Market Size of Cyprus E-commerce Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 13.87 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cyprus E-commerce Market Analysis
The Cyprus E-commerce market is expected to grow at a CAGR of around 13.87% during the forecast period, 2022-2027. The e-commerce industry is growing exponentially as more e-commerce businesses are emerging, and the digital economy is significantly expanding while reaching every corner of the world having internet access. Several e-commerce market players are expanding their business in Cyprus to leverage the growing demand for online retailing.
- The high number of internet users in Cyprus is increasing, and this is also providing an opportunity for the global internet service providers to expand their services in the country. For instance, In 2022, Cyprus will have over 1.11 million internet users, as stated by E-commerce Europe, and the increase in numbers will further boost the e-commerce market in Cyprus in the forecast period.
- With the ongoing digital transformation and internet penetration, the number of users of social media has increased, and the social media ads and shopping platforms are enabling consumers to reach even more online stores. For instance, Cyprus recorded 794.3 thousand Instagram users. Moreover, Instagram's ad reach in Cyprus is recorded at 65.1% of the total population as of 2022.
- The companies in the region are looking for various strategic mergers and acquisitions to broaden their regional footprint and cater to a wider customer base. For instance, in April 2022, Halo collective announced the acquisition of Phytocann Holdings SA, Europe's wellness CBD company. The strategic acquisition will add substantial revenue, geographic diversification, and a CBD-based product lineup to Halo Collective Inc.
- The COVID-19 outbreak and the nationwide lockdown have massively affected the retail industry across the world, especially the brick-and-mortar model. However, e-commerce is one of the few sectors that have witnessed increased consumer interaction in many segments. As non-essential shops have closed and nationwide lockdown orders were issued, many businesses in the country have been forced many businesses to adapt and respond quickly to the changing consumer priorities. As digital has become the new method in these circumstances, some segments of the Cyprus e-commerce sector witnessed significant growth.
