Market Insights Consumer Food Bread & Cereal Products

Other Cereal Products - Iceland

Iceland

Revenue in the Other Cereal Products market amounts to €47.43m in 2024. The market is expected to grow annually by 4.23% (CAGR 2024-2029).
In global comparison, most revenue is generated in Egypt (€14,030m in 2024).
In relation to total population figures, per person revenues of €125.60 are generated in 2024.
In the Other Cereal Products market, volume is expected to amount to 9.07m kg by 2029. The Other Cereal Products market is expected to show a volume growth of 2.4% in 2025.
The average volume per person in the Other Cereal Products market is expected to amount to 22.5kg in 2024.

Key regions: Canada, Spain, South Korea, United States, Japan

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Comparación de regiones

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Analyst Opinion

The Other Cereal Products Market in Iceland has been experiencing minimal growth, impacted by factors such as the limited variety of products available and the relatively small population size. Despite this, the market is expected to continue growing due to the increasing health consciousness and convenience offered by online shopping.

Customer preferences: The Other Cereal Products Market in Iceland has seen a rise in demand for healthier and more convenient breakfast options, driven by a growing health-conscious population. This has led to the emergence of new cereal products with unique and innovative ingredients, such as gluten-free and organic options. Additionally, there has been a shift towards sustainable and environmentally friendly packaging, reflecting the country's strong focus on sustainability and reducing waste.

Trends in the market: In Iceland, the Other Cereal Products Market of the Bread & Cereal Products Market within The Food market is experiencing a trend towards healthier and more sustainable options. This includes a rise in gluten-free, organic, and locally sourced products, as well as an increase in plant-based cereals and grains. This trend is driven by consumer demand for transparency and ethical production methods. It also presents opportunities for industry stakeholders to innovate and differentiate their products in a competitive market. As consumers become more health-conscious and environmentally aware, this trend is expected to continue, shaping the future of the Other Cereal Products Market in Iceland.

Local special circumstances: In Iceland, the Other Cereal Products market is influenced by the country's unique geographical location and climate. Due to its cold climate, Iceland relies heavily on imported grains for its cereal production. However, the country's commitment to sustainable farming practices and organic production has led to an increase in local cereal production, creating a niche market for artisanal and niche cereal products. Additionally, Iceland's small population size and high consumption of cereal products per capita contribute to the market's stability and potential for growth.

Underlying macroeconomic factors: The Other Cereal Products Market of the Bread & Cereal Products Market within The Food market in Iceland is heavily influenced by macroeconomic factors such as consumer preferences, purchasing power, and government policies. The country's strong economy, stable political climate, and high per capita income have contributed to the growth of the market, with consumers showing a growing preference for healthy and organic cereal products. Furthermore, favorable government policies promoting sustainable agriculture and food production have also played a significant role in driving market growth. Additionally, increasing health consciousness among consumers and the growing trend of plant-based diets have further fueled the demand for other cereal products in Iceland. These macroeconomic factors are expected to continue driving the growth of the market in the foreseeable future.

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.