Bread & Cereal Products - Iceland

Revenue in the Bread & Bakery Products market amounts to US$185.40m in 2024. The market is expected to grow annually by 3.66% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$278bn in 2024).
In relation to total population figures, per person revenues of US$490.80 are generated in 2024.
In the Bread & Bakery Products market, volume is expected to amount to 32.80m kg by 2029. The Bread & Bakery Products market is expected to show a volume growth of 1.5% in 2025.0.
The average volume per person in the Bread & Bakery Products market is expected to amount to 82.7kg in 2024.

Definition:

The Bread & Cereal Products market covers baked goods made from dough. Dough consists of flour, water, a leavening agent, and other optional ingredients. Cereal products are made from a variety of grains, such as wheat, oats, and rice.

Structure:

The market consists of five different submarkets:

The Bread market covers baked goods made from dough which consist of flour, water, a leavening agent, and other optional ingredients.
The Pasta market covers fresh and dried pasta and noodles made from cereals that are usually used as part of a main meal.
The Rice market covers several rice varieties, such as long-grain rice, medium-grain rice, short-grain rice, white rice, brown rice, and wild rice, as well as sticky rice and parboiled rice.
The Breakfast Cereals market covers muesli and other grain-based breakfast products such as corn flakes and oats.
The Other Cereal Products market covers other products that are made from cereals, such as flour, baking flour, semolina, couscous, and bulgur.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

For more information on the displayed data, click the info button on the right side of each box.

Fresh bread and bread rolls
Pasta
Rice
Breakfast cereals
Other cereal products (e.g. Flour, couscous, bulgur)

Biscuits
Cookies
Crackers
Cakes
Baby rice cereals and other baby cereals
Ready-to-eat meal based on cereals
Out-of-home consumption

The Bread & Cereal Products Market in Iceland has seen minimal growth due to factors such as limited variety of products, high prices, and low consumer demand. However, with an increasing health consciousness and availability of online options, the market has potential for future growth.

Customer preferences: Consumers in Iceland are increasingly turning towards healthier options in the Bread & Cereal Products Market within The Food market. This trend is driven by the rising health consciousness among individuals, especially the younger generation. As a result, there is a growing demand for organic and gluten-free products. Additionally, there has been a shift towards plant-based alternatives, as more people are adopting flexitarian and vegan diets. This shift is influenced by environmental concerns and ethical considerations, indicating a growing awareness of sustainable and ethical food choices.

Trends in the market: In Iceland, the Bread & Cereal Products Market within The Food market is seeing an increase in demand for gluten-free and organic options. This trend is driven by a growing awareness and preference for healthier and more sustainable food choices among consumers. As a result, there has been a rise in the availability of these products in supermarkets and specialty stores. This trend is expected to continue, with potential implications for industry stakeholders such as manufacturers and retailers who may need to adjust their product offerings and marketing strategies to cater to this growing demand.

Local special circumstances: In Iceland, the Bread & Cereal Products Market is heavily influenced by the country's geographical location and climate. With limited arable land, the production of grains and cereals is challenging, leading to a reliance on imports. Additionally, the Icelandic diet, which is heavily based on seafood, has resulted in a smaller market for bread and cereal products compared to other countries. As a result, local companies have adapted by introducing unique products and incorporating traditional Icelandic ingredients, such as wild berries and seaweed, into their offerings.

Underlying macroeconomic factors: The Bread & Cereal Products Market in Iceland is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. With the country's strong economy and stable political climate, it has become an attractive market for international food companies looking to expand their presence. Additionally, Iceland's growing population and increasing disposable income have led to a higher demand for convenient and healthy food options, driving the growth of the Bread & Cereal Products Market. Furthermore, the country's focus on sustainability and environmental concerns has also influenced market trends, leading to a rise in demand for organic and locally sourced food products.

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.

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

Diets in high-income countries such as the United States consist of a lot of fats, animal products, sweeteners, and other products in addition to the ever-present food staples such as bread. Despite the comparatively lower share of staples in the food supply of these nations, staples still make up the majority of food intake. For example, consumers in the United States eat quite a lot of bread annually. Bread consumption in the U.S. amounts to 6.64 billion kilograms, or 19.84 kilograms per capita. In addition to bread, Americans consume a sizable amount of cake and pastry goods, namely 8.6 billion kilograms in 2022.