According to new research from Redseer, the Middle East and North Africa (MENA) region’s quick-commerce (q-commerce) market is estimated to reach $47 billion by 2030, anchored by an acceleration in the grocery and food delivery sectors.
Q-commerce, which is also known as on-demand or rapid delivery, is generally defined as the ability to order goods and have them delivered within an hour.
According to the reports, “The q-commerce market is expected to rise at a compound annual growth rate of 17 percent in the next decade, with groceries and food delivery still the dominating segments with a more than 80 percent market share. But adjacent sector opportunities can help the q-commerce market hit $100 billion.”
The last-mile delivery, mobility, and social commerce categories are front-runners in terms of expected market size and could be leveraged for their synergies with the q-commerce market. E-health, home services, electric charging, and parking are all seen to be making gains this decade.
“Combining q-commerce with sectors that already have the necessary digital infrastructure and consumer awareness in the MENA region expands the market potential for quick commerce to encompass a $100 billion opportunity,” Redseer noted.
“Q-commerce is one of the most lucrative opportunities out there and not looking into the adjacent sectors to it, will prove to be an opportunity missed in the medium to long term,” the research firm added.
During the COVID-19 pandemic, q-commerce benefited greatly from the widespread adoption of eCommerce. “Global eCommerce industry is expected to reach almost $4.9 trillion this year and would grow by about a third to $6.4 trillion by 2024,” according to German company specializing in market and consumer data, Statista.