Market research

Cocoa powder and cake market in Iceland

Release date: Mar 30, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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Earlier Report Observations

The market for cocoa powder and cake in Iceland showed notable volatility between 2018 and 2023. After a slight decline to 291.1 tons in 2019, consumption recovered to 326.2 tons in 2020.

Market volume surged to a peak of 402.7 tons in 2021. This expansion occurred alongside a reported increase in the variety of both domestic and imported food products available in Iceland, which broadened consumer choice and likely supported higher overall demand for cocoa-based ingredients. A sharp reversal followed, with the market contracting to 292.0 tons in 2022 and falling further to 257.1 tons in 2023.

By 2025, the market was affected by extreme global price increases for cocoa beans. These worldwide raw material cost shocks directly translated into higher prices for chocolate and cocoa products in Iceland, altering consumer affordability and market conditions.

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, 2018-2025
    3. 4.1.1.3. Exports, 2018-2025
    4. 4.1.1.4. Market size, 2018-2023
2. 4.2. Market Trends and Factors
5. Production
1. 5.1. Production in Iceland
  1. 5.1.1. Annual dynamics of production in Iceland in kind, 2018-2023, t
  2. 5.1.2. Annual dynamics of production in Iceland 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, t
  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, t
  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, t
    1. 6.1.2.1. Annual dynamics of product's imports to Iceland in kind, 2018-2025, t
    2. 6.1.2.2. Dynamics of product's imports in kind to Iceland by countries, 2018-2025, t
    3. 6.1.2.3. Structure of product's imports in kind by countries, 2018-2025
  3. 6.1.3. Imports in value, K $ US
    1. 6.1.3.1. Annual dynamics of product's imports to Iceland in value, 2018-2025, K $ US
    2. 6.1.3.2. Dynamics of product's imports in value to Iceland by countries, 2018-2025, K $ US
    3. 6.1.3.3. Structure of product's imports in value by countries, 2018-2025
  4. 6.1.4. Average price of product's imports, $ US/kg
    1. 6.1.4.1. Annual dynamics of average price of product's imports to Iceland, 2018-2025, $ US/kg
    2. 6.1.4.2. Dynamics of average price of product's imports to Iceland by countries, 2018-2025, $ US/kg
2. 6.2. Imports (Mirror Data)
  1. 6.2.1. Imports - Total information
  2. 6.2.2. Imports in kind, t
    1. 6.2.2.1. Annual dynamics of product's imports to Iceland in kind, 2018-2025, t
    2. 6.2.2.2. Dynamics of product's imports in kind to Iceland by countries, 2018-2025, t
    3. 6.2.2.3. Structure of product's imports in kind by countries, 2018-2025
  3. 6.2.3. Imports in value, K $ US
    1. 6.2.3.1. Annual dynamics of product's imports to Iceland in value, 2018-2025, K $ US
    2. 6.2.3.2. Dynamics of product's imports in value to Iceland by countries, 2018-2025, K $ US
    3. 6.2.3.3. Structure of product's imports in value by countries, 2018-2025
  4. 6.2.4. Average price of product's imports, $ US/kg
    1. 6.2.4.1. Annual dynamics of average price of product's imports to Iceland, 2018-2025, $ US/kg
    2. 6.2.4.2. Dynamics of average price of product's imports to Iceland by countries, 2018-2025, $ US/kg
7. Exports
1. 7.1. Exports (Direct Data)
  1. 7.1.1. Exports - Total information
  2. 7.1.2. Exports in kind, t
    1. 7.1.2.1. Annual dynamics of product's exports from Iceland in kind, 2018-2025, t
    2. 7.1.2.2. Dynamics of product's exports in kind from Iceland by countries, 2018-2025, t
    3. 7.1.2.3. Structure of product's exports in kind by countries, 2018-2025
  3. 7.1.3. Exports in value, K $ US
    1. 7.1.3.1. Annual dynamics of product's exports from Iceland in value, 2018-2025, K $ US
    2. 7.1.3.2. Dynamics of product's exports in value from Iceland by countries, 2018-2025, K $ US
    3. 7.1.3.3. Structure of product's exports in value by countries, 2018-2025
  4. 7.1.4. Average price of product's exports, $ US/kg
    1. 7.1.4.1. Annual dynamics of average price of product's exports from Iceland, 2018-2025, $ US/kg
    2. 7.1.4.2. Dynamics of average price of product's exports from Iceland by countries, 2018-2025, $ US/kg
2. 7.2. Exports (Mirror Data)
  1. 7.2.1. Exports - Total information
  2. 7.2.2. Exports in kind, t
    1. 7.2.2.1. Annual dynamics of product's exports from Iceland in kind, 2018-2025, t
    2. 7.2.2.2. Dynamics of product's exports in kind from Iceland by countries, 2018-2025, t
    3. 7.2.2.3. Structure of product's exports in kind by countries, 2018-2025
  3. 7.2.3. Exports in value, K $ US
    1. 7.2.3.1. Annual dynamics of product's exports from Iceland in value, 2018-2025, K $ US
    2. 7.2.3.2. Dynamics of product's exports in value from Iceland by countries, 2018-2025, K $ US
    3. 7.2.3.3. Structure of product's exports in value by countries, 2018-2025
  4. 7.2.4. Average price of product's exports, $ US/kg
    1. 7.2.4.1. Annual dynamics of average price of product's exports from Iceland, 2018-2025, $ US/kg
    2. 7.2.4.2. Dynamics of average price of product's exports from Iceland by countries, 2018-2025, $ US/kg
8. Trade balance
1. 8.1. Trade balance (Direct Data)
  1. 8.1.1. In kind, t
  2. 8.1.2. In value, K $ US
2. 8.2. Trade balance (Mirror Data)
  1. 8.2.1. In kind, t
  2. 8.2.2. In value, K $ US
9. Top buying and selling countries, 2018-2025
1. 9.1. Direct Data
  1. 9.1.1. Import in Value by Countries-buyers
  2. 9.1.2. Export in Value by Countries-suppliers
2. 9.2. Mirror Data
  1. 9.2.1. Import in Value by Countries-buyers
  2. 9.2.2. Export in Value by Countries-suppliers

