Singapore, known for its vibrant food scene, has seen a tremendous growth in the online food delivery market in recent years.
Customer preferences: In Singapore, customers are increasingly turning to online food delivery services due to their convenience and accessibility. The rise of food delivery apps and online platforms has made it easier for customers to order their favorite meals from the comfort of their homes, without having to leave their houses. Moreover, with busy lifestyles and hectic work schedules, many customers prefer the ease of online food delivery over cooking or dining out.
Trends in the market: The online food delivery market in Singapore has seen a significant increase in the number of players in recent years. This has led to intense competition among the players, resulting in aggressive marketing strategies and attractive discounts for customers. Additionally, many food delivery platforms have expanded their offerings to include a wider range of cuisines and options, catering to the diverse tastes of Singapore's multicultural population. Furthermore, the COVID-19 pandemic has accelerated the growth of the online food delivery market in Singapore, as more customers opt for contactless delivery services.
Local special circumstances: Singapore's small size and dense population make it an ideal market for online food delivery services. Additionally, Singaporeans are known for their love of food and are willing to try new cuisines and dishes. The country's high smartphone penetration rate and advanced digital infrastructure also make it easier for customers to access online food delivery services.
Underlying macroeconomic factors: Singapore's strong economy and high disposable income levels have contributed to the growth of the online food delivery market. Additionally, the government's efforts to support the growth of the technology sector and promote entrepreneurship have created a favorable environment for food delivery startups to thrive. Moreover, Singapore's status as a global financial hub has attracted foreign investment and talent, leading to the entry of international players in the online food delivery market.
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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