Market Insights Consumer Food Dairy Products & Eggs

Other Dairy Products & Eggs - Iceland

Iceland

Revenue in the Other Dairy Products & Eggs market amounts to €43.59m in 2024. The market is expected to grow annually by 3.10% (CAGR 2024-2029).
In global comparison, most revenue is generated in India (€46bn in 2024).
In relation to total population figures, per person revenues of €115.40 are generated in 2024.
In the Other Dairy Products & Eggs market, volume is expected to amount to 7.64m kg by 2029. The Other Dairy Products & Eggs market is expected to show a volume growth of 0.2% in 2025.
The average volume per person in the Other Dairy Products & Eggs market is expected to amount to 20.0kg in 2024.

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

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Analyst Opinion

The Other Dairy Products & Eggs Market in Iceland is experiencing negligible growth, impacted by factors like changing consumer preferences and competition from alternative products. This market is driven by increasing health consciousness and the convenience of online services.

Customer preferences: As consumers become more health-conscious, there has been a growing demand for alternative dairy products, such as plant-based milk and yogurt. This trend is driven by various factors, including environmental concerns, lactose intolerance, and dietary restrictions. Additionally, the rise of veganism and flexitarianism has also contributed to the popularity of non-dairy options. This shift towards plant-based dairy alternatives is expected to continue, as consumers prioritize health and sustainability in their purchasing decisions.

Trends in the market: In Iceland, the Other Dairy Products & Eggs Market of the Dairy Products & Eggs Market within The Food market is experiencing a surge in demand for plant-based dairy alternatives, such as oat, almond, and coconut milk. This trend is driven by the increasing number of consumers adopting vegan and vegetarian diets, as well as those seeking healthier and more sustainable food options. As a result, major dairy companies are expanding their product portfolios to include plant-based alternatives, while new players are entering the market. This shift towards plant-based dairy products is expected to continue, with potential implications for traditional dairy producers and retailers.

Local special circumstances: In Iceland, the Other Dairy Products & Eggs Market is heavily influenced by the country's unique geography and climate. The volcanic soil and cold temperatures make it ideal for dairy farming, resulting in high-quality milk and dairy products. Additionally, Iceland's cultural affinity for dairy consumption has led to a wide variety of traditional dairy products, such as skyr and rjóma-súkkulaði (cream chocolate). Furthermore, strict regulation and government support for sustainable and organic farming practices have contributed to the market's growth in recent years. These factors differentiate the Other Dairy Products & Eggs Market in Iceland from other markets and heavily influence its dynamics.

Underlying macroeconomic factors: The Other Dairy Products & Eggs Market of the Dairy Products & Eggs Market within The Food market in Iceland is influenced by macroeconomic factors such as consumer spending, economic policies, and trade agreements. The country's strong economy and stable political climate have resulted in high disposable income and increased demand for premium dairy products. Additionally, Iceland's focus on sustainable agriculture and production methods has led to a growing interest in locally sourced and organic dairy products, further boosting market growth. The country's membership in the European Economic Area and participation in global trade agreements also play a significant role in shaping the market, as it allows for easier import and export of dairy products.

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.