Fresh Fish - Iceland

Iceland

Highlights

Revenue in the Fresh Fish market amounts to US$40.91m in 2024. The market is expected to grow annually by 4.05% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$57bn in 2024).
In relation to total population figures, per person revenues of US$108.30 are generated in 2024.
In the Fresh Fish market, volume is expected to amount to 1.75m kg by 2029. The Fresh Fish market is expected to show a volume growth of 3.0% in 2025.0.
The average volume per person in the Fresh Fish market is expected to amount to 4.3kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Fish Market in Iceland has seen minimal growth due to various factors such as limited consumer awareness and traditional preferences for purchasing fish. However, the market is slowly adapting to digital technologies and online services, which may drive growth in the future.

Customer preferences: As consumers become more health-conscious, there has been a growing interest in sustainable and ethical food choices. This trend is reflected in the increased demand for locally sourced and organic fresh fish in Iceland. Additionally, there is a growing preference for eco-friendly packaging and transparent labeling, as consumers seek to make more informed and ethical purchasing decisions. The shift towards sustainable and ethical seafood options is also influenced by a growing awareness of the impact of overfishing on the environment and marine life.

Trends in the market: In Iceland, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a rise in demand for sustainably sourced fish, driven by consumer awareness and preferences for environmentally responsible products. This trend is expected to continue as consumers prioritize ethical and sustainable practices in their purchasing decisions. Additionally, there is a growing trend towards online ordering and home delivery of fresh fish, as consumers seek convenience and safety amid the ongoing pandemic. This shift towards e-commerce is expected to have significant implications for the industry, with potential opportunities for increased efficiency and expanded market reach.

Local special circumstances: In Iceland, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's unique geographical location. Surrounded by the Atlantic Ocean, Iceland has a rich abundance of seafood, making it a major player in the global seafood industry. Additionally, the country's strict regulations on fishing and sustainable fishing practices have led to a high-quality and environmentally friendly seafood market. Furthermore, Iceland's strong fishing culture and traditions have also influenced the market, with a strong emphasis on fresh, locally caught fish. These factors have contributed to the market's reputation for high-quality, sustainable seafood, catering to both domestic and international demand.

Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Iceland is influenced by various macroeconomic factors. The country's strong economic health and stable fiscal policies have created a favorable market environment for the seafood industry. Moreover, Iceland's strategic location and access to global markets have enabled the seafood market to thrive. The country's focus on sustainable fishing practices and its reputation for high-quality seafood products also contribute to the market's growth. Additionally, the increasing global demand for healthy and sustainable food options has further boosted the market, as consumers are increasingly turning to fresh fish as a source of protein. Furthermore, Iceland's investment in modern fishing technologies and infrastructure has enabled the industry to meet this growing demand and maintain its competitiveness in the global 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.