Key Market Indicators
Iceland's food expenditures are projected to climb to approximately €1.5 billion by 2028, up from around €1.4 billion in 2023. This marks an average annual growth rate of 1.1%. The country has seen a consistent increase in food demand, with an annual rise of 2.8% since 2000. In contrast, Iceland's food sales are anticipated to plummet to roughly €600 million by 2028, a significant drop from the current €1.7 billion recorded in 2023. This represents an average annual decline of 16.8%. Since 2019, the market has been shrinking at an annual rate of 10.4%.
