Baby Milk & Infant Formula - Iceland

Iceland

Revenue in the Baby Milk & Infant Formula market amounts to €2.20m in 2024. The market is expected to grow annually by 3.24% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€15,630m in 2024).
In relation to total population figures, per person revenues of €5.83 are generated in 2024.
In the Baby Milk & Infant Formula market, volume is expected to amount to 88.93k kg by 2029. The Baby Milk & Infant Formula market is expected to show a volume growth of 0.5% in 2025.
The average volume per person in the Baby Milk & Infant Formula market is expected to amount to 0.2kg in 2024.

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

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Analyst Opinion

The Baby Milk & Infant Formula market in Iceland is experiencing negligible growth, likely impacted by factors such as declining birth rates and increasing awareness of breastfeeding benefits. However, convenience and busy lifestyles continue to drive demand for online baby food options.

Customer preferences: As Icelandic consumers become more health-conscious, there has been a noticeable increase in demand for organic and natural baby milk and infant formula. This trend is driven by a growing awareness of the benefits of using clean and natural ingredients for infant nutrition. Additionally, there is a rising preference for convenience among busy parents, leading to a surge in online purchases of baby milk and infant formula. This trend is expected to continue as consumers prioritize quality and ease of use in their purchasing decisions.

Trends in the market: In Iceland, the Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is experiencing a growing demand for organic and natural products. This trend is driven by the increasing awareness of health and wellness among consumers, as well as the rising concerns over the use of synthetic ingredients in traditional baby formula. As a result, major players in the industry are expanding their organic product lines and investing in sustainable sourcing and production methods. This trend is expected to continue, as consumers become more conscious of the impact of their purchasing decisions on the environment and their own health. Industry stakeholders should take note of this trend and adapt their strategies to meet the changing demands of the market.

Local special circumstances: In Iceland, the Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is heavily influenced by the country's strict regulations on advertising and labeling of infant formula. Additionally, the cold climate and limited agricultural resources pose challenges for local production, leading to a reliance on imported products. The country's small population also creates a niche market, with a focus on high-quality and organic options. These unique factors contribute to a different market landscape compared to other countries, with a strong emphasis on health and safety.

Underlying macroeconomic factors: The Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is heavily impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. For instance, countries with stable and growing economies tend to have higher demand for baby milk and infant formula products due to increased purchasing power and consumer confidence. Additionally, government policies and regulations, particularly in regards to food safety and nutrition, can greatly influence the market performance. Furthermore, the increasing focus on health and wellness, coupled with the rising awareness of the benefits of breastfeeding, may also impact the demand for baby milk and infant formula products in the market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. 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 exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

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.