Fresh Seafood - Iceland

Iceland

Highlights

Revenue in the Fresh Seafood market amounts to US$4.63m in 2024. The market is expected to grow annually by 3.87% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$12bn in 2024).
In relation to total population figures, per person revenues of US$12.25 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 138.40k kg by 2029. The Fresh Seafood market is expected to show a volume growth of 2.2% in 2025.0.
The average volume per person in the Fresh Seafood market is expected to amount to 0.3kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Seafood Market in Iceland has seen minimal growth due to factors such as limited supply, strict regulations, and high costs. Despite this, there is still a demand for fresh seafood from locals and tourists, driving the market forward.

Customer preferences: As consumers become more health-conscious, there is a growing demand for sustainably sourced and locally caught seafood in the Fresh Seafood Market of the Fish & Seafood Market within The Food market. Additionally, there is a noticeable increase in interest for seafood products that cater to specific dietary needs, such as gluten-free or plant-based options. This shift in consumer preferences is influenced by the rising awareness of the impact of food choices on personal health and the environment.

Trends in the market: In Iceland, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a rise in demand for sustainably sourced seafood. Consumers are increasingly aware of the environmental impact of their food choices and are seeking out products that are ethically and responsibly sourced. This trend is expected to continue, driven by growing concerns about overfishing and the depletion of ocean resources. Industry stakeholders will need to adapt to this trend by implementing sustainable fishing practices and promoting the traceability of their products to meet consumer demands. Additionally, the rise of eco-labeling and certification programs will play a significant role in shaping the trajectory of this trend, as consumers become more educated about the origins of their seafood and the importance of supporting sustainable practices. This shift towards sustainability has the potential to greatly benefit both the environment and the seafood industry, as it will ensure the long-term viability of the Fresh Seafood Market in Iceland.

Local special circumstances: In Iceland, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's unique geographical location surrounded by the North Atlantic Ocean. This allows for a large variety of seafood to be caught and sold locally, contributing to the market's diversity. Additionally, Iceland's strict regulations on sustainable fishing practices have gained global recognition, making their seafood products highly sought after. The cultural significance of seafood in Icelandic cuisine also drives demand, with locals and tourists alike seeking out fresh and authentic seafood dishes.

Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is significantly impacted by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. As economies grow and consumer spending increases, demand for high-quality seafood products also rises. Additionally, countries with favorable regulatory environments and strong investment in fisheries infrastructure are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Moreover, the rising health consciousness and growing preference for a protein-rich diet are driving the demand for fresh seafood products, especially in countries with aging populations.

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.