Fragmented LatAm Food Delivery Market Evolves Amidst Uber’s Exit

Key Takeaways:

• Per ST data, iFood commands the majority of mobile app MAU market share in LatAm at 40% through 2024 YTD, followed by PedidosYa (19%), Rappi (17%), DiDi Food (9%), Glovo (8%) and Uber Eats (7%)

  • Uber Eats has seen its market share shrink materially over the past few years after its exit from countries such as Brazil and Argentina. Through 2024 YTD, Uber Eats held ~7% of MAU market share in LatAm, down significantly from its peak during the pandemic (2020) when it held 33% of market share. In 2023, just one year after Uber Eats exited Brazil, iFood (+4ppts), PedidosYa (+3ppts) and DiDi Food (+1ppts) all saw YoY gains in MAU share, implying that these food delivery platforms captured Uber Eats’ relinquished share in the market

• Per ST data, market leader trends in the food delivery space in LatAm vary by country. Through 2024 YTD, iFood leads in MAU market share in Brazil at 89%, while DiDi Food and Rappi lead in MAU share in Mexico at 38% and 36%, respectively. In Colombia, Rappi has 64% of all MAUs in the market with DiDi Food (18%) following behind. In Argentina, PedidosYa has 61% of MAU share in the market, vs 28% for Glovo and 10% for Rappi

• iFood’s firm grasp of the LatAm food delivery market in Brazil is likely influenced by the company’s aggressive advertising strategy, which has allowed it to reach more consumers. Per ST data, iFood leads both Rappi and PedidosYa in average share of voice on mobile ad networks such as Instagram, Unity, YouTube and AppLovin in Brazil

• Rappi saw material gains in average SoV in Argentina across popular mobile ad networks centered around video entertainment through 2024 YTD. Rappi’s average SoV on TikTok and YouTube in Argentina are up 851 and 120bps YoY, respectively. In the same period, Rappi saw declines in its average SoV on both AppLovin (-880bps) and LiftOff (-732bps) as the platform moved more towards a video centric approach in reaching consumers in the Argentine market

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