Food - Baltics

Baltics

Revenue in the Food market amounts to US$17.80bn in 2024. The market is expected to grow annually by 4.96% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$3.69bn in 2024.
In global comparison, most revenue is generated in China (US$1,603bn in 2024).
In relation to total population figures, per person revenues of US$3,058.00 are generated in 2024.
In the Food market, 2.4% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 4,479.00m kg by 2029. The Food market is expected to show a volume growth of 2.0% in 2025.
The average volume per person in the Food market is expected to amount to 703.20kg 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

Region

Region comparison

Currency

Analyst Opinion

The Food market in Baltics is experiencing slow growth due to factors such as changing consumer preferences towards healthier options, increasing competition in the market, and rising costs of production. Despite the minimal growth rate, the market is driven by a diverse range of sub-markets including dairy, meat, fruits, and convenience food, among others. Additionally, the ongoing trend of digitalization and e-commerce in the food industry is expected to further impact the market's growth in the coming years.

Customer preferences: In the Baltics, there has been a noticeable shift towards healthier and more sustainable food options, as consumers become increasingly conscious of their health and the impact of their food choices on the environment. This has led to a rise in demand for plant-based and organic products, as well as a growing interest in local and traditional foods. Additionally, with the rise of digital platforms and e-commerce, online food delivery services have become more popular, providing convenient and contactless options for consumers. This trend is driven by the growing number of busy and tech-savvy consumers, as well as the need for social distancing measures due to the ongoing COVID-19 pandemic.

Trends in the market: In the Baltics, The Food market industry is seeing a surge in online grocery shopping and meal delivery services, as consumers prioritize convenience and safety amid the pandemic. This trend is expected to continue, with more companies investing in e-commerce and contactless delivery options. Additionally, there is a growing demand for locally sourced and organic products, as consumers become more health-conscious and environmentally aware. This could lead to increased competition among food producers and retailers to meet these demands, while also ensuring sustainability in their supply chains. Industry stakeholders should keep a close eye on these developments and adapt their strategies accordingly to stay relevant in the evolving market landscape.

Local special circumstances: In the Baltics, The Food market is heavily influenced by the region's rich agricultural heritage and strong cultural ties to traditional cuisine. The demand for locally sourced, organic products is on the rise, leading to the proliferation of small-scale farms and farmers' markets. Additionally, government regulations promoting sustainable and ethical practices in food production have further shaped the market, with consumers increasingly seeking out products that align with their values. These unique factors have resulted in a diverse and dynamic food market in the Baltics, with a focus on quality, authenticity, and sustainability.

Underlying macroeconomic factors: The Food market market in the Baltics is also heavily influenced by macroeconomic factors such as economic stability, government policies, and consumer spending power. Countries with strong economic growth and stable political environments are likely to have a more robust food market, as consumers have more disposable income to spend on food products. Additionally, government policies, such as subsidies for agriculture and food production, can impact the overall performance of The Food market. Fluctuations in global food prices and trade policies can also have a significant effect on the market in the Baltics. As the region becomes more integrated into the global economy, it is important to consider these macroeconomic factors when analyzing the performance of The Food market in the Baltics.

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.