Alcoholic Drinks - Iceland | Statista Market Forecast

Revenue, at home (e.g., revenue generated in supermarkets and convenience stores) in the Alcoholic Drinks market amounts to US$150.4m in 2024.
Revenue, out-of-home (e.g., revenue generated in restaurants and bars) amounts to US$353.6m in 2024.
Revenue, combined amounts to US$504.0m in 2024.
The revenue, at home is expected to grow annually by 0.25% (CAGR 2024-2029).
In global comparison, most revenue, at home is generated China (US$208bn in 2024).
In relation to total population figures, the average revenue per capita, at home of US$398.10 are generated in 2024.
In the Alcoholic Drinks market, volume, at home is expected to amount to 13.2m L by 2024.
Volume, out-of-home is expected to amount to 12.4m L in 2024.
Volume, combined is expected to amount to 25.7m L in 2024.
The Alcoholic Drinks market is expected to show a volume growth, at home of -3.4% in 2025.0.
The average volume per person, at home in the Alcoholic Drinks market is expected to amount to 35.05L in 2024.

Definition:

The Alcoholic Drinks market includes all alcoholic beverages that are produced by fermentation or distillation.

Structure:

The Alcoholic Drinks market is divided into 5 markets:

The Beer market encompasses fermented beverages based on malt. The Beer market is further divided into the markets Alcoholic Beer and Non-Alcoholic Beer.
The Spirits market encompasses alcoholic beverages that are produced through the distillation of wine, fermented fruits, or grains. It contains the Whisky, Vodka, Rum, Gin, Brandy, Soju, Tequila, and Liqueurs & Other Spirits markets.
The Wine market encompasses all fermented juices made from grapes. The Wine market is further divided into Still Wine (Red Wine, White Wine, and Rosé Wine), Sparkling Wine, and Fortified Wine.
The Cider, Perry & Rice Wine market encompass all wines made from fruits other than grapes, grains, or other plants.
The Hard Seltzer market encompasses alcoholic beverages made with carbonated water, alcohol, and often fruit flavoring.

Additional information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per liter, as well as sales channels. Per capita figures refer to a country’s or region’s whole population.

At-home market data covers retail sales via super- and hypermarkets, eCommerce, convenience stores, and similar sales channels. Out-of-home market data includes all sales in hotels and restaurants, sales by catering companies, as well as sales in cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. All prices are valued at retail selling prices, including all sales and consumption taxes.

Key players include Anheuser-Busch InBev (e.g., Corona, Bud Light, and Michelob), Diageo (e.g., Johnnie Walker, Guinness, and Tanqueray), Heineken, and Molson Coors.

Alcoholic & Non-Alcoholic Beer
Wine
Spirits
Cider, Perry and Rice Wines
Hard Seltzer

Non-Alcoholic Beverages derived from Wine or Spirits

The Alcoholic Drinks market in Iceland has experienced significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Icelandic consumers have shown a growing preference for premium and craft alcoholic beverages. They are increasingly seeking unique and high-quality products that offer a distinct taste and experience. This shift in preferences has led to an increase in demand for artisanal beers, small-batch spirits, and locally produced wines. Consumers are also becoming more health-conscious, leading to a rise in demand for low-alcohol and non-alcoholic options.

Trends in the market: One of the key trends in the Icelandic Alcoholic Drinks market is the rise of microbreweries and craft beer. These small-scale breweries offer a wide variety of flavors and styles, appealing to consumers who are looking for new and unique taste experiences. Craft beer festivals and events have also gained popularity, providing an opportunity for consumers to explore different brews and engage with local brewers. Another trend in the market is the growing popularity of Icelandic spirits, particularly vodka and gin. Icelandic vodka is known for its purity and smoothness, while Icelandic gin often incorporates local botanicals and herbs, giving it a distinct flavor profile. These spirits have gained recognition both domestically and internationally, attracting tourists and enthusiasts alike.

Local special circumstances: Iceland's unique geography and natural resources play a significant role in shaping the Alcoholic Drinks market. The country's pristine water sources are essential for producing high-quality beverages, particularly vodka and beer. Additionally, Iceland's volcanic activity has led to the emergence of geothermal spas, which have become popular tourist attractions. This has created a demand for locally produced spirits and cocktails that incorporate Icelandic ingredients and flavors.

Underlying macroeconomic factors: Iceland has experienced a steady growth in tourism over the past decade, which has had a positive impact on the Alcoholic Drinks market. The influx of international visitors has increased the demand for locally produced beverages, providing opportunities for both established and emerging players in the market. Additionally, Iceland's strong economy and high disposable income levels have contributed to the growth of the premium segment within the Alcoholic Drinks market. In conclusion, the Alcoholic Drinks market in Iceland is evolving to meet the changing preferences of consumers. The rise of craft beer, the popularity of Icelandic spirits, and the emphasis on local ingredients and flavors are all contributing to the growth of the market. Furthermore, Iceland's unique geographical features and robust tourism industry are creating favorable conditions for the development of the Alcoholic Drinks market.

Data coverage:
The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

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 (e.g. consumer spending on alcoholic beverages, consumer spending at Hotels, Restaurants etc.), and price level 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 Alcoholic Drinks 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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

The alcoholic beverage market is recovering after several years of downturn. Larger forces like the COVID-19 pandemic, the Russian invasion of Ukraine and the ensuing inflation have either been resolved or accepted as part of the current market environment. Regional conditions vary as consumers in some areas of the world are changing their alcohol preferences while other regions are continuing to feel the effects of less discretionary spending from consumers.