Milk - Iceland | Statista Market Forecast

Milk - Iceland

Iceland

Highlights

Revenue in the Milk market amounts to US$40.91m in 2024. The market is expected to grow annually by 2.54% (CAGR 2024-2029).
In global comparison, most revenue is generated India (US$71bn in 2024).
In relation to total population figures, per person revenues of US$108.30 are generated in 2024.
In the Milk market, volume is expected to amount to 19.40m kg by 2029. The Milk market is expected to show a volume growth of 0.4% in 2025.0.
The average volume per person in the Milk market is expected to amount to 50.6kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Milk Market in Iceland has shown negligible growth in recent years, impacted by factors such as changing consumer preferences, increasing competition, and fluctuations in milk prices. Despite this, the Dairy Products and Eggs Market within The Food market continues to see steady demand due to the convenience and health benefits of these products.

Customer preferences: As consumers in Iceland become more health-conscious, there has been a noticeable rise in demand for plant-based milk alternatives, such as almond and oat milk. This trend is driven by concerns about animal welfare and the environmental impact of dairy production. Additionally, there is a growing interest in locally produced milk, with consumers valuing the freshness and traceability of the product. These preferences highlight a shift towards more sustainable and ethical consumption patterns in the Milk Market of the Dairy Products & Eggs Market within The Food market.

Trends in the market: In Iceland, the Milk Market of the Dairy Products & Eggs Market within The Food market is experiencing a trend towards organic and locally sourced dairy products. This trend is driven by consumer demand for healthier and more sustainable options. It is also supported by government initiatives promoting sustainable agriculture and reducing carbon footprint. This trajectory is significant for industry stakeholders as it presents opportunities for market growth and differentiation. However, it also poses challenges for traditional dairy producers who may struggle to adapt to these changing consumer preferences. As a result, we may see a shift towards smaller, specialized dairy farms and increased competition in the market.

Local special circumstances: In Iceland, the Milk Market of the Dairy Products & Eggs Market within The Food market is influenced by the country's unique geographical circumstances. Due to the cold climate, dairy farming is limited, resulting in a smaller supply of milk. This scarcity drives up prices and affects the overall market dynamics. Additionally, Iceland's cultural preference for organic and locally-sourced products also impacts the Milk Market, with consumers willing to pay a premium for these products. Furthermore, strict regulations on dairy production and labeling ensure high quality standards and consumer trust in the market.

Underlying macroeconomic factors: The Milk Market of the Dairy Products & Eggs Market within The Food market in Iceland is highly influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. With Iceland's stable and growing economy, the demand for dairy products and eggs is expected to increase. Additionally, the country's strong investment in agriculture and food production, along with favorable regulatory environments, is driving the growth of the market. Furthermore, with the rising health consciousness and increasing disposable income of consumers, the demand for high-quality dairy products and eggs is also on the rise. These factors are contributing to the overall growth of the Milk Market in Iceland.

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.