Grocery market in Iceland

The Icelandic Grocery eCommerce market is predicted to reach US$52.5 million by 2024 and accounts for 5.9% of the total eCommerce market in Iceland. It is expected to increase over the next years. The expected compound annual growth rate for the next four years (CAGR 2024-2028) will be 11.6%, resulting in a projected market volume of US$81.4 million by 2028. Within the Grocery market ECDB considers the following two sub-markets: Food and Beverages.

Market development

eCommerce revenue development in the Fruits & Vegetables market in Iceland

The Icelandic Fruits & Vegetables eCommerce market is predicted to reach US$3.6 million by 2024 and accounts for 22.6% of the Fresh Food eCommerce market in Iceland. It is expected to increase over the next years. The expected compound annual growth rate for the next four years (CAGR 2024-2028) will be 11.5%, resulting in a projected market volume of US$5.6 million by 2028. The Fruits & Vegetables eCommerce market is a sub-market of the Fresh Food market. Further categories within the Fresh Food market are: Chilled Food, Dairy Goods, Meat & Fish, and Other Fresh Food.

eCommerce revenue development in the Fruits & Vegetables market in Iceland

in million US$

Note: Market revenue represents B2C sales of physical goods including VAT. It excludes B2B sales, C2C sales, returns, compensation for damaged or missing goods, any discounts granted and services. Data shown is using current exchange rates.

Source: ECDB analysis

eCommerce revenue growth in the Fruits & Vegetables market in Iceland

in %

Note: Market revenue represents B2C sales of physical goods including VAT. It excludes B2B sales, C2C sales, returns, compensation for damaged or missing goods, any discounts granted and services. Data shown is using current exchange rates.

Source: ECDB analysis

Net eCommerce revenue split by sub-category

in %

Note: Data shown is using current exchange rates.

Source: ECDB analysis

20202021202220232024202520262027
Revenue (in mUS$)0.00.00.00.00.00.00.00.0
Growth (in %)47.950.520.91.951.292.976.514.4

Online share

eCommerce online share of the total Fruits & Vegetables market in Iceland

The online share refers to the proportion of the retail volume that is transacted via the Internet. It includes purchases via desktop PC, tablet or smartphone, both via website or app. Only retail of physical goods is taken into account. In the Icelandic Fruits & Vegetables retail market, the online share is 5.0% and will increase by an average of 2.9% to 5.6% by 2028.

eCommerce online share of the total Fruits & Vegetables market in Iceland

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

20202021202220232024202520262027
Online share (in %)86.5%65.4%37.7%2.4%95.4%34.8%46.6%93.4%

Market definition

Definition of the Fruits & Vegetables market within the Grocery market

Market definition: Grocery > Food > Fresh Food > Fruits & Vegetables The category Fruits & Vegetables includes the online trade of fruits (e.g. apples, bananas, cherries) and vegetables (e.g. cucumbers, paprikas, avocados, tomatoes). This category does not cover canned fruit and vegetables and frozen fruit and vegetables. All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

In-scope

  • Fruits (e.g. apples, bananas, cherries)
  • Vegetables (e.g. cucumbers, paprikas, avocados, tomatoes)

Out-of-scope

  • Canned fruit and vegetables
  • Frozen fruit and vegetables

Market comparison

The Icelandic Fruits & Vegetables market in a global comparison

Market comparison by growth, online share, and revenue in 2023

in %

Source: ECDB analysis