Market Insights Consumer Food Dairy Products & Eggs

Cheese - Iceland

Iceland

Revenue in the Cheese market amounts to €85.71m in 2024. The market is expected to grow annually by 5.44% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€29,690m in 2024).
In relation to total population figures, per person revenues of €226.90 are generated in 2024.
In the Cheese market, volume is expected to amount to 7.12m kg by 2029. The Cheese market is expected to show a volume growth of 2.0% in 2025.
The average volume per person in the Cheese market is expected to amount to 17.5kg in 2024.

Key regions: China, South Korea, Russia, United Kingdom, India

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Analyst Opinion

The Cheese Market in Iceland has seen minimal growth due to factors such as limited demand and competition from other dairy products. Despite this, the convenience of online shopping and increasing health consciousness among consumers may drive growth in the future.

Customer preferences: As the demand for healthier food options continues to grow, consumers in Iceland are turning towards alternative cheese options such as plant-based and lactose-free varieties. This trend is driven by a growing interest in plant-based diets and a rising awareness of lactose intolerance. In addition, consumers are increasingly seeking convenience and sustainability in their food choices, leading to a rise in demand for eco-friendly packaging and locally sourced cheese products. This shift towards more conscious consumption is also reflected in the increasing popularity of artisanal and organic cheese options.

Trends in the market: In Iceland, the Cheese Market of the Dairy Products & Eggs Market within The Food market is experiencing a rise in demand for organic and locally sourced cheeses. This trend is driven by consumer preferences for sustainable and healthier food options. Additionally, there is a growing trend of incorporating international flavors and varieties in the cheese market, catering to the diverse palates of consumers. These trends have significant implications for industry stakeholders, as they must adapt to changing consumer demands and invest in sustainable sourcing and production methods. This also presents opportunities for market growth and expansion into new markets.

Local special circumstances: In Iceland, the Cheese Market is influenced by the country's unique geographical location and its strong dairy farming tradition. The cold climate and volcanic soil provide ideal conditions for dairy cows to produce high-quality milk, resulting in a wide variety of locally made cheeses. Additionally, the country's strict regulations on dairy production ensure the use of natural and sustainable methods, leading to a growing demand for Icelandic cheese both domestically and internationally.

Underlying macroeconomic factors: The Cheese Market in Iceland is impacted by various macroeconomic factors, such as the country's economic stability, global demand for dairy products, and government policies. With a stable economy and strong investment in the food industry, Iceland has seen a steady growth in its cheese market. Furthermore, the rise in health-conscious consumers and the growing trend of using cheese as a healthy snack has also contributed to the market's growth. However, fluctuations in milk prices and changes in trade policies can affect the market's performance. Additionally, the increasing demand for organic and sustainably produced cheese has led to the adoption of eco-friendly practices, which can also impact market trends.

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.