Key Market Indicators
Iceland's pet food sales are projected to decline to approximately €2.9 million by 2028, down from around €3.1 million in 2023. This represents an average annual decrease of 0.7%. Since 2019, the Icelandic market has experienced a yearly contraction of 3%. In 2023, Iceland ranked 23rd in pet food sales, with Slovenia surpassing it at €3.1 million. France, the United Kingdom, and Spain held the second, third, and fourth positions, respectively. On the export front, Iceland's pet food shipments are expected to grow to about 1.64 million kilograms by 2028, up from roughly 1.34 million kilograms in 2023. This indicates an average annual growth rate of 3.2%. Since 1997, Icelandic pet food exports have surged by an average of 6.3% per year. In the 2023 rankings, Iceland stood at 52nd, with Israel ahead at 1.34 million kilograms. France, the United States, and Poland occupied the second, third, and fourth spots, respectively. In terms of imports, Iceland's pet food demand is forecasted to reach nearly 2.88 million kilograms by 2028, growing from approximately 2.70 million kilograms in 2023. This marks an average annual increase of 1%. Since 1993, Icelandic pet food imports have risen by 1.7% each year.
