Online Food Delivery

The projected revenue in the Online Food Delivery market for Panama is expected to reach US$262.00m in 2024.
This market is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 13.97%, resulting in a projected market volume of US$503.90m by 2029.
In Panama, the Grocery Delivery market is also expected to experience a revenue growth of 17.6% in 2025.0.
The projected market volume for this market is estimated to be US$247.50m in 2024.
In comparison to other countries worldwide, China is projected to generate the highest revenue in the Online Food Delivery market, reaching US$450.50bn in 2024.
The average revenue per user (ARPU) in the Grocery Delivery market for Panama is projected to amount to US$233.10 in 2024.
Furthermore, in the Grocery Delivery market, the number of users is expected to reach 1.6m users by 2029.
The user penetration rate in the Grocery Delivery market for Panama is estimated to be 23.4% in 2024.
Panama's online food delivery market is thriving, with an influx of tech-savvy consumers embracing the convenience and variety of ordering meals from the comfort of their homes.

Definition:

Online Food Delivery refers to the intersection of ordering groceries and prepared meals online. Orders are typically placed through an app or website and delivery times vary.

Structure:

The Online Food Delivery market contains the user and revenue development of two different delivery service solutions: (1) Meal Delivery and (2) Grocery Delivery. Included are services that deliver prepared meals and food ordered online for direct consumption (Meal Delivery) and non-prepared food and beverage products, household, and personal care products (Grocery Delivery). Meal delivery includes the delivery of meals carried out directly by restaurants (Restaurant Delivery) and online delivery services that provide customers with meals from partner restaurants that do not necessarily have to offer food delivery themselves (Platform Delivery). Grocery Delivery consists of fresh, nonprepared products delivered from supermarkets or retailers where delivery is scheduled (Retail Delivery), Delivery that is under 3 hours and operates dark stores or own warehouses (Quick Commerce), and prepared fresh ingredients to be prepared at home, typically offered through a subscription service (Meal Kit Delivery).

Additional Information:

Revenue figures are the gross merchandise value (GMV), defined as the total sales dollar value for merchandise/food sold through the Online Food Delivery marketplace. User and revenue figures represent B2C services.

Meals and groceries ordered online that are directly delivered by the restaurant, retailer, or platform no matter if ordered via a platform (e.g. Delivery Hero, Instacart) or a restaurant/retailer website (e.g. Domino's, Walmart.com)
Online meal and grocery order and delivery both carried out by a platform (e.g. Deliveroo, Grab, Flink)

Phone orders
Click & collect Grocery orders
Ready-to-eat meals

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.

This report presents a comprehensive analysis and additional information on the Ecommerce market, in a PDF format.