Key Market Indicators
Iceland's food expenditures are projected to climb to approximately €1.5 billion by 2028, up from €1.4 billion in 2023. This marks an annual growth rate of 1.1%. Since the turn of the millennium, demand in Iceland has seen an average yearly increase of 2.8%. In contrast, food sales in the country are expected to decline significantly. By 2028, food sales are anticipated to reach around €600 million, down from €1.7 billion in 2023. This represents an average annual decrease of 16.8%. Since 2019, the Icelandic market has experienced an average yearly downturn of 10.4%.
