Market research

Maize flour and cereals 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 maize flour and cereals market in Iceland experienced moderate growth from 12 893 t in 2018 to 13 111 t in 2020. This expansion coincided with a shift in consumer behavior toward increased online food shopping, driven by inflation and the rollout of new delivery apps, which likely improved product accessibility and supported consumption volumes.

A sharp contraction followed, with market volume dropping to 11 271 t in 2021 and falling further to 10 301 t in 2022, marking a period of significantly reduced demand.

The market rebounded in 2023, reaching 12 599 t and recovering close to its pre‑decline level.

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/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, 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/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, 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/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, 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/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, 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 maize flour and cereals in Iceland

In kind, 2018-2021, t

Top producers of maize flour and cereals, 2018-2021

Source: SHEV.io

World map of production of maize flour and cereals, 2018-2021

Source: SHEV.io

In 2021, Iceland produced 10 838 tonnes of maize flour and cereals, marking a significant 13.7% decrease compared to 2020. Production peaked in 2020 at 12 563 tonnes, which represented a 1.9% increase from the previous year. Over the 2018-2021 period, overall production declined by 12.8%, with a compound annual growth rate of 4.5%.

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

Parameter		2019	2020	2021	CAGR
1	Change from last year	(0.8%)	1.9%	(13.7%)	(4.5%)

Source: SHEV.io

Exports maize flour and cereals from Iceland

Exports in kind, t

Export volumes of maize flour and cereals from Iceland showed irregular changes, reflecting a volatile market environment. In 2021, exports totaled 15.2 tonnes, down 21.6% year-on-year. The highest export level was recorded in 2020 at 19.4 tonnes. Between 2018 and 2020, export levels fluctuated by a factor of 8.2, with the largest increase occurring in 2019 at 362.9%.

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

Parameter		2019	2020	2021	CAGR
1	Change from last year	362.9%	77.4%	(21.6%)	86.0%

Source: SHEV.io

From 2018 to 2021, virtually all exports of maize flour and cereals from Iceland were directed to the Faroe Islands, which accounted for 99.2% of total export flows.

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

Cross-border shipments of maize flour and cereals from Iceland increased for the third consecutive year in 2021, reaching 13.2 thousand US dollars, up 11.9% compared to 2020. Over the 2018-2021 period, exports grew by 539.1%, with a compound annual growth rate of 85.6%.

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

Parameter		2019	2020	2021	CAGR
1	Change from last year	191.3%	96.1%	11.9%	85.6%

Source: SHEV.io

Throughout 2018-2021, the Faroe Islands dominated Iceland's exports of maize flour and cereals in value terms, consistently representing 97.0% of total export flows.

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 maize flour and cereals to Iceland

Imports in kind, t

Import volumes of maize flour and cereals to Iceland declined for the second consecutive year in 2021, amounting to 448.3 tonnes, a 20.9% decrease from the previous year. Imports peaked in 2019 at 659.3 tonnes, which was a 40.5% increase from 2018. Over the 2018-2021 period, imports decreased by 4.5%, with a compound annual growth rate of 1.5%.

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

Parameter		2019	2020	2021	CAGR
1	Change from last year	40.5%	(14.0%)	(20.9%)	(1.5%)

Source: SHEV.io

Between 2018 and 2021, three principal markets—Denmark, Germany, and the United Kingdom—together accounted for 87.0% of total imports of maize flour and cereals to Iceland.

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

After two years of growth, Iceland's imports of maize flour and cereals in value terms declined in 2021, standing at 439.2 thousand US dollars, down 8.3% from the previous year. The maximum value was recorded in 2020 at 478.9 thousand US dollars, following a 12.1% increase in 2019. Over the 2018-2021 period, imports increased by 5.4%, with a compound annual growth rate of 1.8%.

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

Parameter		2019	2020	2021	CAGR
1	Change from last year	12.1%	2.6%	(8.3%)	1.8%

Source: SHEV.io

From 2018 to 2021, Denmark (38.7% of imports in value terms), Germany (26.7%), and the United Kingdom (9.2%) were the largest contributors to Iceland's imports of maize flour and cereals, jointly accounting for 74.6% 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