Food - Latvia

Latvia

Revenue in the Food market amounts to US$4,832.00m in 2024. The market is expected to grow annually by 5.30% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$1,021.00m in 2024.
In global comparison, most revenue is generated in China (US$1,601bn in 2024).
In relation to total population figures, per person revenues of US$2,669.00 are generated in 2024.
In the Food market, 2.5% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 1,136.00m kg by 2029. The Food market is expected to show a volume growth of 2.5% in 2025.
The average volume per person in the Food market is expected to amount to 565.90kg in 2024.

Key regions: United States, Canada, China, India, South Korea

Definition:

The food market covers all edible products that are bought and consumed for nutrient-based purposes. The market includes both fresh and processed foods.

Structure:

The market consists of 13 different markets:

The Dairy products & Eggs market covers animal products, such as milk, eggs and products made from mammal’s milk and non-animal products, such as milk substitutes. This market is divided into six subsegments that include milk, milk substitutes, yogurt, cheese, eggs and other dairy products and eggs.
The Meat market covers animal products, such as pork, poultry, and free-from meat products, such as meat substitutes. This market is divided into three submarkets: fresh meat, processed meat, and meat substitutes.
The Fish & Seafood market covers products made from fish and seafood. This market is divided into three submarkets: fresh fish, fresh seafood, and processed fish & seafood.
Fruits & Nuts cover edible fruits and nuts. This market is divided into three submarkets: fresh fruits, processed & frozen fruits, and nuts.
The Vegetables market covers edible plants. This market is divided into two submarkets: fresh vegetables, processed & frozen vegetables.
The Bread & Cereal products market covers baked goods made from dough. Dough is made using flour, water, a leavening agent, and other optional ingredients. This market also covers products made from cereals that are usually used as part of a main meal. This market is divided into five submarkets: bread, pasta, rice, breakfast cereals and other cereal products.
The Oils and Fats market covers both edible oils and fats made from animals and plants. This market is divided into four submarkets: butter, margarine, edible oils, and other oils & fats.
The Sauces and Spices market covers additional ingredients used during the food preparation process and is divided into three submarkets: tomato ketchup, other sauces, and spices & culinary herbs.
The Convenience food market covers prepared food and meals that require little effort to prepare. This market is divided into two subsegments, soups and ready-to-eat meals.
The Spreads and Sweeteners market covers spreads and ingredients added to food or beverages to give it a sweet flavor. This market is divided into two subsegments, spreads and sweeteners.
The Confectionery & Snacks market covers sweet, savory, and salty food. This market is divided into two subsegments, confectionery and snacks.
The Baby food market covers food that is only meant to be consumed by babies and small children.
The Pet food market covers food that is intended for pet use only.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), and sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included. The out-of-home revenue data is only shown as a separate box at the market level.

For more information on the displayed data, click the info button on the right side of each box.

Market

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Analyst Opinion

The Food market in Latvia is experiencing minimal growth, influenced by factors such as shifting consumer preferences towards healthier options, increasing demand for convenience food, and the rise of online shopping. The sub-markets of dairy, meat, fruits, and vegetables are seeing steady demand, while the processed food and confectionery sectors are facing challenges due to health concerns and competition. Overall, the market is expected to see slow but steady growth in the coming years.

Customer preferences: As Latvia's food market continues to grow, consumer preferences are shifting towards healthier and more sustainable options. This trend is driven by a growing awareness of the impact of food choices on personal health and the environment. Additionally, the rise of social media and influencer culture has led to a greater emphasis on visually appealing and trendy food options. This has resulted in an increase in demand for plant-based and organic products, as well as a rise in the popularity of food delivery services that offer customizable and healthy meal options.

Trends in the market: In Latvia, The Food market is experiencing a rise in demand for locally sourced and organic products. This trend is driven by increasing consumer awareness of sustainability and health benefits. The trajectory of this trend is expected to continue, as consumers prioritize ethical and healthy choices. This has significant implications for industry stakeholders, as they must adapt their production and marketing strategies to meet these changing demands. Additionally, there is potential for partnerships with local farmers and producers to strengthen the supply chain and meet consumer preferences.

Local special circumstances: In Latvia, The Food market is heavily influenced by the country's rich agricultural heritage and strong cultural ties to traditional cuisine. The market is also shaped by the country's geographical location, with its proximity to the Baltic Sea providing access to a variety of fresh seafood. Additionally, Latvia's strict food safety regulations and commitment to organic and locally sourced products have led to a unique market dynamic, with a strong emphasis on quality and sustainability.

Underlying macroeconomic factors: The Food market in Latvia is influenced by macroeconomic factors such as the country's overall economic health and fiscal policies. As a small, open economy, Latvia is highly dependent on global economic trends and trade opportunities. Fluctuations in the country's GDP, inflation rates, and foreign investment can impact consumer purchasing power and demand for food products. Additionally, government policies related to food production, distribution, and imports can also affect the performance of the market. The recent growth of the tourism industry in Latvia has also contributed to the demand for food products, as more tourists visit the country and seek out local cuisine.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, 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. This data helps us estimate the market size for each country individually.

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 exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

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.