Market Insights Consumer Food Sauces & Spices

Spices & Culinary Herbs - Iceland

Iceland

Revenue in the Salt & Other Spices market amounts to €12.17m in 2024. The market is expected to grow annually by 4.59% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€9,767m in 2024).
In relation to total population figures, per person revenues of €32.22 are generated in 2024.
In the Salt & Other Spices market, volume is expected to amount to 0.73m kg by 2029. The Salt & Other Spices market is expected to show a volume growth of 2.6% in 2025.
The average volume per person in the Salt & Other Spices market is expected to amount to 1.8kg in 2024.

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

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Región

Comparación de regiones

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Analyst Opinion

The Sauces & Spices market in Iceland is experiencing minimal growth, influenced by factors such as the limited use of spices in traditional Icelandic cuisine and the high cost of imported spices. Despite this, increasing tourism and a growing interest in international cuisine are expected to drive some growth in the coming years.

Customer preferences: Consumers in Iceland are increasingly seeking more diverse and unique flavors in their food, leading to a rise in demand for exotic spices and culinary herbs. This trend is driven by the country's growing multicultural population and the influence of international cuisines. Moreover, there is a growing interest in local and sustainable sourcing of spices and herbs, as consumers become more conscious about the environmental impact of their food choices. This has resulted in a shift towards organic and ethically sourced spices and herbs in the market.

Trends in the market: In Iceland, there is a noticeable trend in the Spices & Culinary Herbs Market of the Sauces & Spices Market within The Food market towards using locally sourced and organic ingredients. This aligns with the country's focus on sustainability and health-conscious consumption. This trend is expected to continue, as consumers become more aware and concerned about the source and quality of their food. This could lead to an increase in demand for premium spices and herbs, as well as a shift towards more sustainable and ethical sourcing practices by industry players. Additionally, there is a growing interest in exotic and international flavors, which could drive innovation and new product development in the market.

Local special circumstances: In Iceland, the Spices & Culinary Herbs Market is heavily influenced by the country's unique climate and volcanic soil, which allow for the cultivation of high-quality herbs and spices. Additionally, the strong emphasis on sustainability and organic farming in Iceland has led to a growing demand for locally sourced and environmentally friendly products in The Food market. This has also translated to the Spices & Culinary Herbs Market, where consumers are willing to pay a premium for sustainably produced herbs and spices. Furthermore, the use of traditional Icelandic herbs and spices, such as angelica and arctic thyme, in both traditional and modern cuisine has contributed to the market's growth and differentiation from other markets.

Underlying macroeconomic factors: The Spices & Culinary Herbs Market of the Sauces & Spices Market within The Food market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The market is particularly impacted by the global demand for natural and organic products, as well as the increasing popularity of international cuisines. Countries with stable economic conditions and favorable trade policies, such as Iceland, are experiencing significant growth in this market. Additionally, the growing trend of healthy eating and the rising awareness of the health benefits of spices and culinary herbs are driving the demand for these products. This is further supported by the increasing disposable income and changing consumer preferences towards natural and healthier food options.

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.