Breakfast Cereals - Latvia

Latvia

Highlights

Revenue in the Breakfast Cereals market amounts to US$44.14m in 2024. The market is expected to grow annually by 4.42% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$23bn in 2024).
In relation to total population figures, per person revenues of US$24.38 are generated in 2024.
In the Breakfast Cereals market, volume is expected to amount to 7.17m kg by 2029. The Breakfast Cereals market is expected to show a volume growth of 2.3% in 2025.0.
The average volume per person in the Breakfast Cereals market is expected to amount to 3.7kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Breakfast Cereals market in Latvia is experiencing minimal growth, influenced by factors such as saturation of the market, changing consumer preferences, and competition from other breakfast options. Despite this, the Bread & Cereal Products market within The Food market continues to see steady growth, driven by convenience and increasing health consciousness among consumers.

Customer preferences: As health and wellness continue to be top priorities for consumers in Latvia, the Breakfast Cereals Market of the Bread & Cereal Products Market within The Food market is seeing a rise in demand for healthier and more nutritious options. This trend is driven by a growing awareness of the importance of a balanced diet and a desire for convenient and time-efficient breakfast options. As a result, there has been an increase in the availability of organic and natural breakfast cereals, as well as those fortified with vitamins and minerals. Additionally, there is a growing demand for gluten-free and plant-based options, catering to the preferences of health-conscious consumers.

Trends in the market: In Latvia, the Breakfast Cereals market is experiencing a shift towards healthier options, with a focus on natural and organic ingredients. This trend is driven by consumers' increasing awareness of the importance of a balanced diet and the potential health benefits of incorporating more whole grains into their breakfast routine. Additionally, there is a growing demand for convenience and on-the-go options, leading to the rise of single-serve and portable cereal products. These trends are expected to continue in the coming years, presenting opportunities for industry players to innovate and cater to the changing preferences of consumers. This also highlights the potential for collaborations between cereal manufacturers and health and wellness apps, as well as the need for targeted marketing strategies to effectively reach and engage with health-conscious consumers.

Local special circumstances: In Latvia, the Breakfast Cereals Market of the Bread & Cereal Products Market within The Food market is influenced by the country's rich agricultural sector and strong demand for traditional cereals such as rye and barley. Additionally, the country's growing health consciousness has led to a rise in demand for organic and gluten-free breakfast options. Furthermore, strict regulations on food labeling and product standards have created a competitive market environment, driving innovation and product differentiation.

Underlying macroeconomic factors: The Breakfast Cereals Market in Latvia is influenced by macroeconomic factors such as consumer purchasing power, import/export policies, and government regulations. The country's stable economic growth, fueled by its membership in the European Union, has led to increased disposable income and demand for convenience foods like breakfast cereals. Additionally, Latvia's favorable trade agreements with neighboring countries and its strategic location make it an attractive market for international breakfast cereal brands. However, fluctuations in global commodity prices and consumer preferences towards healthier breakfast options can also impact the performance of the market.

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.