Meat Substitutes - Iceland

Iceland

Highlights

Revenue in the Meat Substitutes market amounts to US$1.36m in 2024. The market is expected to grow annually by 9.07% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$2bn in 2024).
In relation to total population figures, per person revenues of US$3.60 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 97.48k kg by 2029. The Meat Substitutes market is expected to show a volume growth of 7.1% in 2025.0.
The average volume per person in the Meat Substitutes market is expected to amount to 0.2kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Meat Substitutes Market within the Meat Market of Iceland is experiencing minimal growth, influenced by factors like increasing health awareness and the convenience of online services.

Customer preferences: As consumers become more health-conscious and environmentally aware, there has been a noticeable increase in demand for plant-based meat substitutes in Iceland's Meat Market. This trend is driven by a growing preference for sustainable and ethical food choices, as well as a rise in vegan and vegetarian diets. Additionally, the younger generation, specifically millennials and Gen Z, are leading the charge towards plant-based options, with a focus on health and wellness. This shift is also reflected in the rise of flexitarianism, where individuals are reducing their meat consumption for health and environmental reasons.

Trends in the market: In Iceland, the Meat Substitutes Market within the Meat Market is experiencing a surge in demand due to the rise in popularity of plant-based diets. This trend is expected to continue as consumers become more health-conscious and concerned about the environmental impact of traditional meat production. As a result, major players are investing in research and development to improve the taste and texture of their products. This trajectory is significant as it reflects a shift towards sustainable and ethical food choices. Industry stakeholders must adapt to this trend by diversifying their product offerings and investing in sustainable production methods to stay competitive in the market.

Local special circumstances: In Iceland, the Meat Substitutes Market is thriving due to the country's strong emphasis on sustainability and environmentalism. This has led to a high demand for plant-based protein alternatives, driven by both consumers and government initiatives. Additionally, Iceland's small population and isolated location have created a unique market for niche and specialty products, leading to a variety of innovative and locally sourced meat substitutes. This local focus on sustainability and innovation sets Iceland apart from other markets and has a significant influence on the dynamics of the Meat Substitutes Market within the larger Food Market.

Underlying macroeconomic factors: The Meat Substitutes Market of the Meat Market within The Food market is greatly impacted by macroeconomic factors such as changing consumer preferences, government support for sustainable food production, and global health concerns. Countries with a strong focus on promoting plant-based diets and reducing meat consumption, as well as those with favorable policies and investments in sustainable food production, are experiencing significant growth in the meat substitutes market. Furthermore, the increasing awareness of the detrimental environmental and health effects of traditional meat consumption is driving the demand for alternative protein sources, leading to the growth of the meat substitutes 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.