Sheep and goat meat market in Faroe Islands

Earlier Report Observations

The volume of the sheep and goat meat market in the Faroe Islands increased from 1 564 t in 2018 to 1 603 t in 2023. This period included a notable rise to 1 648 t in 2021, which was followed by a contraction the next year.

In value terms, the market reached 29 896 thousand US dollars in 2021, a peak that was 28% higher than 2020. By 2023, the market value had decreased to 22 131 thousand US dollars, indicating significant price or structural shifts alongside the volume changes.

Production sheep and goat meat in Faroe Islands

In kind, 2017-2020, t

Top producers of sheep and goat meat, 2017-2020

World map of production of sheep and goat meat, 2017-2020

Sheep and goat meat production in the Faroe Islands has grown for the third year in a row. In 2020, the islands produced 1 196.2 tons, representing a year-over-year increase of 1.3%. From 2017 to 2020, production rose by 4%, which translates to an average annual growth rate of 1.3%.

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

In value, 2017-2020, K $ US

In 2020, the value of sheep and goat meat output in the Faroe Islands reached 20 392 thousand US dollars, showing a slight decline of 3.3% compared to 2019. The lowest value during this period was recorded in 2018 at 18 447 thousand US dollars, while the peak occurred in 2019 with 21 094 thousand US dollars. The most significant drop was observed in 2018 at 10.3%, whereas the largest increase took place in 2019, rising by 14.4%.

Annual dynamics of production in Faroe Islands in value, 2017-2020, K $ US

Exports sheep and goat meat from Faroe Islands

Exports in kind, t

Exports of sheep and goat meat from the Faroe Islands have fallen for the third consecutive year. In 2020, the islands exported 0.4 tons, reflecting a substantial year-over-year decline of 12.4%. Between 2017 and 2020, exports dropped by 31.4%, corresponding to an average annual decrease of 11.8%.

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

From 2017 to 2020, exports of sheep and goat meat from the Faroe Islands were heavily concentrated on Denmark, which accounted for 87.1% of total flows. The remaining share was distributed among other countries.

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

Sheep and goat meat exports from the Faroe Islands have declined for the third year in a row. In 2020, exports were valued at 7 thousand US dollars, marking a significant drop of 16.5% compared to 2019. Over the period from 2017 to 2020, exports decreased by 34.6%, with an average annual decline of 13.2%.

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

Between 2017 and 2020, Denmark dominated the export partner structure in value terms, holding a 92.9% share of total flows. Other markets accounted for relatively modest portions.

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 sheep and goat meat to Faroe Islands

Imports in kind, t

After two years of growth, sheep and goat meat imports to the Faroe Islands declined. In 2020, the islands imported a total of sheep and goat meat, which was 4.4% lower than in 2019. The highest import volume was recorded in 2019 at 407.3 tons, with the largest increase that year at 2.0%.

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

Throughout 2017–2020, Iceland was the dominant source for sheep and goat meat imports to the Faroe Islands, capturing 80.4% of total flows. Other countries each held significantly smaller shares.

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

Sheep and goat meat imports to the Faroe Islands have declined for the second consecutive year. In 2020, imports were recorded at 2 826 thousand US dollars, showing little change from 2019. From 2017 to 2020, imports increased by 7.2%, with a compound annual growth rate of 2.3%. The peak value was in 2018 at 3 286 thousand US dollars, while the largest decline occurred in 2019 at 13.9%, and the most significant increase was in 2018 at 24.7%.

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

During 2017–2020, Iceland accounted for 78.3% of total imports in value terms, with the remaining flows spread across a diverse group of smaller countries.

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

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