Spreads & Sweeteners - Iceland

Iceland

Highlights

Revenue in the Spreads & Sweeteners market amounts to US$24.72m in 2024. The market is expected to grow annually by 3.78% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$144bn in 2024).
In relation to total population figures, per person revenues of US$65.46 are generated in 2024.
In the Spreads & Sweeteners market, volume is expected to amount to 5.22m kg by 2029. The Spreads & Sweeteners market is expected to show a volume growth of 0.9% in 2025.0.
The average volume per person in the Spreads & Sweeteners market is expected to amount to 13.0kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Spreads & Sweeteners market in Iceland is currently experiencing minimal growth, influenced by factors such as the increasing demand for healthier food options, the rise of online shopping and changing consumer preferences. Despite the slow growth rate, the market continues to expand due to the convenience and variety offered by digital platforms and the growing awareness about the importance of a balanced diet.

Customer preferences: Consumers in Iceland are becoming more health-conscious and are looking for healthier options in their spreads and sweeteners. This has led to a rise in demand for all-natural and organic products, as well as alternatives to traditional sugar such as stevia and honey. This shift is driven by a growing awareness of the negative health effects of processed and artificial ingredients, and a desire for more sustainable and ethical food choices. Additionally, the trend towards plant-based diets and veganism has also influenced consumer preferences in the Spreads & Sweeteners Market.

Trends in the market: In Iceland, the Spreads & Sweeteners Market within The Food market is experiencing a shift towards healthier and more natural options. This trend is driven by consumer demand for clean label products and a growing awareness of the negative health effects of artificial sweeteners. As a result, companies are introducing new products made with natural sweeteners like stevia and honey, and are also reformulating existing products to reduce added sugars. This trend is expected to continue as consumers prioritize health and wellness, presenting opportunities for industry stakeholders to tap into this growing market.

Local special circumstances: In Iceland, the Spreads & Sweeteners market is influenced by the country's focus on sustainability and health-consciousness. The government has implemented strict regulations on food labeling and ingredients, leading to a rise in demand for natural and organic options. Additionally, Iceland's unique geography and climate limit the growth of certain crops, resulting in a reliance on imported products. This, coupled with the country's high disposable income, has created a market for premium and specialty spreads and sweeteners.

Underlying macroeconomic factors: The Spreads & Sweeteners Market within The Food market in Iceland is heavily influenced by macroeconomic factors such as consumer spending, economic stability, and government policies. The country's strong economic growth and stable political environment have led to increased consumer spending and a rise in demand for premium food products. Moreover, the government's investment in the food industry has created a favorable environment for market growth. Additionally, the rising health consciousness among consumers has led to a shift towards healthier and natural sweeteners, driving the demand for such products in the 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.