Grocery market in Iceland

The Icelandic Grocery eCommerce market is predicted to reach US$36.3 million by 2024 and accounts for 4.1% 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 10.7%, resulting in a projected market volume of US$54.5 million by 2028. Within the Grocery market ECDB considers the following two sub-markets: Food and Beverages.

Monthly revenues

Monthly eCommerce revenues in the Icelandic Grocery market

The monthly eCommerce revenue of the Icelandic Grocery market was US$3 million in November 2024. This refers to a growth of 25.6% compared to October 2024. Within the last 12 months, the monthly revenue share was the highest in January 2024 with 10.9% of the total 2024 revenue of the Icelandic Grocery market and the lowest in September 2024 with 6.8% of the total 2024 revenue.

Revenue Last Month

US$3.4m

The eCommerce revenue grew by 25.6% from October 2024 to November 2024.

11-2024+25.6%

Monthly revenue shares in the last 12 months

in %

Note: Data shown is using current exchange rates.

Source: ECDB analysis

0-20241-20242-20243-20244-20245-20246-20247-20248-20249-202410-202411-2024
Revenue (in mUS$)0.00.00.00.00.00.00.00.00.00.00.00.0
Monthly revenue share (in %)15.772.376.214.537.856.995.279.439.030.480.70.2

Market development

eCommerce revenue development in the Grocery market in Iceland

The Icelandic Grocery eCommerce market is predicted to reach US$36.3 million by 2024 and accounts for 4.1% 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 10.7%, resulting in a projected market volume of US$54.5 million by 2028. Within the Grocery market ECDB considers the following two sub-markets: Food and Beverages.

eCommerce revenue development in the Grocery 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 Grocery 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 %)5.822.016.88.475.238.947.657.4

Online share

eCommerce online share of the total Grocery 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 Grocery retail market, the online share is 6.5% and will increase by an average of 14.2% to 11.0% by 2028.

eCommerce online share of the total Grocery market in Iceland

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

20202021202220232024202520262027
Online share (in %)4.5%76.8%76.3%19.6%59.4%12.9%41.2%25.8%

Top stores

Top five Grocery online stores in Iceland by net sales 2023

With sales in the Icelandic Grocery market, vinbudin.is generated a revenue of US$6.4 million in 2023, which means it is the leading online store in this market. The Grocery ranking of Iceland is based on all online stores that generated sales in this market in 2023. Due to a country- and category-dependent approach, both national and international online stores can be part of the ranking. The graph shows a filtered revenue. It only includes national sales within the respective market.

eCommerce net sales generated in the Grocery market in Iceland in 2023

in million US$

Note: First party net sales generated after deduction of returns, allowances for damaged or missing goods and any discounts allowed

Source: Annual report, secondary sources, ECDB analysis

Filtered revenue / share
Global revenue
Growth
no-access-0
US$900.0m
20.7%
US$8,300.0m8.3%
no-access-1
US$550.0m
12.0%
US$4,600.0m12.4%
no-access-2
US$470.0m
3.9%
US$1,190.0m33.6%
no-access-3
US$430.0m
20.6%
US$2,122.0m18.0%
no-access-4
US$370.0m
20.7%
US$1,814.0m12.6%

See further stores

Worldwide - Grocery Iceland - Grocery Iceland - All Categories

Market definition

Definition of the Grocery market

Market definition: Grocery The category Grocery contains the online trade of food (e.g. fruits, vegetables, dairy products, ice creams, cereals, sweets) and beverages (e.g. juices, water, coffee, wine, liquor, beer). The following products and services are not part of this category: ready-to-eat meal delivery, restaurant or bar pick-up or food supplements. All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

In-scope

  • Food (e.g. fruits, vegetables, dairy products, ice creams, cereals, sweets)
  • Beverages (e.g. juices, water, coffee, wines, liquors, beers)

Out-of-scope

  • Ready-to-eat meal delivery
  • Restaurant or bar pick-up
  • Food supplements
  • Pet food

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