Market research

Beef, sheep or goat fat market in Faroe Islands

Release date: Mar 28, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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File format: docx, xlsx

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Earlier Report Observations

The market volume for beef, sheep, and goat fat in the Faroe Islands increased from 31.3 tonnes in 2018 to 34.4 tonnes in 2020. Throughout this period, traditional consumption patterns, where animal fats remain essential in local cuisine due to the cultural significance of sheep farming and persistent food habits, provided a stable foundation for the market.

After stabilizing at 34.7 tonnes in 2021, the market expanded to 38.4 tonnes in 2022. However, it declined to 35.8 tonnes in 2023, a drop linked to supply chain disruptions and food security challenges stemming from the COVID-19 pandemic, which affected production and distribution.

In 2024, a major labor strike in May led to rationing and highlighted vulnerabilities in the islands' food supply chains, potentially impacting the availability of locally produced animal fats.

Table of content

1. Disclaimer
2. Terms of use of the report
3. Product codes in the statistical classifications used in the report
4. Key Market Indicators and Trends
1. 4.1. Key Market Indicators
  1. 4.1.1. In kind
    1. 4.1.1.1. Production, 2018-2023
    2. 4.1.1.2. Imports, 2018-2024
    3. 4.1.1.3. Exports, 2018-2024
    4. 4.1.1.4. Market size, 2018-2023
2. 4.2. Market Trends and Factors
5. Production
1. 5.1. Production in Faroe Islands
  1. 5.1.1. Annual dynamics of production in Faroe Islands in kind, 2018-2023, kg
  2. 5.1.2. Annual dynamics of production in Faroe Islands in value, 2018-2023, $ US
2. 5.2. Global production by Country, 2018-2023
  1. 5.2.1. Annual dynamics of production by macroregions in kind, 2018-2023, kg
  2. 5.2.2. Dynamics of production structure by macroregions in kind, 2018-2023
  3. 5.2.3. Annual dynamics of production by country in kind, 2018-2023, kg
  4. 5.2.4. Structure of production by countries in kind, 2018-2023
  5. 5.2.5. Dynamics of peoduction structure by countries in kind, 2018-2023
6. Imports
1. 6.1. Imports (Direct Data*)
  1. 6.1.1. Imports - Total information
  2. 6.1.2. Imports in kind, kg
    1. 6.1.2.1. Annual dynamics of product's imports to Faroe Islands in kind, 2018-2024, kg
    2. 6.1.2.2. Dynamics of product's imports in kind to Faroe Islands by countries, 2018-2024, kg
    3. 6.1.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 6.1.3. Imports in value, $ US
    1. 6.1.3.1. Annual dynamics of product's imports to Faroe Islands in value, 2018-2024, $ US
    2. 6.1.3.2. Dynamics of product's imports in value to Faroe Islands by countries, 2018-2024, $ US
    3. 6.1.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 6.1.4. Average price of product's imports, $ US/t
    1. 6.1.4.1. Annual dynamics of average price of product's imports to Faroe Islands, 2018-2024, $ US/t
    2. 6.1.4.2. Dynamics of average price of product's imports to Faroe Islands by countries, 2018-2024, $ US/t
2. 6.2. Imports (Mirror Data)
  1. 6.2.1. Imports - Total information
  2. 6.2.2. Imports in kind, kg
    1. 6.2.2.1. Annual dynamics of product's imports to Faroe Islands in kind, 2018-2024, kg
    2. 6.2.2.2. Dynamics of product's imports in kind to Faroe Islands by countries, 2018-2024, kg
    3. 6.2.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 6.2.3. Imports in value, $ US
    1. 6.2.3.1. Annual dynamics of product's imports to Faroe Islands in value, 2018-2024, $ US
    2. 6.2.3.2. Dynamics of product's imports in value to Faroe Islands by countries, 2018-2024, $ US
    3. 6.2.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 6.2.4. Average price of product's imports, $ US/t
    1. 6.2.4.1. Annual dynamics of average price of product's imports to Faroe Islands, 2018-2024, $ US/t
    2. 6.2.4.2. Dynamics of average price of product's imports to Faroe Islands by countries, 2018-2024, $ US/t
7. Trade balance
1. 7.1. Trade balance (Direct Data)
  1. 7.1.1. In kind, kg
  2. 7.1.2. In value, $ US
2. 7.2. Trade balance (Mirror Data)
  1. 7.2.1. In kind, kg
  2. 7.2.2. In value, $ US
8. Top buying and selling countries, 2018-2024
1. 8.1. Direct Data
  1. 8.1.1. Import in Value by Countries-buyers
  2. 8.1.2. Export in Value by Countries-suppliers
2. 8.2. Mirror Data
  1. 8.2.1. Import in Value by Countries-buyers
  2. 8.2.2. Export in Value by Countries-suppliers

Production beef, sheep or goat fat in Faroe Islands

In kind, 2017-2020, kg

Top producers of beef, sheep or goat fat, 2017-2020

Source: SHEV.io

World map of production of beef, sheep or goat fat, 2017-2020

Source: SHEV.io

In the Faroe Islands, production of beef, sheep, or goat fat reached 32 030 kg in 2020, marking a 3.6% increase compared to the previous year. Over the period from 2017 to 2020, production grew by 5.9%, which translates to an average annual growth rate of 1.9%. The most significant drop occurred in 2019, with a decline of 0.7%.

Annual dynamics of production in Faroe Islands in kind, 2017-2020, kg

Parameter		2018	2019	2020	CAGR
1	Change from last year	2.9%	(0.7%)	3.6%	1.9%

Source: SHEV.io

Exports beef, sheep or goat fat from Faroe Islands

According to market data, there were no exports of beef, sheep, or goat fat from the Faroe Islands between 2017 and 2020.

Imports beef, sheep or goat fat to Faroe Islands

Imports in kind, kg

The market for imports showed considerable volatility during these years. Imports hit their lowest point in 2018 at 211 kg, with the largest decline that year at 81.7%. In 2019, imports surged by 670.1%, reaching a higher level. By 2020, imports totaled {value_last_year} kg, representing a 45.4% increase from 2019. The peak-to-trough amplitude from 2018 to 2020 was 11.2 times.

Annual dynamics of product's imports to Faroe Islands in kind, 2017-2020, kg

Parameter		2018	2019	2020	CAGR
1	Change from last year	(81.7%)	670.1%	45.4%	26.9%

Source: SHEV.io

From 2017 to 2020, Iceland was the sole supplier of beef, sheep, or goat fat to the Faroe Islands, accounting for 100.0% of total imports in kind.

Structure of product's imports in kind by countries, 2017-2020

Source: SHEV.io

World map of product's imports to Faroe Islands in kind, 2017-2020

Source: SHEV.io

Imports in value, $ US

The import market in value terms exhibited volatility over the observed period. The lowest value was recorded in 2018 at 148 US dollars, with the largest decline that year at 77.7%. In 2020, imports amounted to 1 411 US dollars, showing a sharp rise of 222.5% compared to the previous year. The variation from the low in 2018 to the high in 2020 was 9.6 times.

Annual dynamics of product's imports to Faroe Islands in value, 2017-2020, $ US