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 Non-Alcoholic Beverages market in Iceland

The Icelandic Non-Alcoholic Beverages eCommerce market is predicted to reach US$6.2 million by 2024 and accounts for 28.1% of the Beverages 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 13.6%, resulting in a projected market volume of US$10.3 million by 2028. The Non-Alcoholic Beverages eCommerce market is a sub-market of the Beverages market. Further categories within the Beverages market are: Alcoholic Beverages.

eCommerce revenue development in the Non-Alcoholic Beverages 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 Non-Alcoholic Beverages 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

201720182019202020212022202320242025202620272028
Revenue (in mUS$)0.00.00.00.00.00.00.00.0
Growth (in %)49.883.543.625.473.327.374.194.3
as of Beverages (in %)12.212.411.611.711.411.110.910.610.410.19.99.6

Online share

eCommerce online share of the total Non-Alcoholic Beverages 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 Non-Alcoholic Beverages retail market, the online share is 12.8% and will increase by an average of 35.4% to 43.0% by 2028.

eCommerce online share of the total Non-Alcoholic Beverages market in Iceland

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

20202021202220232024202520262027
Online share (in %)63.8%5.8%97.6%21.2%56.3%34.6%27.7%68.9%

Market definition

Definition of the Non-Alcoholic Beverages market within the Grocery market

Market definition: Grocery > Beverages > Non-Alcoholic Beverages The category Non-Alcoholic Beverages includes the online trade of water, juices, coffee, and more. This category does not cover alcoholic beverages. All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

In-scope

  • Water
  • Juices
  • Coffee
  • Tee

Out-of-scope

  • Alcoholic Beverages

Market comparison

The Icelandic Non-Alcoholic Beverages market in a global comparison

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

in %

Source: ECDB analysis