Processed & Frozen Vegetables - Iceland

Iceland

Highlights

Revenue in the Processed & Frozen Vegetables market amounts to US$26.84m in 2024. The market is expected to grow annually by 3.21% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$58bn in 2024).
In relation to total population figures, per person revenues of US$71.06 are generated in 2024.
In the Processed & Frozen Vegetables market, volume is expected to amount to 5.92m kg by 2029. The Processed & Frozen Vegetables market is expected to show a volume growth of 0.5% in 2025.0.
The average volume per person in the Processed & Frozen Vegetables market is expected to amount to 15.2kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Processed & Frozen Vegetables Market in Iceland has seen minimal growth due to factors such as limited demand and high production costs. Despite increasing health consciousness, consumers prefer fresh produce over frozen options, impacting the market's growth rate.

Customer preferences: As health consciousness grows in Iceland, consumers are gravitating towards frozen and processed vegetables as a convenient and healthy option. This trend is further accelerated by the rising number of individuals with busy lifestyles, who are seeking quick and easy meal solutions. Additionally, there is a growing demand for products that cater to specific dietary needs, such as gluten-free or vegan options, reflecting a shift towards more mindful and personalized eating habits.

Trends in the market: In Iceland, the Processed & Frozen Vegetables Market within the Vegetables Market of The Food market is experiencing a surge in demand for organic and locally sourced products. This trend is driven by consumer preferences for healthier and more sustainable food options. Additionally, there is a growing demand for convenient and ready-to-eat frozen vegetable products, as consumers lead increasingly busy lifestyles. These trends have significant implications for industry stakeholders, as they must adapt their production and distribution strategies to cater to these changing consumer preferences. This could also create opportunities for new players to enter the market with innovative and sustainable offerings.

Local special circumstances: In Iceland, the Processed & Frozen Vegetables Market of the Vegetables Market within The Food market is heavily influenced by the country's unique geographical and cultural factors. With limited agricultural land, Iceland relies heavily on imports for its vegetables, leading to a high demand for frozen and processed options. Additionally, the country's preference for convenience and healthy eating has driven the growth of this market. Strict regulations on food safety and labeling also play a significant role in shaping the market dynamics.

Underlying macroeconomic factors: The Processed & Frozen Vegetables Market of the Vegetables Market within The Food market is strongly influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. Countries with stable economies and favorable fiscal policies are likely to experience higher market growth. Additionally, investments in infrastructure and technological advancements in the food industry can also drive market growth. Factors such as changing consumer preferences towards healthy and convenient food options, as well as increasing demand for processed and frozen vegetables in the foodservice industry, are also contributing to the growth of this market. However, challenges such as fluctuating raw material prices and trade barriers can hinder market growth.

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.