Food & Drink - Northern Europe

Northern Europe

The Food & Drink market in Northern Europe is set to experience significant growth in the coming years.
According to projections, the total revenue in this market is expected to reach US$29.83m by 2022.
This represents a considerable increase in revenue compared to previous years.
Furthermore, it is estimated that the market will continue to expand at an annual growth rate of 11.25% from 2022 to 2027.
This growth trajectory is expected to result in a projected market volume of US$53.15m by 2027.
When examining the revenue sources within the Food & Drink market, in-app purchases (IAP) are projected to contribute significantly.
In 2022, it is anticipated that IAP revenue will reach US$14.45m.
Additionally, paid app revenue is expected to reach US$1.30m in the same year.
Advertising revenue is also expected to play a significant role in the market.
Projections indicate that advertising revenue in the Food & Drink market will amount to US$14.08m in 2022.
This suggests that advertising is a lucrative avenue for generating revenue within this market.
Furthermore, the number of downloads in the Food & Drink market is projected to reach 3.63m downloads in 2022.
This indicates a high level of consumer interest and engagement in the sector.
Currently, the average revenue per download stands at US$8.21.
This metric provides insights into the profitability of the market and highlights the value that consumers place on Food & Drink market related applications.
In a global context, it is interesting to note that in the United States leads in terms of revenue generation.
In 2022, in the United States is projected to generate a substantial amount of revenue, totaling US$786.60m.
This underscores the prominence of the Chinese market in the Food & Drink market.

Key regions: United States, India, South Korea, Japan, Asia

Market

Region

Region comparison

Currency

Analyst Opinion

Since the start of Apple, Inc.'s App Store in 2008 with around 500 apps, mobile apps have come to dominate the digital economy and have quickly outpaced the demand for desktop applications. As of 2021, the Apple App Store and Google Play Store had more than 5 million apps combined. Because many apps from the West are not available in China, many new app stores have emerged there. Digital lifestyles around the world now depend on adopting mobile apps, especially when it comes to social networking. The games industry has also been thoroughly transformed by the app revolution and is demonstrated by the fact that the games category is the largest and highest-grossing app category.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.