Juices - Iceland

The Juices market in Iceland has been experiencing significant growth in recent years. Customer preferences have shifted towards healthier beverage options, leading to an increased demand for juices. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market. Customer preferences in Iceland have been influenced by global health trends. Consumers are becoming more conscious of their diet and are actively seeking out healthier alternatives to sugary drinks. As a result, there has been a growing demand for juices that are made from natural ingredients and do not contain added sugars or artificial additives. This shift in consumer preferences has led to an increase in the consumption of juices in Iceland. In addition to health concerns, customer preferences in Iceland are also influenced by convenience. Busy lifestyles and a desire for on-the-go options have contributed to the popularity of packaged juices. Consumers are looking for convenient and portable beverage options that can be easily consumed while on the move. This has led to an increase in the sales of packaged juices in Iceland. The market for juices in Iceland is also influenced by local special circumstances. Iceland is known for its clean and pure environment, which has led to a focus on organic and locally sourced products. Consumers in Iceland are willing to pay a premium for juices that are made from locally grown fruits and vegetables. This has created opportunities for local juice producers to cater to the demand for organic and locally sourced juices. Underlying macroeconomic factors have also played a role in the development of the Juices market in Iceland. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income. As a result, consumers have more purchasing power and are willing to spend more on premium and healthier beverage options, including juices. Furthermore, Iceland has a thriving tourism industry, with a large number of tourists visiting the country each year. Tourists are often looking to experience local flavors and products, including juices. This has created a market for juices that are unique to Iceland and cater to the preferences of tourists. In conclusion, the Juices market in Iceland is developing due to a shift in customer preferences towards healthier beverage options, influenced by global health trends. Local special circumstances, such as the focus on organic and locally sourced products, have also contributed to the growth of the market. Additionally, underlying macroeconomic factors, including steady economic growth and a thriving tourism industry, have created opportunities for the development of the Juices market in Iceland.

Data coverage:

The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

Modeling approach:

Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on Non-Alcoholic Drinks, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Non-Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.