Market Insights Digital Online Food Delivery Grocery Delivery

Retail Delivery - Iceland

Iceland

The Reail Delivery market in Iceland is projected to reach a revenue of ISK US$116.70m in 2024.
It is expected to experience an annual growth rate (CAGR 2024-2028) of 4.13%, resulting in a projected market volume of ISK US$137.20m by 2028.
By 2028, the number of users in the Reail Delivery market is expected to reach 103.0k users.
The user penetration in this market is projected to be 20.5% in 2024 and is expected to increase to 25.6% by 2028.
The average revenue per user (ARPU) is estimated to be ISK US$1.44k.
In comparison to other countries, in the United States is expected to generate the highest revenue in the Reail Delivery market, amounting to CNY US$195,400.00m in 2024.
The United States, on the other hand, is projected to have the highest user penetration rate of 30.7% in the Reail Delivery market.
Iceland's retail delivery market is booming, with a strong emphasis on eco-friendly options and efficient logistics.

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Analyst Opinion

The Retail Delivery market of Online Grocery Delivery dominates the market. Retailers were able to scale their online channels rapidly during the COVID-19 lockdowns to meet the exponential rise in customer demand. Retailers still need to look for ways to attract more customers to keep up with the competition. Walmart for example introduced a service where the delivery driver would deliver groceries to the customer’s fridge.

The growth rates of 2022 will see a slight decline in comparison to 2020 and 2021 due to the uncertainty of macroeconomic factors. Although China has a steady lead over the rest of the regions, the U.S. market shows strong growth signals in our forecast. This is due to the high demand and rapid rise of grocery spending per capita.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. 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. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.