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  4. Spreads & Sweeteners

Sweeteners - Iceland

Iceland
  • Revenue in the Sweeteners market amounts to US$8.75m in 2024. The market is expected to grow annually by 3.88% (CAGR 2024-2029).
  • In global comparison, most revenue is generated China (US$125bn in 2024).
  • In relation to total population figures, per person revenues of US$23.17 are generated in 2024.
  • In the Sweeteners market, volume is expected to amount to 3.34m kg by 2029. The Sweeteners market is expected to show a volume growth of 1.1% in 2025.0.
  • The average volume per person in the Sweeteners market is expected to amount to 8.3kg in 2024.

Definition:

The Sweeteners market covers natural and synthetic ingredients added to food to give it a sweet flavor. Examples of natural sweeteners include sugar or honey while synthetic sweeteners include aspartame or sucralose.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

For more information on the displayed data, click the info button on the right side of each box.

In-Scope

  • Sugar
  • Honey
  • Artificial sweeteners

Out-Of-Scope

  • Syrups
  • Out-of-home consumption

Revenue

Notes: Data was converted from local currencies using average exchange rates of the respective year.

Most recent update: Sep 2024

Source: Statista Market Insights

Most recent update: Sep 2024

Source: Statista Market Insights

Volume

Most recent update: Sep 2024

Source: Statista Market Insights

Most recent update: Sep 2024

Source: Statista Market Insights

Price

Most recent update: Sep 2024

Source: Statista Market Insights

Sales Channels

Most recent update: Nov 2024

Source: Statista Market Insights

Global Comparison

Most recent update: Sep 2024

Source: Statista Market Insights

Analyst Opinion

The Sweeteners Market in Iceland is seeing minimal growth due to factors such as the increasing health consciousness among consumers, adoption of digital technologies, and convenience of online health services. The sub-markets of Honey, Sugar, and Artificial Sweeteners all play a role in shaping the overall market's growth rate.

Customer preferences:
Consumers in Iceland are showing a growing preference for natural and organic sweeteners, driven by a strong focus on health and wellness. This trend is particularly evident in younger demographics, who are becoming more conscious of the negative effects of consuming artificial sweeteners. As a result, there has been a rise in demand for alternatives like honey, maple syrup, and stevia. This shift towards healthier and more natural options is also fueled by a cultural emphasis on sustainability and environmental awareness.

Trends in the market:
In Iceland, there is a growing trend towards healthier and more natural sweeteners, such as stevia and monk fruit, as consumers become more health-conscious. There is also a rise in demand for low-calorie and sugar-free spreads, driven by the increasing prevalence of diabetes and obesity. This trend towards healthier alternatives is expected to continue, with consumers seeking out cleaner and more sustainable options. As a result, industry stakeholders may need to adapt their product offerings and marketing strategies to cater to this demand. Additionally, there may be an opportunity for collaboration with local producers of natural sweeteners to meet consumer preferences.

Local special circumstances:
In Iceland, the Sweeteners Market of the Spreads & Sweeteners Market within The Food market is heavily influenced by the country's strong focus on health and wellness. This has led to a demand for natural, low-calorie sweeteners, such as stevia and monk fruit, which are seen as healthier alternatives to traditional sugar. Additionally, the country's small population and isolated location have resulted in a limited supply of imported sweeteners, driving up prices and creating a niche market for locally produced sweeteners made from native Icelandic ingredients. These unique factors contribute to the dynamic and evolving nature of the Sweeteners Market in Iceland.

Underlying macroeconomic factors:
The Sweeteners Market of the Spreads & Sweeteners Market within The Food market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. For example, countries with stable and growing economies are likely to have higher demand for sweeteners as consumers have more disposable income to spend on food products. Additionally, favorable fiscal policies, such as tax incentives for food manufacturers, can also impact the growth of the sweeteners market. On the other hand, economic downturns or recessions can lead to a decrease in demand for sweeteners as consumers cut back on non-essential expenses. Furthermore, fluctuations in currency exchange rates can also affect the price of sweeteners and ultimately impact market performance.

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.

Key Market Indicators

Notes: Based on data from IMF, World Bank, UN and Eurostat

Most recent update: Sep 2024

Source: Statista Market Insights

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