The Online Food Delivery market in Sri Lanka has seen significant growth in recent years, driven by changing consumer preferences and the increasing availability of technology.
Customer preferences: Sri Lankan consumers are increasingly turning to online food delivery services due to the convenience and time-saving benefits they offer. Busy lifestyles and the desire for quick and easy meal options have contributed to the popularity of these services. Additionally, the COVID-19 pandemic has accelerated the growth of online food delivery in Sri Lanka, as consumers have become more cautious about dining out and are opting for contactless delivery options instead.
Trends in the market: One of the key trends in the Sri Lankan online food delivery market is the rise of local players. While international players like Uber Eats and Foodpanda have a presence in the market, local players like PickMe Food and Eat Me Global have gained significant market share by offering a more tailored service to local consumers. These local players have a better understanding of the local cuisine and have built strong relationships with local restaurants, allowing them to offer a wider range of options to consumers.Another trend in the market is the increasing use of technology to improve the delivery experience. Many online food delivery companies in Sri Lanka are investing in technology to improve the speed and accuracy of deliveries. For example, some companies are using drones to deliver food to customers in hard-to-reach areas, while others are using artificial intelligence to optimize delivery routes and reduce delivery times.
Local special circumstances: Sri Lanka has a unique cuisine that is heavily influenced by Indian, Chinese, and European flavors. This has led to the emergence of a diverse range of local restaurants that offer a wide variety of dishes. Online food delivery companies in Sri Lanka have capitalized on this by partnering with local restaurants to offer a wide range of options to consumers. Additionally, Sri Lanka has a large expat population, which has contributed to the popularity of international cuisine options in the online food delivery market.
Underlying macroeconomic factors: The Sri Lankan economy has been growing steadily in recent years, with a focus on developing the tourism and service sectors. This has led to an increase in disposable incomes and a growing middle class, which has contributed to the growth of the online food delivery market. Additionally, the government has been investing in infrastructure development, which has improved the transportation network and made it easier for online food delivery companies to operate. However, the country still faces challenges in terms of logistics and infrastructure development, which can impact the growth of the online food delivery market in the future.
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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