Iceland, a Nordic island country, is known for its stunning landscapes and unique cuisine. The Online Food Delivery market in Iceland has seen a significant increase in demand in recent years, with more and more consumers opting for the convenience of having their meals delivered to their doorstep.
Customer preferences: Icelandic consumers are increasingly looking for convenience and time-saving options, which has led to a surge in demand for online food delivery services. With the busy lifestyles of modern-day consumers, there is a growing need for easy-to-use food delivery apps that offer a wide variety of food options.
Trends in the market: One of the key trends in the Icelandic Online Food Delivery market is the growth of healthy food options. Consumers are becoming more health-conscious and are looking for healthier meal options, such as vegan and gluten-free meals. Another trend is the rise of locally sourced and organic ingredients, which is in line with the country's focus on sustainability and environmentalism.
Local special circumstances: Iceland is a small country with a population of just over 350,000 people. The country's unique geography and cold climate make it difficult to grow certain types of produce, which means that many ingredients need to be imported. This can lead to higher costs for food delivery services, which can impact pricing for consumers.
Underlying macroeconomic factors: The Icelandic economy has been growing steadily in recent years, which has led to an increase in disposable income for consumers. This has resulted in a higher demand for food delivery services, as consumers are willing to pay for the convenience of having their meals delivered to their doorstep. Additionally, the tourism industry in Iceland has been booming, which has led to an increase in demand for food delivery services from tourists who are looking to sample the local cuisine from the comfort of their hotel rooms.
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.
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