Vegetables - Iceland

Iceland

Highlights

Revenue in the Vegetables market amounts to US$172.80m in 2024. The market is expected to grow annually by 3.67% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$159bn in 2024).
In relation to total population figures, per person revenues of US$457.60 are generated in 2024.
In the Vegetables market, volume is expected to amount to 69.77m kg by 2029. The Vegetables market is expected to show a volume growth of 1.3% in 2025.0.
The average volume per person in the Vegetables market is expected to amount to 175.8kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Vegetables Market in Iceland is experiencing stagnant growth, influenced by limited local production, high import reliance, and consumer preference for convenience. Economic factors and seasonal availability also play a role in shaping market dynamics, leading to minimal expansion.

Customer preferences: Consumers in Iceland are increasingly prioritizing fresh, locally-sourced vegetables, reflecting a growing awareness of sustainability and health. This shift is fueled by a younger demographic that values organic and seasonal produce, often seeking out farmers' markets and community-supported agriculture initiatives. Additionally, the rise of plant-based diets is influencing purchasing decisions, with more individuals opting for vegetables as primary ingredients. These trends highlight a cultural movement towards healthier lifestyles and environmental responsibility, reshaping the dynamics of the vegetables market.

Trends in the market: In Iceland, the vegetables market is experiencing a significant shift towards organic and locally-sourced produce, driven by increasing consumer awareness of health and sustainability. Farmers' markets are becoming popular hubs for fresh vegetables, as younger consumers prioritize seasonal offerings. The rise of plant-based diets is further shaping purchasing habits, with many opting for vegetables as staple ingredients. This trend not only reflects a cultural commitment to healthier living but also encourages local agriculture, impacting supply chains and prompting industry stakeholders to adapt to evolving consumer preferences.

Local special circumstances: In Iceland, the vegetables market is uniquely influenced by its harsh climate and volcanic soil, which limits crop diversity but fosters a strong focus on greenhouses and innovative farming techniques. The cultural emphasis on sustainability and traditional food practices drives consumers towards locally-sourced produce, enhancing community ties. Regulatory support for organic farming further bolsters this trend, as the government promotes eco-friendly agricultural practices. This combination of environmental adaptation, cultural values, and supportive policies shapes a distinctive market dynamic, prioritizing freshness and sustainability in vegetable consumption.

Underlying macroeconomic factors: The vegetables market in Iceland is significantly shaped by overarching macroeconomic factors such as national economic health, global trade dynamics, and local agricultural policies. The country's stable economy, characterized by low unemployment and manageable inflation, supports consumer spending on fresh produce. Additionally, global trends towards sustainability and organic farming resonate with Icelandic values, fostering demand for locally-sourced vegetables. Fiscal policies encouraging agricultural innovation and investment in greenhouse technologies further enhance market resilience. As international supply chains evolve, Iceland's focus on self-sufficiency and eco-friendly practices positions its vegetable market for sustainable growth amidst changing global economic conditions.

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.