Market research

Tallow market in Iceland

Tallow market in Iceland

Release date: Mar 28, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

Report language:
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Earlier Report Observations

The Icelandic tallow market expanded significantly in 2019, reaching 317.0 t, a rise of over 20% from the previous year. Over the next three years, volume fluctuated within a narrow range, settling at 303.4 t in 2022, close to the 2019 peak.

In 2023, the market contracted sharply to 206.2 t, a decline of 32% from 2022, as domestic production fell to 255.1 t and exports surged to 50.0 t from 2.4 t the previous year.

Table of content

  1. 1. Disclaimer
  2. 2. Terms of use of the report
  3. 3. Product codes in the statistical classifications used in the report
  4. 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. 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. 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/kg
        1. 6.1.4.1. Annual dynamics of average price of product's imports to Iceland, 2018-2025, $ US/kg
        2. 6.1.4.2. Dynamics of average price of product's imports to Iceland by countries, 2018-2025, $ US/kg
    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/kg
        1. 6.2.4.1. Annual dynamics of average price of product's imports to Iceland, 2018-2025, $ US/kg
        2. 6.2.4.2. Dynamics of average price of product's imports to Iceland by countries, 2018-2025, $ US/kg
  7. 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/kg
        1. 7.1.4.1. Annual dynamics of average price of product's exports from Iceland, 2018-2025, $ US/kg
        2. 7.1.4.2. Dynamics of average price of product's exports from Iceland by countries, 2018-2025, $ US/kg
    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/kg
        1. 7.2.4.1. Annual dynamics of average price of product's exports from Iceland, 2018-2025, $ US/kg
        2. 7.2.4.2. Dynamics of average price of product's exports from Iceland by countries, 2018-2025, $ US/kg
  8. 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. 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 tallow in Iceland

In kind, 2018-2021, t

Top producers of tallow, 2018-2021

Source: SHEV.io

World map of production of tallow, 2018-2021

Source: SHEV.io

Iceland's tallow production declined for the second consecutive year. In 2021, the country produced 288.2 tonnes of tallow, which is 5.3% less than the previous year. Over the period from 2018 to 2021, production increased by 9.9%, with a compound annual growth rate of 3.2%. The highest production level was recorded in 2019 at 314.7 tonnes, marking the largest annual increase of 20.0%.

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

Parameter201920202021CAGR
1Change from last year20.0%(3.3%)(5.3%)3.2%
Source: SHEV.io

Exports tallow from Iceland

Exports in kind, kg

The market showed signs of volatility over the observed period. Export volumes reached their lowest point in 2020 and peaked in 2021, with a 9.1-fold difference between these years. In 2021, tallow deliveries from Iceland amounted to 109 kg, representing a sharp increase of 808.7% compared to the previous year. The minimum value was recorded in 2020 at 12 kg, which saw the largest decline of 61.3%.

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

Parameter201920202021CAGR
1Change from last year93.8%(61.3%)808.7%89.6%
Source: SHEV.io

From 2018 to 2021, three principal markets—Denmark, Sweden, and the Faroe Islands—together accounted for 100.0% of Iceland's total tallow exports in kind.

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

After a two-year decline, Iceland's tallow exports increased in 2021, reaching 132 US dollars, which represents a significant gain of 55.7% year-over-year. Between 2018 and 2021, exports decreased by 47.1%, equating to an annualized rate of 19.1%. The lowest value was recorded in 2020 at 84 US dollars, marking the largest decline of 61.5%.

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

Parameter201920202021CAGR
1Change from last year(11.7%)(61.5%)55.7%(19.1%)
Source: SHEV.io

From 2018 to 2021, Sweden dominated exports in value terms, accounting for 70.6% of total flows, with a fragmented tail of other markets.

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 tallow to Iceland

Imports in kind, kg

The data reveals irregular changes, indicating a volatile market environment. Import volumes dropped to a minimum in 2020 and surged to a maximum in 2021, with a 10.9-fold variation between these years. In 2021, Iceland imported 5 100 kg of tallow, marking an intense advance of 985.1% compared to 2020. The minimum value was recorded in 2020 at 470 kg, which saw the largest decline of 79.8%.

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

Parameter201920202021CAGR
1Change from last year84.7%(79.8%)985.1%59.5%
Source: SHEV.io

Throughout 2018 to 2021, the United Kingdom was the key partner for Iceland's tallow imports in kind, accounting for 100.0% of total flows.

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

The data reveals irregular changes, indicating a volatile market environment. Import volumes dropped to a minimum in 2020 and climbed to their maximum in 2021, a 4.1-fold shift. In 2021, Iceland's tallow import volume amounted to 5 587 US dollars, up by 307.0% over the past year. The minimum value was recorded in 2020 at 1 373 US dollars, marking the largest decline of 73.7%.

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

Parameter201920202021CAGR
1Change from last year84.4%(73.7%)307.0%25.5%
Source: SHEV.io

From 2018 to 2021, imports in value terms of tallow to Iceland were almost entirely concentrated in the United Kingdom, whose share reached 100.0%.

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

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