Key Market Indicators
Icelander Spirits Sales are projected to reach €8 million by 2028, up from €7.5 million in 2023, marking a 1.5% annual growth rate. Since 2019, the Icelandic market has seen a 7% year-on-year increase. In 2023, Iceland ranked 22nd, with Cyprus slightly ahead at €7.5 million. Leading the rankings were France, Poland, and Italy in second, third, and fourth places, respectively. Meanwhile, Icelander Spirits Production is expected to grow to €7 million by 2028 from €6.3 million in 2023, at an average annual rate of 1.2%. Since 2019, Iceland's supply has surged by nearly 16% annually. In 2023, Iceland also ranked 22nd, with Bosnia and Herzegovina just ahead at €6.3 million. France, Italy, and Poland took the second, third, and fourth spots in the production rankings. These statistics underscore a steady growth trajectory for Iceland's spirits market, both in sales and production, positioning the nation as a notable player in the global spirits industry.
