Market research

Lard and poultry fats market in Iceland

Release date: Mar 28, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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Earlier Report Observations

The Icelandic lard and poultry fats market saw significant shifts between 2018 and 2023. The volume dropped sharply in 2019 to 306 tons due to a large one-time export of 75 tons, which outweighed continued growth in imports facilitated by government-announced tariff quotas. A recovery followed in 2020 as imports rose and the COVID-19 pandemic prompted state support measures, including direct financial aid and tax deferrals, helping stabilize domestic availability despite reduced tourism affecting demand.

Market volume expanded steadily from 2021 onward, reaching 453 tons in 2023. This growth was driven by a substantial increase in domestic production, particularly in 2023, alongside consistent imports supported by ongoing electronic announcements of tariff quotas. The market operated against a backdrop of rising operational costs and inflation, with key players like Síld og fiskur ehf. and Stjörnugrís hf. remaining central to production.

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, kg
    1. 6.1.2.1. Annual dynamics of product's imports to Iceland in kind, 2018-2025, kg
    2. 6.1.2.2. Dynamics of product's imports in kind to Iceland by countries, 2018-2025, kg
    3. 6.1.2.3. Structure of product's imports in kind by countries, 2018-2025
  3. 6.1.3. Imports in value, $ US
    1. 6.1.3.1. Annual dynamics of product's imports to Iceland in value, 2018-2025, $ US
    2. 6.1.3.2. Dynamics of product's imports in value to Iceland by countries, 2018-2025, $ 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/t
    1. 6.1.4.1. Annual dynamics of average price of product's imports to Iceland, 2018-2025, $ US/t
    2. 6.1.4.2. Dynamics of average price of product's imports to Iceland by countries, 2018-2025, $ 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 Iceland in kind, 2018-2025, kg
    2. 6.2.2.2. Dynamics of product's imports in kind to Iceland by countries, 2018-2025, kg
    3. 6.2.2.3. Structure of product's imports in kind by countries, 2018-2025
  3. 6.2.3. Imports in value, $ US
    1. 6.2.3.1. Annual dynamics of product's imports to Iceland in value, 2018-2025, $ US
    2. 6.2.3.2. Dynamics of product's imports in value to Iceland by countries, 2018-2025, $ 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/t
    1. 6.2.4.1. Annual dynamics of average price of product's imports to Iceland, 2018-2025, $ US/t
    2. 6.2.4.2. Dynamics of average price of product's imports to Iceland by countries, 2018-2025, $ US/t
7. Exports
1. 7.1. Exports (Direct Data)
  1. 7.1.1. Exports - Total information
  2. 7.1.2. Exports in kind, kg
    1. 7.1.2.1. Annual dynamics of product's exports from Iceland in kind, 2018-2025, kg
    2. 7.1.2.2. Dynamics of product's exports in kind from Iceland by countries, 2018-2025, kg
    3. 7.1.2.3. Structure of product's exports in kind by countries, 2018-2025
  3. 7.1.3. Exports in value, $ US
    1. 7.1.3.1. Annual dynamics of product's exports from Iceland in value, 2018-2025, $ US
    2. 7.1.3.2. Dynamics of product's exports in value from Iceland by countries, 2018-2025, $ 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/t
    1. 7.1.4.1. Annual dynamics of average price of product's exports from Iceland, 2018-2025, $ US/t
    2. 7.1.4.2. Dynamics of average price of product's exports from Iceland by countries, 2018-2025, $ US/t
2. 7.2. Exports (Mirror Data)
  1. 7.2.1. Exports - Total information
  2. 7.2.2. Exports in kind, kg
    1. 7.2.2.1. Annual dynamics of product's exports from Iceland in kind, 2018-2025, kg
    2. 7.2.2.2. Dynamics of product's exports in kind from Iceland by countries, 2018-2025, kg
    3. 7.2.2.3. Structure of product's exports in kind by countries, 2018-2025
  3. 7.2.3. Exports in value, $ US
    1. 7.2.3.1. Annual dynamics of product's exports from Iceland in value, 2018-2025, $ US
    2. 7.2.3.2. Dynamics of product's exports in value from Iceland by countries, 2018-2025, $ 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/t
    1. 7.2.4.1. Annual dynamics of average price of product's exports from Iceland, 2018-2025, $ US/t
    2. 7.2.4.2. Dynamics of average price of product's exports from Iceland by countries, 2018-2025, $ US/t
8. Trade balance
1. 8.1. Trade balance (Direct Data)
  1. 8.1.1. In kind, kg
  2. 8.1.2. In value, $ US
2. 8.2. Trade balance (Mirror Data)
  1. 8.2.1. In kind, kg
  2. 8.2.2. In value, $ 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 lard and poultry fats in Iceland

