Ready-to-Eat Meals - Iceland

Iceland

Highlights

Revenue in the Ready-to-Eat Meals market amounts to US$63.20m in 2024. The market is expected to grow annually by 4.06% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$149bn in 2024).
In relation to total population figures, per person revenues of US$167.30 are generated in 2024.
In the Ready-to-Eat Meals market, volume is expected to amount to 5.55m kg by 2029. The Ready-to-Eat Meals market is expected to show a volume growth of 2.4% in 2025.0.
The average volume per person in the Ready-to-Eat Meals market is expected to amount to 13.7kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Ready-to-Eat Meals Market in Iceland has seen minimal growth in recent years due to factors such as limited consumer awareness and a preference for traditional food options. Despite this, the Convenience Food Market continues to drive growth with the convenience and variety it offers.

Customer preferences: As consumer lifestyles become increasingly busy and fast-paced in Iceland, the Ready-to-Eat Meals Market of the Convenience Food Market within The Food market is experiencing a growing demand for healthier and more nutritious options. This trend is driven by a shift towards convenience and efficiency, as well as a growing focus on health and wellness. As a result, there has been an increase in the availability of plant-based and organic options in the Ready-to-Eat Meals Market, catering to the preferences of health-conscious consumers. Moreover, with the rise of eco-friendly and sustainable food choices, there has been a growing demand for sustainable packaging and production methods in the Ready-to-Eat Meals Market.

Trends in the market: In Iceland, the Ready-to-Eat Meals Market of the Convenience Food Market within The Food market has seen a shift towards healthier options, with a focus on plant-based and organic meals. This trend is in line with the country's growing interest in sustainable and eco-friendly practices. In addition, the rise of e-commerce has led to an increase in online sales of ready-to-eat meals, providing convenience for busy consumers. These trends are expected to continue, as consumers prioritize health and convenience in their food choices. For industry stakeholders, this presents opportunities for innovation and expansion in the market. However, there may also be challenges in meeting the demand for sustainable and healthy options, as well as ensuring food safety and quality in the e-commerce space. As such, companies will need to stay on top of these trends and adapt their strategies accordingly to stay competitive in the Ready-to-Eat Meals Market of the Convenience Food Market within The Food market.

Local special circumstances: In Iceland, the Ready-to-Eat Meals Market of the Convenience Food Market within The Food market is heavily influenced by the country's unique geographical circumstances. Due to the harsh and remote environment, there is a strong demand for convenient and shelf-stable food options. Additionally, the country's high cost of living and limited access to fresh produce make ready-to-eat meals a popular choice among locals. Furthermore, Iceland's strict food regulations, particularly regarding the use of preservatives and additives, have led to the development of healthier and more natural options in the market.

Underlying macroeconomic factors: The Ready-to-Eat Meals Market of the Convenience Food Market within The Food market is impacted by various macroeconomic factors in Iceland. The country's economy has been steadily growing, with a strong focus on sustainability and innovation. This has led to increased consumer spending power and a growing demand for convenience foods. Additionally, Iceland's favorable fiscal policies and investment in infrastructure have created a supportive business environment for The Food market. Furthermore, the country's tourism industry, which has been rapidly expanding in recent years, has also contributed to the growth of the Ready-to-Eat Meals Market as it caters to the needs of travelers looking for quick and easy meal options. Overall, Iceland's stable economy and favorable policies make it an attractive market for the Ready-to-Eat Meals Market of the Convenience Food Market within The Food market.

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.