Key regions: Russia, Spain, South Korea, Philippines, United States
The Yogurt Market in Iceland is facing subdued growth due to various factors such as changing consumer preferences, increasing health consciousness, and the convenience of online food services. Despite this, the market is expected to experience moderate growth in the coming years.
Customer preferences: Consumers in Iceland are showing a growing interest in plant-based and organic yogurt options, driven by a cultural emphasis on health and wellness. Additionally, the country's aging population has led to a demand for yogurt fortified with probiotics and other functional ingredients to support digestive health. This trend is also influenced by a rising awareness of the benefits of a Mediterranean-style diet, which includes yogurt as a staple food. The popularity of yogurt-based smoothies and desserts has also increased, as consumers seek healthier alternatives to traditional sweets.
Trends in the market: In Iceland, the demand for yogurt is on the rise, driven by consumers' growing interest in healthier food options. This trend is expected to continue, with the country's yogurt market projected to grow at a CAGR of 6.8% from 2021 to 2026. This trajectory is significant for industry stakeholders, as it presents opportunities for product innovation and expansion into new markets. Additionally, there is a growing trend of using plant-based ingredients in yogurt, catering to the rising demand for vegan and dairy-free options. This shift towards more sustainable and ethical choices could have implications for traditional dairy producers, who may need to adapt their offerings to stay competitive in the market.
Local special circumstances: In Iceland, the Yogurt Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's unique geographical location and climate. The cold weather and volcanic soil create the perfect conditions for dairy farming, resulting in high-quality milk used to produce yogurt with a distinct taste and texture. Additionally, the country's strong focus on sustainable and organic practices has also shaped the yogurt market, with a growing demand for locally-sourced and environmentally-friendly products. Iceland's small population also makes it easier for smaller, niche yogurt brands to thrive in the market. These factors contribute to a highly competitive and dynamic yogurt market in Iceland.
Underlying macroeconomic factors: The Yogurt Market in Iceland is heavily impacted by macroeconomic factors such as the country's economic stability, consumer spending patterns, and government policies. With a thriving tourism industry and a stable economy, Iceland has a strong demand for dairy products, including yogurt. Furthermore, the government has implemented policies to promote healthy eating habits, which has also contributed to the growth of the yogurt market. Additionally, the increasing health consciousness among consumers worldwide has driven the demand for yogurt as a healthy snack or breakfast option, further fueling the growth of the 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.
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