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 Water market in Iceland

The Icelandic Water eCommerce market is predicted to reach US$1.0 million by 2024 and accounts for 16.7% of the Non-Alcoholic 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 15.0%, resulting in a projected market volume of US$1.8 million by 2028. The Water eCommerce market is a sub-market of the Non-Alcoholic Beverages market. Further categories within the Non-Alcoholic Beverages market are: Hot Drinks, Juices, and Other Non-Alcoholic Beverages.

eCommerce revenue development in the Water 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 Water 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 %)31.195.196.799.731.397.998.959.1

Online share

eCommerce online share of the total Water 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 Water retail market, the online share is 12.9% and will increase by an average of 35.1% to 42.9% by 2028.

eCommerce online share of the total Water market in Iceland

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

20202021202220232024202520262027
Online share (in %)20.1%98.5%6.1%32.1%59.0%43.4%18.5%21.2%

Market definition

Definition of the Water market within the Grocery market

Market definition: Grocery > Beverages > Non-Alcoholic Beverages > Water The category Water includes the online trade of water (e.g. mineral water, sparkling water, still water), flavored water and enhanced water (e.g. with vitamins, electrolytes). This category does not cover distilled water and medical or sterile water. All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

In-scope

  • Water (e.g. mineral water, sparkling water, still water)
  • Flavored water
  • Enhanced water (e.g. with vitamins, electrolytes)

Out-of-scope

  • Distilled water
  • Medical or sterile water

Market comparison

The Icelandic Water market in a global comparison

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

in %

Source: ECDB analysis