Production cocoa powder and cake in Iceland

In kind, 2018-2021, t

Top producers of cocoa powder and cake, 2018-2021

Source: SHEV.io

World map of production of cocoa powder and cake, 2018-2021

Source: SHEV.io

In 2019, Iceland's production of cocoa powder and cake reached its lowest point at 167.6 tons. The following year, in 2020, production peaked at 201.5 tons, marking a significant 20.2% increase. However, in 2021, production declined to 186.7 tons, representing a moderate 7.3% decrease compared to 2020. The largest decline during this period occurred in 2019, when production fell by 8.4%.

Annual dynamics of production in Iceland in kind, 2018-2021, t

Parameter		2019	2020	2021	CAGR
1	Change from last year	(8.4%)	20.2%	(7.3%)	0.7%

Source: SHEV.io

Exports cocoa powder and cake from Iceland

Exports in kind, t

The export market for cocoa powder and cake from Iceland showed considerable volatility during these years. In 2020, exports dropped to their minimum level of 0.0 tons, representing an 80.4% decline. The following year, in 2021, exports reached their maximum at 0.0 tons, showing an 854.1% increase compared to 2020. Overall, there was a 9.5-fold difference between the minimum and maximum export volumes during this period.

Annual dynamics of product's exports from Iceland in kind, 2018-2021, t

Parameter		2019	2020	2021	CAGR
1	Change from last year	n/a	(80.4%)	854.1%	-

Source: SHEV.io

Between 2018 and 2021, Greenland and South Korea together accounted for 80.3% of Iceland's total cocoa powder and cake exports by volume, while the remaining exports were distributed across various other markets.

Structure of product's exports in kind by countries, 2018-2021

Source: SHEV.io

World map of product's exports from Iceland in kind, 2018-2021

Source: SHEV.io

Exports in value, K $ US

The export market in value terms displayed an unstable trend throughout this period. In 2020, export values reached their lowest point at 0.0 thousand US dollars, showing an 82.0% decline. The following year, in 2021, export values rose to 0.0 thousand US dollars, representing a 167.8% increase compared to 2020. The peak value occurred in 2019, with a 5.6-fold difference between the highest and lowest points during this timeframe.

Annual dynamics of product's exports from Iceland in value, 2018-2021, K $ US

Parameter		2019	2020	2021	CAGR
1	Change from last year	n/a	(82.0%)	167.8%	-

Source: SHEV.io

From 2018 to 2021, Greenland dominated Iceland's cocoa powder and cake exports in value terms, accounting for 76.4% of the total, while the remaining exports were spread across a diverse group of smaller countries.

Structure of product's exports in value by countries, 2018-2021

Source: SHEV.io

World map of product's exports from Iceland in value, 2018-2021

Source: SHEV.io

Imports cocoa powder and cake to Iceland

Imports in kind, t

Iceland's imports of cocoa powder and cake increased for the third consecutive year in 2021. The import volume reached 216.0 tons, representing a 73.3% increase compared to the previous year. Between 2018 and 2021, imports grew by 79.2%, equivalent to an average annual growth rate of 21.5%.

Annual dynamics of product's imports to Iceland in kind, 2018-2021, t

Parameter		2019	2020	2021	CAGR
1	Change from last year	2.5%	0.9%	73.3%	21.5%

Source: SHEV.io

During the 2018-2021 period, the Netherlands (56.8% of import volume), France (11.4%), and the United Kingdom (9.7%) remained the leading sources for Iceland's cocoa powder and cake imports, together accounting for 77.9% of total import flows.

Structure of product's imports in kind by countries, 2018-2021

Source: SHEV.io

World map of product's imports to Iceland in kind, 2018-2021

Source: SHEV.io

Imports in value, K $ US

Iceland's imports of cocoa powder and cake in value terms increased for the third consecutive year in 2021. Import values reached 617.0 thousand US dollars, showing minimal change compared to 2020. Over the 2018-2021 period, import values increased by 14.5%, with a compound annual growth rate of 4.6%.

Annual dynamics of product's imports to Iceland in value, 2018-2021, K $ US

Parameter		2019	2020	2021	CAGR
1	Change from last year	3.8%	9.8%	0.5%	4.6%

Source: SHEV.io

Throughout 2018-2021, the Netherlands (45.1% of import value), the United Kingdom (14.6%), and France (11.9%) remained the primary sources for Iceland's cocoa powder and cake imports in value terms, collectively representing 71.6% of total import flows.

Structure of product's imports in value by countries, 2018-2021

Source: SHEV.io

World map of product's imports to Iceland in value, 2018-2021

Source: SHEV.io