Cereals - Norway

Norway

Gross production value in Cereals market is projected to amount to US$0.46bn in 2024. An annual growth rate of 1.07% is expected (CAGR 2024-2028), resulting in gross production value of US$0.48bn in 2028.
The import value in Cereals market is projected to amount to US$152.8m in 2024. An annual growth rate of 3.86% is expected (CAGR 2024–2028).
The export value in Cereals market is projected to amount to US$0.4m in 2024. An annual growth rate of -1.79% is expected (CAGR 2024–2028).

Key regions: Germany, Italy, Brazil, United States, United Kingdom

Market

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Analyst Opinion

The Cereals market in Norway has been experiencing significant changes in recent years.

Customer preferences: Norwegian consumers have been increasingly interested in healthy and sustainable food options, leading to a rise in demand for organic and whole grain cereals. Additionally, there has been a shift towards convenience, with more consumers opting for on-the-go breakfast options such as granola bars and cereal cups.

Trends in the market: The Norwegian Cereals market has been experiencing a decline in traditional breakfast cereals such as corn flakes and rice puffs, while the demand for healthier options such as muesli and granola has been increasing. This trend is expected to continue as consumers become more health-conscious and seek out products with fewer artificial ingredients and more nutritional benefits.

Local special circumstances: Norway's unique geography and climate make it difficult to grow certain crops, leading to a reliance on imports for many food products. This has led to higher prices for cereals in Norway compared to other countries, which may impact consumer purchasing decisions.

Underlying macroeconomic factors: The Norwegian economy has been growing steadily in recent years, which has led to an increase in disposable income for many consumers. This has allowed for more spending on premium and high-quality food products, including organic and whole grain cereals. Additionally, the government has implemented policies to promote healthy eating habits, which has further boosted demand for healthier cereal options.

Methodology

Data coverage:

The data encompasses B2B. Figures are based on the value of gross production in the agriculture market, which values of production are calculated by multiplying gross production by output prices at the farm gate.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting agriculture products due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.