Confectionery & Snacks - Latvia

Latvia

Highlights

Revenue in the Confectionery & Snacks market amounts to US$911.10m in 2024. The market is expected to grow annually by 5.60% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$135bn in 2024).
In relation to total population figures, per person revenues of US$503.30 are generated in 2024.
In the Confectionery & Snacks market, volume is expected to amount to 110.70m kg by 2029. The Confectionery & Snacks market is expected to show a volume growth of 3.2% in 2025.0.
The average volume per person in the Confectionery & Snacks market is expected to amount to 53.8kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Confectionery & Snacks market in Latvia is experiencing minimal growth, influenced by factors such as changing consumer preferences, increasing health consciousness, and the convenience of online shopping. Despite this slow growth, the market is expected to see an increase in demand for healthier snack options and innovative confectionery products.

Customer preferences: Consumers in Latvia are increasingly seeking healthier and more sustainable options in the Confectionery & Snacks Market within The Food market. This is driven by growing awareness of the impact of food choices on personal health and the environment. As a result, there has been a rise in demand for organic and plant-based snacks, as well as products with reduced sugar and additives. Additionally, there is a growing interest in locally sourced and artisanal snacks, highlighting the importance of supporting local businesses and promoting traditional food culture.

Trends in the market: In Latvia, the Confectionery & Snacks Market within The Food market is experiencing a shift towards healthier and more sustainable options, with consumers seeking out products with natural ingredients and reduced sugar content. This trend is driven by increasing health consciousness and a desire for more ethical and environmentally friendly choices. As a result, companies in this market are investing in product development and marketing strategies that cater to these preferences. This trend is expected to continue, creating opportunities for industry players to innovate and differentiate themselves in the market. Additionally, the rise of e-commerce and online grocery shopping is providing new avenues for distribution and reaching a wider customer base.

Local special circumstances: In Latvia, the Confectionery & Snacks Market within The Food market is heavily influenced by the country's geographic location and cultural preferences. Located on the Baltic Sea, Latvia has a strong tradition of seafood consumption, leading to a wide variety of seafood-based snacks and confectionery products. Additionally, the country's cultural emphasis on natural and organic ingredients has led to a growing market for healthy and sustainable snack options. Furthermore, strict regulations on food labeling and ingredients have also shaped the market, with a focus on transparency and consumer trust. These unique factors contribute to the dynamic and diverse landscape of the Confectionery & Snacks Market in Latvia.

Underlying macroeconomic factors: The Confectionery & Snacks Market within The Food market in Latvia is greatly impacted by macroeconomic factors such as consumer spending habits, inflation rates, and government policies. The country’s economic health, influenced by its GDP growth and unemployment rates, also plays a significant role in the market’s performance. Additionally, global economic trends, such as changes in consumer preferences and purchasing power, can greatly influence the demand for confectionery and snack products in Latvia. Furthermore, government fiscal policies, such as taxes and regulations, can affect production costs and ultimately impact market growth.

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.