# Iceland Agriculture and food Export Opportunities (HS 01-24)

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> Yugalinks sector export playbook

Explore Iceland HS 01-24 agriculture and food export opportunities, product portfolio, buyer markets, growth signals, and diversification opportunities.

## Overview

- Exporter: Iceland (ISL)
- Sector: Agriculture and food
- HS chapters: HS 01-24
- Latest trade year: 2024
- Sector exports: $92.6M
- Products: 29
- Buyer markets: 12
- Average CAGR: +20.4%
- Global sector size: $125.0B

## Product portfolio

| Product | Global size | Your exports | Opportunity | CAGR | Markets | Share |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| HS 210690 - Food preparations: n.e.s. in item no. 2106.10 | $17.2B | $2.3M | $9.6B | +15.0% | 5 | +0.0% |
| HS 220300 - Beer: made from malt | $8.7B | $35.7K | $8.5B | +1.0% | 2 | +0.0% |
| HS 190590 - Food preparations: bakers' wares n.e.c. in heading no. 1605, whether or not containing cocoa: communion wafers, empty cachets suitable for pharmaceutical use, sealing wafers, rice papers and similar products | $9.1B | $4.2K | $7.2B | -6.5% | 2 | +0.0% |
| HS 220890 - Spirits, liqueurs and other spirituous beverages: n.e.c. in heading no. 2208 | $4.9B | $29.8K | $6.6B | +6.8% | 1 | +0.0% |
| HS 030617 - Crustaceans: frozen, shrimps and prawns, excluding cold-water varieties, in shell or not, smoked, cooked or not before or during smoking: in shell, cooked by steaming or by boiling in water | $9.1B | $128.4K | $6.2B | +41.6% | 2 | +0.0% |
| HS 030214 - Fish: fresh or chilled, Atlantic salmon (Salmo salar) and Danube salmon (Hucho hucho), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0302.91 to 0302.99 | $4.7B | $77.1M | $5.3B | +114.9% | 4 | +1.7% |
| HS 090111 - Coffee: not roasted or decaffeinated | $12.3B | $567.5 | $5.0B | +41.6% | 3 | +0.0% |
| HS 230910 - Dog or cat food: put up for retail sale, used in animal feeding | $7.7B | $2.2M | $4.6B | +34.6% | 4 | +0.0% |
| HS 220421 - Wine: still, in containers holding 2 litres or less | $9.3B | $6.5K | $4.0B | -5.3% | 3 | +0.0% |
| HS 240220 - Cigarettes: containing tobacco | $3.2B | $9.4 | $2.7B | -25.5% | 1 | +0.0% |
| HS 030441 - Fish fillets: fresh or chilled, salmon, Pacific (Oncorhynchus nerka, Oncorhynchus gorbuscha, Oncorhynchus keta, Oncorhynchus tschawytscha, Oncorhynchus kisutch, Oncorhynchus masou and Oncorhynchus rhodurus), Atlantic (Salmo salar), Danube (Hucho hucho) | $2.6B | $9.6M | $2.2B | +7.7% | 1 | +0.4% |
| HS 020230 - Meat: of bovine animals, boneless cuts, frozen | $4.8B | $17.9 | $2.0B | -28.4% | 1 | +0.0% |
| HS 151790 - Edible mixtures or preparations of animal or vegetable fats or oils or of fractions of different fats or oils of this chapter, other than edible fats or oils of heading no. 1516 | $1.2B | $257.4K | $1.8B | +19.2% | 1 | +0.0% |
| HS 230120 - Flours, meals and pellets: of fish or of crustaceans, molluscs or other aquatic invertebrates | $3.0B | $117.2K | $1.7B | +19.4% | 1 | +0.0% |
| HS 190531 - Food preparations: sweet biscuits, whether or not containing cocoa | $2.4B | $478.2 | $1.6B | -13.6% | 1 | +0.0% |
| HS 040690 - Dairy produce: cheese (not grated, powdered or processed), n.e.c. in heading no. 0406 | $4.4B | $1.3K | $1.6B | -3.1% | 1 | +0.0% |
| HS 090121 - Coffee: roasted, not decaffeinated | $2.0B | $798.7 | $1.5B | +18.7% | 1 | +0.0% |
| HS 220830 - Whiskies | $2.1B | $21.3K | $1.5B | -6.5% | 1 | +0.0% |
| HS 170490 - Sugar confectionery: (excluding chewing gum, including white chocolate), not containing cocoa | $3.2B | $114.1K | $1.5B | -2.6% | 1 | +0.0% |
| HS 180620 - Chocolate & other food preparations containing cocoa: in blocks, slabs or bars weighing more than 2kg or in liquid, paste, powder, granular or other bulk form in containers or immediate packings, content exceeding 2kg | $1.4B | $26.6 | $1.4B | +0.7% | 1 | +0.0% |
| HS 220820 - Spirits obtained by distilling grape wine or grape marc | $1.2B | $9.2K | $1.4B | +12.9% | 1 | +0.0% |
| HS 060290 - Plants, live: n.e.s. in heading no. 0602 | $1.5B | $4.8 | $1.3B | -25.4% | 1 | +0.0% |
| HS 030614 - Crustaceans: crabs, frozen (whether in shell or not, whether or not cooked by steaming or by boiling in water) | $1.0B | $9.6K | $1.1B | -16.1% | 1 | +0.0% |
| HS 180690 - Chocolate and other food preparations containing cocoa: n.e.c. in chapter 18 | $1.9B | $66.5K | $1.0B | +18.2% | 1 | +0.0% |
| HS 040510 - Dairy produce: derived from milk, butter | $735.1M | $169.0K | $997.0M | +51.9% | 1 | +0.0% |
| HS 070200 - Vegetables: tomatoes, fresh or chilled | $1.7B | $24.6K | $927.8M | +26.4% | 1 | +0.0% |
| HS 020442 - Meat: of sheep (including lamb), cuts with bone in (excluding carcasses and half-carcasses), frozen | $906.5M | $33.5K | $886.6M | +12.9% | 1 | +0.0% |
| HS 220210 - Waters: including mineral and aerated, containing added sugar or other sweetening matter or flavoured | $1.7B | $293.4K | $804.1M | +33.1% | 1 | +0.0% |
| HS 060319 - Flowers, cut: flowers and buds of a kind suitable for bouquets or ornamental purposes, fresh, other than roses, carnations, orchids, or chrysanthemums | $825.4M | $2.2 | $795.6M | -22.8% | 1 | +0.0% |

