Market Insights Consumer Food Fruits & Nuts

Nuts - Iceland

Iceland

Revenue in the Nuts market amounts to US$10.20m in 2024. The market is expected to grow annually by 3.37% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$10,540m in 2024).
In relation to total population figures, per person revenues of US$25.92 are generated in 2024.
In the Nuts market, volume is expected to amount to 0.83m kg by 2029. The Nuts market is expected to show a volume growth of 2.6% in 2025.
The average volume per person in the Nuts market is expected to amount to 1.9kg in 2024.

Key regions: India, Canada, Spain, Philippines, United Kingdom

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Analyst Opinion

The Nuts Market within the Fruits & Nuts Market in Iceland has seen minimal growth due to factors such as low consumer awareness and limited availability of online services. This trend is impacting the market's growth rate, which remains stagnant.

Customer preferences: As health and wellness continue to be a top priority for consumers, there has been a rise in demand for organic and sustainably sourced nuts in Iceland. This trend is driven by a growing awareness of the environmental impact of food production and a desire for healthier, more natural options. Additionally, there is a growing preference for pre-packaged and portion-controlled nuts, catering to the busy lifestyles of Icelanders. This shift towards sustainable and convenient options reflects the changing values and priorities of Icelandic consumers.

Trends in the market: In Iceland, the Nuts Market of the Fruits & Nuts Market within The Food market is seeing a shift towards more sustainable and organic nut options. This trend is driven by increasing awareness of the health and environmental benefits of organic products. As a result, there has been a rise in demand for organic nuts, leading to the introduction of new product lines by major players in the market. This trend is expected to continue in the future, with potential implications for industry stakeholders such as increased competition and the need for sustainable sourcing methods.

Local special circumstances: In Iceland, the Nuts Market of the Fruits & Nuts Market within The Food market is heavily influenced by the country's unique geography. Due to the harsh climate, nuts are not traditionally grown in Iceland, making them a premium and sought-after product. This has led to a market dominated by imported nuts, particularly from neighboring countries in Europe. Additionally, Iceland's strict regulations on food imports have resulted in a limited selection of nuts available in the market, creating a high demand for imported varieties. These factors contribute to the high prices of nuts in Iceland, making it a niche market for premium nut products.

Underlying macroeconomic factors: The Nuts Market of the Fruits & Nuts Market within The Food market is influenced by various macroeconomic factors in Iceland. The country's stable economic health and favorable fiscal policies have created a conducive environment for market growth. Additionally, Iceland's focus on sustainable and organic food production has led to an increase in demand for healthy and natural products, including nuts. The country's growing tourism industry has also contributed to the market's growth, as tourists seek out local and unique food experiences. Furthermore, the increasing awareness of the health benefits of nuts and the rising trend of plant-based diets are driving the demand for nuts in Iceland.

Methodology

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.