Market research

Milk market in Faroe Islands

Release date: Mar 30, 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 Faroese milk market volume rose from 7 605 tonnes in 2018 to a peak of 8 073 tonnes in 2020, then declined steadily to 7 276 tonnes by 2023. The initial expansion was supported by ongoing market liberalization, which intensified competition and eased import conditions, while the subsequent contraction followed tighter health-law regulations that increased compliance burdens for dairy producers.

Key regulatory milestones included the 2018 Health Act Law no. 821, which set new food-safety standards, and the 2022 amendments to the same health legislation that introduced additional requirements. Infrastructure projects like the planned Skálafjarðartunnelen aimed to improve distribution logistics, and a focus on biogas plants encouraged more sustainable farming practices, though these factors had longer-term implications.

In 2024, further legislative changes were recorded, including revisions to environmental and energy laws, the 2024 Budget Law with its spending priorities, and new international sanctions affecting trade flows.

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, t
  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, 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 Faroe Islands in kind, 2018-2024, t
    2. 6.1.2.2. Dynamics of product's imports in kind to Faroe Islands by countries, 2018-2024, t
    3. 6.1.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 6.1.3. Imports in value, K $ US
    1. 6.1.3.1. Annual dynamics of product's imports to Faroe Islands in value, 2018-2024, K $ US
    2. 6.1.3.2. Dynamics of product's imports in value to Faroe Islands by countries, 2018-2024, K $ 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, t
    1. 6.2.2.1. Annual dynamics of product's imports to Faroe Islands in kind, 2018-2024, t
    2. 6.2.2.2. Dynamics of product's imports in kind to Faroe Islands by countries, 2018-2024, t
    3. 6.2.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 6.2.3. Imports in value, K $ US
    1. 6.2.3.1. Annual dynamics of product's imports to Faroe Islands in value, 2018-2024, K $ US
    2. 6.2.3.2. Dynamics of product's imports in value to Faroe Islands by countries, 2018-2024, K $ 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. 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 Faroe Islands in kind, 2018-2024, t
    2. 7.1.2.2. Dynamics of product's exports in kind from Faroe Islands by countries, 2018-2024, t
    3. 7.1.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 7.1.3. Exports in value, K $ US
    1. 7.1.3.1. Annual dynamics of product's exports from Faroe Islands in value, 2018-2024, K $ US
    2. 7.1.3.2. Dynamics of product's exports in value from Faroe Islands by countries, 2018-2024, K $ US
    3. 7.1.3.3. Structure of product's exports in value by countries, 2018-2024
  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 Faroe Islands, 2018-2024, $ US/t
    2. 7.1.4.2. Dynamics of average price of product's exports from Faroe Islands by countries, 2018-2024, $ 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 Faroe Islands in kind, 2018-2024, t
    2. 7.2.2.2. Dynamics of product's exports in kind from Faroe Islands by countries, 2018-2024, t
    3. 7.2.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 7.2.3. Exports in value, K $ US
    1. 7.2.3.1. Annual dynamics of product's exports from Faroe Islands in value, 2018-2024, K $ US
    2. 7.2.3.2. Dynamics of product's exports in value from Faroe Islands by countries, 2018-2024, K $ US
    3. 7.2.3.3. Structure of product's exports in value by countries, 2018-2024
  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 Faroe Islands, 2018-2024, $ US/t
    2. 7.2.4.2. Dynamics of average price of product's exports from Faroe Islands by countries, 2018-2024, $ 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, 2018-2024
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 milk in Faroe Islands

In kind, 2017-2020, t

Top producers of milk, 2017-2020

Source: SHEV.io

World map of production of milk, 2017-2020

Source: SHEV.io

In 2019, Faroe Islands reached its peak milk production at 7 606 tons. This was followed by a slight decline to 7 556 tons in 2020, representing a 0.7% decrease from the previous year. The lowest production level was recorded in 2018 at 7 392 tons. The most significant year-over-year drop occurred in 2018 with a 2.5% decrease, while the largest increase was seen in 2019 with a 2.9% rise.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(2.5%)	2.9%	(0.7%)	(0.1%)

Source: SHEV.io

Exports milk from Faroe Islands

Exports in kind, t

Milk export volumes from Faroe Islands showed considerable volatility during this period. The lowest point was in 2017, followed by a dramatic surge to the highest level in 2020 at 28.1 tons. This 2020 figure represents an extraordinary year-over-year increase of 12 611.8%. The most substantial decline occurred in 2019 with a 38.2% drop. Overall, export volumes fluctuated by a factor of 299 between the minimum in 2017 and maximum in 2020.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	280.2%	(38.2%)	12 611.8%	568.6%

Source: SHEV.io

From 2017 to 2020, Singapore dominated Faroe Islands' milk exports, accounting for 97.3% of total export volumes.

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

Source: SHEV.io

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

Source: SHEV.io

Exports in value, K $ US

Milk exports from Faroe Islands have grown for three consecutive years. In 2020, exports reached 17.1 thousand US dollars, marking a substantial 2 237.7% increase compared to 2019. Between 2017 and 2020, export values surged by 27 279.9%, translating to an annualized growth rate of 549.3%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	741.7%	39.1%	2 237.7%	549.3%

Source: SHEV.io

Between 2017 and 2020, Faroe Islands' milk export value was highly concentrated, with Singapore alone representing 92.7% of total export value.

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

Source: SHEV.io

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

Source: SHEV.io

Imports milk to Faroe Islands

Imports in kind, t

Milk imports to Faroe Islands displayed significant volatility during these years. The lowest import volume occurred in 2018 at 213.3 tons, which represented a 26.0% decline from the previous year. Imports then rebounded sharply, reaching their peak in 2020 at 544.8 tons - a 78.9% increase from 2019. The difference between the 2018 low and 2020 high represents a 2.6-fold increase.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(26.0%)	42.8%	78.9%	23.7%

Source: SHEV.io

From 2017 to 2020, Denmark supplied nearly all of Faroe Islands' milk imports, accounting for 93.0% of total import volumes.

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, K $ US

Milk imports to Faroe Islands have increased for three straight years. In 2020, imports totaled 17.1 thousand US dollars, showing a strong 10.4% gain compared to 2019. Between 2017 and 2020, import values grew by 32.5%, equivalent to an annualized growth rate of 9.8%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	4.9%	14.4%	10.4%	9.8%

Source: SHEV.io

Throughout the 2017-2020 period, Denmark was the central partner for Faroe Islands' milk imports in value terms, accounting for 88.5% of total import value, while other markets played a much smaller role.

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

Source: SHEV.io

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

Source: SHEV.io