## Best markets

- USA, Puerto Rico and US Virgin Islands (USA): $47.9B calculated opportunity across 20 products.
- China (CHN): $11.1B calculated opportunity across 6 products.
- Germany (DEU): $11.0B calculated opportunity across 8 products.
- Canada (CAN): $5.2B calculated opportunity across 3 products.
- Poland (POL): $3.4B calculated opportunity across 2 products.
- Sweden (SWE): $1.3B calculated opportunity across 1 products.
- United Kingdom (GBR): $1.1B calculated opportunity across 1 products.
- Mexico (MEX): $1.0B calculated opportunity across 1 products.
- Belgium (BEL): $994.6M calculated opportunity across 1 products.
- Republic of Korea (KOR): $993.9M calculated opportunity across 1 products.
- France (FRA): $905.1M calculated opportunity across 1 products.
- Denmark (DNK): $902.7M calculated opportunity across 1 products.

## Growth stars

- HS 030214: +114.9% average CAGR, $5.3B calculated opportunity.
- HS 040510: +51.9% average CAGR, $997.0M calculated opportunity.
- HS 030617: +41.6% average CAGR, $6.2B calculated opportunity.
- HS 090111: +41.6% average CAGR, $5.0B calculated opportunity.
- HS 230910: +34.6% average CAGR, $4.6B calculated opportunity.
- HS 220210: +33.1% average CAGR, $804.1M calculated opportunity.
- HS 070200: +26.4% average CAGR, $927.8M calculated opportunity.
- HS 230120: +19.4% average CAGR, $1.7B calculated opportunity.
- HS 151790: +19.2% average CAGR, $1.8B calculated opportunity.
- HS 090121: +18.7% average CAGR, $1.5B calculated opportunity.

## Diversification opportunities

- HS 210690: 5 buyer markets, $9.6B calculated opportunity.
- HS 030214: 4 buyer markets, $5.3B calculated opportunity.
- HS 230910: 4 buyer markets, $4.6B calculated opportunity.
- HS 090111: 3 buyer markets, $5.0B calculated opportunity.
- HS 220421: 3 buyer markets, $4.0B calculated opportunity.
- HS 220300: 2 buyer markets, $8.5B calculated opportunity.
- HS 190590: 2 buyer markets, $7.2B calculated opportunity.
- HS 030617: 2 buyer markets, $6.2B calculated opportunity.
- HS 220890: 1 buyer markets, $6.6B calculated opportunity.
- HS 240220: 1 buyer markets, $2.7B calculated opportunity.

## Method

Reported trade observations and calculated indicators are shown separately. Validate buyers, standards, logistics, pricing, and competition before acting. [Read the Yugalinks methodology](https://www.yugalinks.com/methodology).

## Data sources

- Primary trade series: OECD (2025), Balanced international merchandise trade statistics (BIMTS) - HS2017-6D, OECD Data Explorer (accessed on 2026-08-30). [OECD Data Explorer](https://data-explorer.oecd.org/) - [OECD Terms & Conditions](https://www.oecd.org/termsandconditions/)
- CEPII BACI bilateral trade flows (202601): [dataset page](https://www.cepii.fr/CEPII/en/bdd_modele/bdd_modele_item.asp?id=37) - [BACI documentation](https://www.cepii.fr/DATA_DOWNLOAD/baci/doc/baci_webpage.html) - [Etalab 2.0 Open Licence](https://www.etalab.gouv.fr/wp-content/uploads/2018/11/open-licence.pdf)

This page presents derived Yugalinks views of reported observations and calculated indicators.