Fish & Seafood - Iceland

Iceland

Highlights

Revenue in the Fish & Seafood market amounts to US$73.10m in 2024. The market is expected to grow annually by 4.13% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$97bn in 2024).
In relation to total population figures, per person revenues of US$193.50 are generated in 2024.
In the Fish & Seafood market, volume is expected to amount to 3.23m kg by 2029. The Fish & Seafood market is expected to show a volume growth of 2.1% in 2025.0.
The average volume per person in the Fish & Seafood market is expected to amount to 8.0kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Fish & Seafood Market in Iceland is experiencing slow growth, influenced by factors such as the limited supply of fresh fish due to overfishing and the increasing popularity of plant-based diets. However, the market is still driven by the convenience and health benefits of seafood, as well as the growing demand for processed seafood products in the country.

Customer preferences: Consumers in Iceland are increasingly prioritizing sustainability and ethical sourcing when it comes to their food choices, including fish and seafood. This trend is driven by a growing awareness of the impact of overfishing and unsustainable practices on the environment and marine life. As a result, there has been a rise in demand for locally sourced and responsibly caught fish and seafood. Additionally, there is a growing interest in alternative seafood options such as plant-based seafood alternatives, reflecting a shift towards more plant-based diets. This trend is also influenced by the cultural importance of traditional Icelandic plant-based dishes.

Trends in the market: In Iceland, there is a growing trend towards sustainable and traceable seafood products, driven by consumer demand for ethically and environmentally responsible options. This trend is expected to continue, with more companies investing in sustainable fishing practices and certifications. This presents opportunities for industry stakeholders to differentiate their products and gain a competitive edge. Additionally, there is a rising interest in alternative seafood options, such as plant-based and lab-grown seafood, which could disrupt the traditional fish and seafood market in the future.

Local special circumstances: In Iceland, the Fish & Seafood Market is heavily influenced by the country's unique geographical location. Surrounded by the North Atlantic Ocean, the market benefits from the abundance of fresh and high-quality seafood. Additionally, Iceland's strict regulations on sustainable fishing practices ensure the market's sustainability and reputation for quality. The country's strong fishing culture and traditions also play a significant role in shaping consumer preferences and market trends. These factors make Iceland's Fish & Seafood Market stand out from others in The Food market, attracting both domestic and international demand for its premium seafood products.

Underlying macroeconomic factors: The Fish & Seafood Market in Iceland is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The country's strong economic growth and stable fiscal policies have contributed to a thriving seafood industry, with abundant resources and modern fishing techniques. Additionally, Iceland's strategic location has allowed for efficient trade and export of seafood products to other countries. However, fluctuations in global demand and economic downturns can also impact the market, highlighting the interconnectedness of the global economy and its influence on the Fish & Seafood 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.