Key Market Indicators
Iceland's food expenditures are projected to reach €1.54 billion by 2028, up from €1.44 billion in 2023. This represents an average annual growth rate of 1.1%. Since 2000, Icelandic demand has increased by 2.8% annually. In 2023, Iceland ranked 32nd globally in food expenditures, with Cyprus just ahead at €1.44 billion. France, Italy, and the United Kingdom occupied the second, third, and fourth positions, respectively. However, Iceland's food sales are expected to decline significantly. Projections indicate that sales will drop to €598 million by 2028 from €1.73 billion in 2023, translating to an average annual decrease of 16.8%. Since 2019, the market has seen a yearly decline of 10.4%. In 2023, Iceland ranked 29th in food sales, with Latvia surpassing it at €1.73 billion. France, Italy, and Spain held the second, third, and fourth spots in this category.
