Market Insights Consumer DIY & Hardware Store

Lawn & Garden - Iceland

Iceland

In 2024, the Lawn & Garden market in Iceland is projected to generate a revenue of €75.96m.
This market segment is expected to exhibit an annual growth rate of 5.72% (CAGR 2024-2029).
When compared to other countries worldwide, in the United States leads in terms of revenue generation, with an estimated revenue of €123bn in 2024.
Considering the population figures, the per person revenue in Iceland is expected to reach €201.10 in 2024.
Iceland's lawn and garden market is thriving with a growing demand for innovative and eco-friendly landscaping solutions.

Key regions: Germany, Nigeria, Brazil, India, China

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Región

Comparación de regiones

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Analyst Opinion

In Iceland, the Lawn & Garden Market in the DIY & Hardware Store sector is experiencing minimal growth due to factors such as limited consumer interest and the high cost of gardening products. Despite this, digital technologies are providing convenience for online purchases and raising awareness of health and wellness.

Customer preferences: There has been a notable increase in consumer interest and demand for sustainable and eco-friendly lawn and garden products in the DIY & Hardware Store Market in Iceland. This shift can be attributed to the growing awareness and prioritization of environmental conservation and sustainable living practices among Icelandic consumers. As a result, there has been a rise in the availability of eco-friendly lawn and garden products, such as organic fertilizers and non-toxic pest control options, in hardware stores across the country. This trend is expected to continue as more consumers prioritize sustainability in their purchasing decisions.

Trends in the market: In Iceland, the Lawn & Garden Market within the DIY & Hardware Store Market is experiencing a rise in demand for eco-friendly and sustainable gardening products. This trend is driven by the country's focus on environmental conservation and awareness among consumers. As a result, companies are investing in innovative solutions such as biodegradable plant pots and organic fertilizers. This trend is expected to continue in the future, with potential implications for industry stakeholders including increased competition and the need for businesses to adopt sustainable practices.

Local special circumstances: In Iceland, the DIY & Hardware Store Market is heavily influenced by the country's unique geography. With a majority of the population living in rural areas, there is a greater emphasis on self-sufficiency and DIY projects. This translates to a strong demand for lawn and garden products, as maintaining outdoor spaces is an important aspect of Icelandic culture. Additionally, the country's strict environmental regulations have led to a growing interest in eco-friendly and sustainable lawn and garden solutions. These factors have contributed to shaping the lawn and garden market in Iceland, making it distinct from other markets in the DIY & Hardware Store industry.

Underlying macroeconomic factors: The performance of the Lawn & Garden Market within the DIY & Hardware Store Market in Iceland is impacted by macroeconomic factors such as consumer confidence, disposable income, and housing market conditions. A stable and growing economy in Iceland, with a low unemployment rate and rising disposable income, is likely to drive consumer spending on home improvement and gardening products. Moreover, favorable fiscal policies and investments in infrastructure projects, including residential construction, are expected to create opportunities for growth in the market. The growing trend towards sustainable and eco-friendly gardening practices also presents growth prospects for the market, driven by the increasing focus on environmental conservation and a healthy lifestyle.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to 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 particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.