Milk Substitutes - Iceland

Iceland

Highlights

Revenue in the Milk Substitutes market amounts to US$2.43m in 2024. The market is expected to grow annually by 20.65% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$10bn in 2024).
In relation to total population figures, per person revenues of US$6.43 are generated in 2024.
In the Milk Substitutes market, volume is expected to amount to 1.52m kg by 2029. The Milk Substitutes market is expected to show a volume growth of 20.1% in 2025.0.
The average volume per person in the Milk Substitutes market is expected to amount to 1.8kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Milk Substitutes Market in Iceland is experiencing considerable growth, driven by factors like increasing health consciousness, convenience of online services, and adoption of digital technologies. This growth rate is impacted by the growing demand for plant-based alternatives and the rising availability of lactose-free options.

Customer preferences: As more consumers become health-conscious, there has been a rise in demand for plant-based milk substitutes, such as almond, soy, and oat milk. This trend is driven by factors such as lactose intolerance, ethical and environmental concerns, and a desire for healthier options. This has led to the emergence of a variety of innovative dairy-free options in the market, catering to different dietary restrictions and preferences.

Trends in the market: In Iceland, the Milk Substitutes Market within the Dairy Products & Eggs Market is seeing an increasing demand for plant-based options, driven by health and environmental concerns. This trend is expected to continue, with companies investing in research and development to improve the taste and texture of these products. This shift towards non-dairy alternatives has significant implications for industry stakeholders, including dairy farmers and retailers, who may need to adapt their production and marketing strategies to remain competitive in the market. Additionally, the rise of veganism and flexitarianism in Iceland is expected to further drive the growth of the Milk Substitutes Market in the coming years.

Local special circumstances: In Iceland, the Milk Substitutes Market within the Dairy Products & Eggs Market is influenced by the country's unique geographical and cultural factors. With a small population and limited resources, Iceland has a strong focus on sustainability and natural, locally sourced products. This has led to the emergence of innovative plant-based milk substitutes made from Icelandic ingredients such as oats, seaweed, and lupin beans. Additionally, the country's strict regulations on dairy production have also paved the way for alternative milk products to gain popularity among health-conscious consumers.

Underlying macroeconomic factors: The Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is strongly affected by macroeconomic factors such as consumer preferences, government regulations, and economic stability. Countries with a growing demand for plant-based alternatives and a supportive regulatory environment are experiencing higher market growth compared to regions with limited consumer acceptance and regulatory challenges. Furthermore, the overall economic health of a country, including fiscal policies and financial indicators, can significantly impact the purchasing power and consumption patterns of consumers, ultimately influencing the performance of the Milk Substitutes 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.