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.

Market development

eCommerce revenue development in the Meal Kits market in Iceland

The Icelandic Meal Kits eCommerce market is predicted to reach US$1.9 million by 2024 and accounts for 6.3% of the 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 14.0%, resulting in a projected market volume of US$3.3 million by 2028. The Meal Kits eCommerce market is a sub-market of the Food market. Further categories within the Food market are: Baked Goods, Food Cupboard, Fresh Food, and Frozen Food.

eCommerce revenue development in the Meal Kits 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 Meal Kits 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 %)31.20.246.110.898.182.37.679.7

Online share

eCommerce online share of the total Meal Kits 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 Meal Kits retail market, the online share is 5.0% and will increase by an average of 3.2% to 5.6% by 2028.

eCommerce online share of the total Meal Kits market in Iceland

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

20202021202220232024202520262027
Online share (in %)93.3%82.0%63.9%27.1%91.7%81.7%62.7%7.3%

Market definition

Definition of the Meal Kits market within the Grocery market

Market definition: Grocery > Food > Meal Kits Meal Kits provide all the ingredients and recipes needed to prepare a complete meal. This category does not cover recipe books and ready meals. All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

In-scope

  • Meal kits provide all the ingredients and recipes needed to prepare a complete meal

Out-of-scope

  • Recipe books
  • Ready meals

Market comparison

The Icelandic Meal Kits market in a global comparison

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

in %

Source: ECDB analysis

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