Grocery market in Cyprus

The Cypriot Grocery eCommerce market is predicted to reach US$34.7 million by 2024 and accounts for 6.3% of the total eCommerce market in Cyprus. 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 10.8%, resulting in a projected market volume of US$52.2 million by 2028. Within the Grocery market ECDB considers the following two sub-markets: Food and Beverages.

Market development

eCommerce revenue development in the Baking Supplies market in Cyprus

The Cypriot Baking Supplies eCommerce market is predicted to reach US$1.7 million by 2024 and accounts for 29.6% of the Food Cupboard eCommerce market in Cyprus. 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 6.6%, resulting in a projected market volume of US$2.2 million by 2028. The Baking Supplies eCommerce market is a sub-market of the Food Cupboard market. Further categories within the Food Cupboard market are: Cereals, Noodles, Nuts & Dried Fruits, Other Food Cupboard, and Sweets & Chocolate.

eCommerce revenue development in the Baking Supplies market in Cyprus

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 Baking Supplies market in Cyprus

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 %)6.33.31.835.799.22.659.254.6

Online share

eCommerce online share of the total Baking Supplies market in Cyprus

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 Cypriot Baking Supplies retail market, the online share is 7.0% and will increase by an average of 15.0% to 12.2% by 2028.

eCommerce online share of the total Baking Supplies market in Cyprus

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

20202021202220232024202520262027
Online share (in %)79.7%86.8%43.0%51.4%24.8%62.8%98.4%86.3%

Market definition

Definition of the Baking Supplies market within the Grocery market

Market definition: Grocery > Food > Food Cupboard > Baking Supplies The category Baking Supplies includes the online trade of flour, baking soda, sugar, and more. This category does not cover fresh ingredients (e.g. milk, eggs, oil), baking pans and accessories or measuring tools. All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

In-scope

  • Flour
  • Baking soda
  • Sugar
  • Flavorings and extracts
  • Decorations and sprinkles
  • Cake mixes

Out-of-scope

  • Fresh ingredients (e.g. milk, eggs, oil)
  • Baking pans and accessories
  • Measuring Tools
  • Mixing and baking tools

Market comparison

The Cypriot Baking Supplies market in a global comparison

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

in %

Source: ECDB analysis

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