It is, but population will always count too, though. Doesn't higher population give a country higher chance to pull gifted, "freak of nature" type person that then selects a sport named hockey with some likelyhood..
Sweden has more population and higher chance of those very gifted persons. Finland cuts their lead a bit in popularity of hockey, as hockey will still receive about as much players as Finland because of that, claim some.
I still disagree though. In Finland, While no one follows football compared to hockey from tv and such, actually football has more players than hockey. Hockey is not biggest sport in terms of amounts of players, I have seen this put out so many times, Im not going to search for sources. Hockey is expensive sport and while it's most popular to watch, it's not most played one.
Btw what has denmark to do with this? I aknowledge their raise and that they're solid hockey nation already, but they're not our benchmark, not yet at least.