Milk and cream market in Faroe Islands

Earlier Report Observations

Between 2018 and 2023, the Faroese milk and cream market volume first expanded, reaching a peak of over 8 000 tonnes in 2020, before entering a period of contraction that brought it down to approximately 7 150 tonnes by the end of the period. Domestic production remained relatively stable, fluctuating within a range of 7 000 to 7 800 tonnes, while imports experienced sharp swings. A surge in imports to nearly 500 tonnes in 2020 contributed significantly to the market's peak, but this was followed by a sharp drop in import volumes in subsequent years. The overall market size declined by around 400 tonnes from 2018 to 2023, with the reduction primarily occurring after 2020 as both production and import levels fell.

Production milk and cream in Faroe Islands

In kind, 2017-2020, t

Top producers of milk and cream, 2017-2020

World map of production of milk and cream, 2017-2020

In 2020, Faroe Islands produced 7 556 tons of milk and cream, marking a slight decrease of 0.7% compared to the previous year. Production reached its lowest point in 2018 at 7 392 tons, while the highest level was recorded in 2019 at 7 606 tons. The most significant decline occurred in 2018 with a drop of 2.5%, whereas the largest increase took place in 2019 with growth of 2.9%.

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

Exports milk and cream from Faroe Islands

Exports in kind, t

The market displayed considerable volatility throughout the observed period. From 2017 to 2018, exports fluctuated significantly, with a peak-to-trough amplitude of 2.7 times. In 2020, milk and cream deliveries from Faroe Islands amounted to 0.1 tons, representing a dramatic year-on-year decline of 46.4%. The highest export volume was recorded in 2018 at 0.3 tons, which also saw the largest increase of 173.9%.

Annual dynamics of product's exports from Faroe Islands in kind, 2017-2020, t

Between 2017 and 2020, Denmark and Namibia were the primary buyers of milk and cream from Faroe Islands, together accounting for 84.5% of total exports in volume. Other trading partners played a more limited role during this period.

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

World map of product's exports from Faroe Islands in kind, 2017-2020

Exports in value, K $ US

The data reveals irregular fluctuations, indicating a volatile market environment. Exports reached their peak in 2019 and hit their lowest point in 2020, with a 34-fold difference between these years. In 2020, milk and cream exports from Faroe Islands stood at 0.0 thousand US dollars, corresponding to a sharp decline of 97.0% compared to the previous year. The maximum value was recorded in 2019 at 0.7 thousand US dollars, which also experienced the largest increase of 259.4%.

Annual dynamics of product's exports from Faroe Islands in value, 2017-2020, K $ US

From 2017 to 2020, Czechia and Denmark dominated milk and cream exports in value terms, together representing 93.9% of total flows. Other destinations contributed smaller individual shares.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Faroe Islands in value, 2017-2020

Imports milk and cream to Faroe Islands

Imports in kind, t

Volatility characterized the market behavior during these years. Import volumes reached their lowest point in 2018 and peaked in 2020, with a top-to-bottom ratio of 2.8 times. In 2020, foreign milk and cream supplies to Faroe Islands came to 483.3 tons, showing a sharp increase of 75.8% from the previous year. The minimum value was recorded in 2018 at 172.8 tons, which also saw the largest decline of 29.0%.

Annual dynamics of product's imports to Faroe Islands in kind, 2017-2020, t

Throughout the 2017–2020 period, Denmark dominated the import structure in volume terms, consistently accounting for 99.9% of total flows.

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

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

Imports in value, K $ US

After two years of growth, Faroe Islands' milk and cream import volume declined. In 2020, imports amounted to 485.1 thousand US dollars, constituting a decrease of 1.2% from 2019. Between 2017 and 2020, imports increased by 32.9%, equating to an annualized growth rate of 10.0%. The maximum value was recorded in 2019 at 491.2 thousand US dollars, which also experienced the largest increase of 24.5%.

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

Over the 2017–2020 period, Denmark served as the main source for milk and cream imports to Faroe Islands, consistently absorbing 99.9% of total imports in value terms.

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

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