Market Insights Consumer Food Sauces & Spices

Tomato Ketchup - Iceland

Iceland

Revenue in the Tomato Ketchup market amounts to €5.83m in 2024. The market is expected to grow annually by 4.14% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€5,631m in 2024).
In relation to total population figures, per person revenues of €15.45 are generated in 2024.
In the Tomato Ketchup market, volume is expected to amount to 1.57m kg by 2029. The Tomato Ketchup market is expected to show a volume growth of 2.1% in 2025.
The average volume per person in the Tomato Ketchup market is expected to amount to 3.9kg in 2024.

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

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Analyst Opinion

The Tomato Ketchup Market in Iceland has seen minimal growth due to factors such as low consumer demand and limited availability of online services. The stagnant growth rate can be attributed to the small population and traditional food preferences in the country.

Customer preferences: As consumers become more health-conscious, there has been a growing demand for healthier options in the Tomato Ketchup Market of the Sauces & Spices Market within The Food market. This has led to the emergence of organic and low-sugar varieties of tomato ketchup, catering to the preferences of health-conscious consumers. Additionally, there has been a shift towards locally-sourced and artisanal ketchup, reflecting the cultural emphasis on sustainability and supporting small businesses in Iceland.

Trends in the market: In Iceland, the Tomato Ketchup Market of the Sauces & Spices Market within The Food market is experiencing a shift towards healthier and more sustainable options. As consumers become more health-conscious and environmentally aware, there is a growing demand for organic, all-natural, and plant-based ketchup options. This trend is expected to continue, with industry players investing in research and development to meet this demand. Additionally, with the rise of e-commerce, online sales of ketchup are on the rise, providing convenience for consumers and opening new opportunities for market growth.

Local special circumstances: In Iceland, the Tomato Ketchup market is heavily influenced by the country's unique agricultural practices and strict regulations on food production. Due to the harsh climate, tomatoes are not commonly grown in Iceland, leading to a reliance on imports and a higher price point for locally produced ketchup. Additionally, Iceland's commitment to sustainability and organic farming has led to a demand for all-natural and environmentally friendly ketchup products in the market. These factors contribute to the overall dynamic of the Tomato Ketchup market in Iceland, setting it apart from other markets in the Sauces & Spices industry.

Underlying macroeconomic factors: The Tomato Ketchup Market of the Sauces & Spices Market within The Food market is impacted by macroeconomic factors such as consumer preferences, economic growth, and government policies. Countries with a growing economy and a high demand for convenience foods are driving the market growth. Additionally, increasing health-consciousness and a preference for natural and organic products are influencing the demand for healthier ketchup options. On the other hand, countries with slow economic growth and low disposable income are experiencing slower market growth. Government policies such as tariffs and trade regulations also play a significant role in shaping the market landscape.

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.