Yogurt Substitutes - Iceland

Iceland

Highlights

Revenue in the Yogurt Substitutes market amounts to US$921.60k in 2024. The market is expected to grow annually by 8.00% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$470m in 2024).
In relation to total population figures, per person revenues of US$2.44 are generated in 2024.
In the Yogurt Substitutes market, volume is expected to amount to 167.40k kg by 2029. The Yogurt Substitutes market is expected to show a volume growth of 6.6% in 2025.0.
The average volume per person in the Yogurt Substitutes market is expected to amount to 0.3kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

In Iceland, the Yogurt Substitutes Market in the Dairy Products & Eggs Market within The Food market is experiencing minimal growth. This is impacted by factors such as low consumer awareness and limited availability of substitutes. Despite this, the market is expected to grow due to increasing health consciousness and the convenience of alternative options.

Customer preferences: With health and wellness becoming a top priority for consumers, there has been a growing demand for plant-based alternatives in the Yogurt Substitutes Market of the Dairy Products & Eggs Market within The Food market. This trend is driven by the increasing number of individuals adopting vegetarian, vegan, or flexitarian diets, as well as concerns about animal welfare and the environmental impact of dairy production. As a result, brands are launching innovative yogurt substitutes made from ingredients like coconut, almond, and soy milk to cater to this growing consumer segment.

Trends in the market: In Iceland, the Yogurt Substitutes Market within the Dairy Products & Eggs Market is experiencing a rise in demand for plant-based options, driven by increasing health and environmental concerns. This trend is expected to continue as more consumers seek out dairy-free alternatives. Additionally, there is a growing interest in alternative yogurt flavors, such as coconut and almond, which cater to different dietary preferences. These developments signal a shift towards more diverse and sustainable options in the market, which could benefit both consumers and industry players in the long run.

Local special circumstances: In Iceland, the Yogurt Substitutes Market of the Dairy Products & Eggs Market within The Food market is influenced by the country's strong dairy industry and the growing demand for plant-based alternatives. This is due to the country's unique geographic location and harsh climate, which limit the production of traditional dairy products. Additionally, Iceland's strict regulations on food labeling and ingredients also play a role in shaping the market, as consumers prioritize natural and organic options. This has led to a rise in locally produced yogurt substitutes made from Icelandic ingredients, catering to the demand for healthier and sustainable products.

Underlying macroeconomic factors: The Yogurt Substitutes Market in Iceland is greatly impacted by macroeconomic factors such as the country's economic stability, global economic trends, and fiscal policies. The country's strong economic growth and stable political environment have created a favorable market for dairy products, including yogurt substitutes. Additionally, the increasing demand for healthy and plant-based alternatives to traditional dairy products has also contributed to the growth of the market. The country's investment in sustainable and innovative food technologies has also provided opportunities for market players to expand their product offerings and meet the growing consumer demand for yogurt substitutes. Furthermore, the aging population in Iceland and the rising prevalence of chronic diseases have also played a significant role in driving the demand for healthier food options, including yogurt substitutes, in the country.

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.