for customers to travel to restaurants, making delivery services an attractive alternative.
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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