Market Insights Digital Online Food Delivery Grocery Delivery

Retail Delivery - Latvia

Latvia

The Reail Delivery market in Latvia is expected to witness substantial growth in the coming years.
According to projections, the market's revenue is projected to reach US$85.05m by 2024.
This represents a significant increase in market size.
Furthermore, the market is expected to exhibit a strong annual growth rate (CAGR 2024-2028) of 10.04%.
This growth trajectory is anticipated to result in a projected market volume of US$124.70m by 2028.
Such growth signifies the potential and opportunities within the Reail Delivery market in Latvia.
In terms of user base, the number of users in the Reail Delivery market is predicted to amount to 382.5k users by 2028.
This indicates a significant increase in the adoption and usage of retail delivery services in Latvia.
The user penetration rate, which measures the proportion of the population using retail delivery services, is expected to rise from 16.5% in 2024 to 21.8% by 2028.
This suggests a growing acceptance and utilization of these services among the Latvian population.
When considering the average revenue per user (ARPU), it is estimated to be US$284.60.
This metric provides insights into the financial value generated by each user in the Reail Delivery market.
In a global context, it is worth noting that in the United States is projected to generate the highest revenue in the Reail Delivery market, with an estimated value of US$195,400.00m in 2024.
This highlights the dominance of the Chinese market in terms of revenue generation.
Finally, in the United States is expected to have the highest user penetration rate in the Reail Delivery market, with a projected rate of 30.7%.
This indicates the widespread adoption and popularity of retail delivery services among the American population.
Overall, the Reail Delivery market in Latvia is poised for significant growth, driven by increasing revenue, expanding user base, and rising user penetration rates.
These trends reflect the evolving preferences and behaviors of consumers in the country.
The retail delivery market in Latvia is experiencing a surge in online shopping, with consumers increasingly opting for home delivery services.

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Analyst Opinion

The Retail Delivery market of Online Grocery Delivery dominates the market. Retailers were able to scale their online channels rapidly during the COVID-19 lockdowns to meet the exponential rise in customer demand. Retailers still need to look for ways to attract more customers to keep up with the competition. Walmart for example introduced a service where the delivery driver would deliver groceries to the customer’s fridge.

The growth rates of 2022 will see a slight decline in comparison to 2020 and 2021 due to the uncertainty of macroeconomic factors. Although China has a steady lead over the rest of the regions, the U.S. market shows strong growth signals in our forecast. This is due to the high demand and rapid rise of grocery spending per capita.

Methodology

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.