Iceland Food Industry Outlook 2022 - 2026

Key Market Indicators

Icelanders are expected to spend €1.36 billion on food by 2026, up 1.8% from €1.18 billion in 2021. Since 2000, demand has increased by an average of 0.9% each year. Iceland was the 33rd biggest food spender in 2021, with Luxembourg overtaking it at €1.18 billion. France, Italy and the UK took the top three spots, respectively. Icelandic food production is expected to reach $300.51 million by 2026, up 1.1% from $281.29 million in 2021. Since 1966, supply has increased by an average of 1.5% each year. Iceland was the 132nd biggest food producer in 2021, with Luxembourg ahead at $281.29 million. India, the US and Brazil took the top three spots, respectively. In 2018, Icelanders spent €2.71 billion on food, up from €2.64 billion in 2017. The country was the 26th biggest food spender that year, with Slovakia overtaking it at €2.71 billion. France, Italy and Spain were the top three, respectively.

Iceland Food Market Data and Forecasts

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