Fresh Vegetables - Iceland

Iceland

Highlights

Revenue in the Fresh Vegetables market amounts to US$146.00m in 2024. The market is expected to grow annually by 3.75% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$101bn in 2024).
In relation to total population figures, per person revenues of US$386.60 are generated in 2024.
In the Fresh Vegetables market, volume is expected to amount to 63.85m kg by 2029. The Fresh Vegetables market is expected to show a volume growth of 1.3% in 2025.0.
The average volume per person in the Fresh Vegetables market is expected to amount to 160.6kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Vegetables Market in Iceland has shown negligible growth, influenced by factors such as limited agricultural space, changing consumer preferences, and seasonal availability. Additionally, competition from imported produce impacts local sales, stalling market expansion.

Customer preferences: Consumers in Iceland are increasingly prioritizing locally sourced, organic produce, reflecting a growing awareness of sustainability and health. This shift is driven by a younger demographic that values transparency and ethical farming practices. Additionally, the trend towards plant-based diets is gaining traction, prompting more individuals to seek fresh vegetables as essential components of their meals. Online grocery shopping is also becoming more popular, offering convenience and accessibility, further influencing consumer preferences in the fresh vegetables market.

Trends in the market: In Iceland, the Fresh Vegetables Market is experiencing a significant shift towards sustainable farming practices, with an increasing number of consumers seeking locally sourced, organic vegetables. This trend is particularly pronounced among younger consumers who prioritize transparency in food sourcing and ethical production methods. Moreover, the rise of plant-based diets is influencing purchasing decisions, as fresh vegetables become staples in daily meals. The growth of online grocery shopping adds another layer of convenience, reshaping how consumers access fresh produce and prompting retailers to adapt their strategies to meet evolving preferences.

Local special circumstances: In Iceland, the Fresh Vegetables Market is shaped by its unique geographical conditions, including a challenging climate that limits traditional farming methods. However, this has spurred innovation in greenhouse farming and hydroponics, enabling year-round cultivation of organic produce. Culturally, there is a strong emphasis on sustainability and local food systems, driven by a close-knit community that values freshness and quality. Additionally, regulatory support for organic farming practices encourages environmentally friendly methods, further differentiating Iceland's market dynamics from other regions.

Underlying macroeconomic factors: The Fresh Vegetables Market in Iceland is significantly influenced by macroeconomic factors including national economic stability, global trade dynamics, and consumer spending patterns. The country’s relatively high standard of living and emphasis on health-conscious consumption drive demand for fresh, organic produce. Additionally, Iceland's reliance on imports for various food products, coupled with fluctuating global commodity prices, affects local pricing and availability of vegetables. Fiscal policies promoting agricultural innovation and sustainability further enhance market resilience, while increasing global interest in local food systems aligns with Icelanders’ values, fostering a robust domestic market for fresh vegetables.

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.