Restaurant Delivery - Iceland

Iceland

Highlights

The projected revenue in Iceland's Restaurant Delivery market is estimated to reach US$5.33m in 2024.
It is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 3.39%, resulting in a projected market volume of US$6.29m by 2029.
Additionally, the number of users in Iceland's Restaurant Delivery market is anticipated to reach 46.6k users by 2029.
The user penetration rate, which currently stands at 10.8% in 2024, is projected to increase to 12.0% by 2029.
Moreover, the average revenue per user (ARPU) is expected to be US$129.90.
When compared globally, the majority of the revenue in the Restaurant Delivery market is projected to be generated United States, amounting to US$36.95bn in 2024.
Furthermore, South Korea is expected to have the highest user penetration rate in the Restaurant Delivery market, with a projected rate of 44.8%.
Due to Iceland's small population and limited restaurant options, the restaurant delivery market is highly competitive with a focus on quality and convenience.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Iceland, a country known for its stunning natural beauty and unique cuisine, has seen a significant increase in the restaurant delivery market in recent years.

Customer preferences: Icelandic consumers are increasingly turning to restaurant delivery services for convenience and time-saving purposes. With a busy lifestyle, customers are looking for quick and easy meal options that can be ordered online and delivered to their doorstep. Moreover, the COVID-19 pandemic has accelerated this trend as more people are staying home and avoiding crowded restaurants.

Trends in the market: The restaurant delivery market in Iceland has seen a surge in demand, with a growing number of restaurants offering delivery services. The market is dominated by a few major players, but new entrants are also emerging. Delivery platforms are expanding their reach by partnering with more restaurants and offering a wider range of cuisines. Additionally, there is a growing trend towards healthier food options, with many restaurants offering vegetarian and vegan dishes.

Local special circumstances: Iceland's unique geography presents some challenges for the restaurant delivery market. Due to the country's remote location and harsh climate, delivery times can be longer and more unpredictable than in other countries. However, delivery platforms are adapting to these challenges by investing in technology and logistics to improve delivery times and ensure food quality.

Underlying macroeconomic factors: Iceland's strong economy and high standard of living have contributed to the growth of the restaurant delivery market. With a high disposable income, Icelanders are willing to pay a premium for convenience and quality. Additionally, the country's tourism industry has also played a role in the growth of the market, as visitors to Iceland often seek out local cuisine and delivery options.

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.