In kind, 2018-2021, t

Top producers of lard and poultry fats, 2018-2021

Source: SHEV.io

World map of production of lard and poultry fats, 2018-2021

Source: SHEV.io

Iceland's production of lard and poultry fats declined for the second year in a row. In 2021, the country produced 365.8 tonnes, marking a slight decrease of 2.4% compared to 2020. Production peaked in 2019 at 379.3 tonnes, which also saw the largest annual increase of 4.3%.

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

Parameter		2019	2020	2021	CAGR
1	Change from last year	4.3%	(1.2%)	(2.4%)	0.2%

Source: SHEV.io

Exports lard and poultry fats from Iceland

Exports in kind, kg

In 2021, Iceland exported 21 kg of lard and poultry fats, showing minimal change from the previous year. Between 2019 and 2021, exports fell by 100%, translating to an annualized decline of 93.5%.

Annual dynamics of product's exports from Iceland in kind, 2018-2021, kg

Parameter		2019	2020	2021	CAGR
1	Change from last year	n/a	n/a	n/a	-

Source: SHEV.io

From 2018 to 2021, Iceland's exports in kind were almost entirely directed to the United Kingdom, which accounted for 100.0% of the total volume.

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, $ US

In 2021, the value of lard and poultry fats exported from Iceland was 27 US dollars, with little variation from the year before. Over the 2019-2021 period, export value dropped by 99.9%, corresponding to an annualized decrease of 88.7%.

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

Parameter		2019	2020	2021	CAGR
1	Change from last year	n/a	n/a	n/a	-

Source: SHEV.io

Throughout 2018-2021, the United Kingdom was the primary and nearly exclusive destination for Iceland's exports in value terms, holding a 99.9% share.

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 lard and poultry fats to Iceland

Imports in kind, kg

The data shows irregular fluctuations, pointing to a volatile market. Import volumes reached their lowest point in 2019 at 1 945 kg, then peaked in 2021 at 17 513 kg—a ninefold difference between these years. In 2021, imports surged by 186.0% year-over-year. The largest decline occurred in 2019 at 15.9%, while the biggest increase was in 2020 at 214.8%.

Annual dynamics of product's imports to Iceland in kind, 2018-2021, kg

Parameter		2019	2020	2021	CAGR
1	Change from last year	(15.9%)	214.8%	186.0%	96.4%

Source: SHEV.io

Between 2018 and 2021, Poland and France dominated Iceland's imports in kind, together making up 98.6% of the total. The remaining volume was spread across various other countries.

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, $ US

Market behavior was marked by volatility during these years. Import values bottomed out in 2019 at 10 585 US dollars and peaked in 2021 at 20 883 US dollars, doubling over this period. In 2021, import value rose moderately by 7.5% compared to the previous year. The sharpest decline was in 2019 at 45.1%, and the largest increase was in 2020 at 83.5%.

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

Parameter		2019	2020	2021	CAGR
1	Change from last year	(45.1%)	83.5%	7.5%	2.7%

Source: SHEV.io

From 2018 to 2021, France and Poland were the main sources for Iceland's imports in value terms, jointly accounting for 97.0% of the total. Other trading partners contributed much smaller shares individually.

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