Iceland

Iceland is an island country located in the Atlantic Ocean, near the Arctic Circle. In 2017, imports of agricultural and food products totaled $666 million or almost ten percent of Iceland’s total import value. In 2017, imports from the United States totaled over $44 million. Iceland presents a small but good market for high-value products and offers export potential in particular for breakfast cereals, sauces and condiments, wine, fresh produce, cider, craft beer, products with a special certification and healthy food snacks from the United States.

The booming tourism industry has been noticed by U.S investors, with Boston-based Carpenter & Company announcing that it will manage the construction of the first 5-star hotel in Reykjavik. U.S. retail chain Costco entered the market last year, and will also benefit from the two million plus tourists that visit Iceland every year. The economic environment of Iceland has been characterized by low inflation and a healthy economic growth rate.

If you are a U.S. company looking to export to Iceland and are looking for a list of Icelandic buyers, wholesalers, distributors or retailers, please contact: AgTheHague@fas.usda.gov

U.S. Embassy, The Hague

Covers the Netherlands and Nordic countries - Denmark, Finland, Iceland, Norway and Sweden.

31-70-310-2299

Upcoming Events

Reykjavik U.S. Food Promotion
April 01, 2020 - April 03, 2020
Seafood Expo Global 2020
April 21, 2020 - April 23, 2020 – Bruxelles
PLMA
May 26, 2020 - May 27, 2020 – Amsterdam
Free From Food Expo
June 24, 2020 - June 25, 2020 – Amsterdam
SIAL 2020
October 18, 2020 - October 22, 2020 – Paris

Past Events

BIOFACH 2020
February 12, 2020 - February 15, 2020 – Nuremberg
Fruit Logistica 2020
February 05, 2020 - February 07, 2020 – Berlin
Soy Regional Trade Exchange
December 03, 2019 - December 05, 2019 – Frankfurt am Main
U.S. Exhibitors Celebrated 100 Years of ANUGA
October 05, 2019 - October 09, 2019 – Cologne

Reports for Iceland

Best Products Prospects for Iceland

Product U.S. Imports, 2017 U.S. Market Share Key Constraints on Market Development Market Attractiveness for USA
Cereal Products/Prepared Foods $3,368,066 8% The United Kingdom is the main competitor. There is more demand for organic cereals with less sugar. General Mills has been in the market for over 30 years. There is trust in General Mills products, along with an appetite for healthy cereal options. However, it takes time to gain buy-in from Icelandic consumers.
Mixed Condiments/Sauces $3,368,076 6% The main competitor for these products is Sweden. However, they export about 50 percent less than the United States. There are limited supplies of condiments from countries other than the United States. Condiments and sauces are prominently displayed in supermarkets near fresh meat products and in the aisles. Non-American sauces tend to be marketed as "American-like."
Wines $876,550 2% Consumers have a preference for Italian and French wines. These are viewed as high-quality. Although they are expensive in Iceland, there is growing demand for wine. There has been increasing interest in high-value sweet reds and rosé wines in Iceland. There is also high interest in bagged/boxed wine due to its longevity and for economic reasons.
Fresh Grapes $2,475,739 50% The United States has about 50 percent of the market share in Iceland. Main competitors are South Africa and Chile. Buyers in Iceland depend on foreign suppliers for fresh produce. Many fresh produce products from the United States are flown in. This continues to be a good market for this product.