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Convenience Food - Latvia

Latvia
  • Revenue in the Convenience Food market amounts to US$209.50m in 2024. The market is expected to grow annually by 4.62% (CAGR 2024-2029).
  • In global comparison, most revenue is generated China (US$154bn in 2024).
  • In relation to total population figures, per person revenues of US$115.70 are generated in 2024.
  • In the Convenience Food market, volume is expected to amount to 47.79m kg by 2029. The Convenience Food market is expected to show a volume growth of 2.4% in 2025.0.
  • The average volume per person in the Convenience Food market is expected to amount to 24.1kg in 2024.

Definition:

The Convenience Food market covers any form of pre-packaged or prepared food that is intended to be simple to prepare or consume quickly, requiring little to no cooking or other preparation. Examples include ready-to-eat meals, frozen dinners, and soups. The focus of these meals is less on quality and nutrition and more on convenience and accessibility.

Structure:

The market consists of two different submarkets:

  • The Ready-to-Eat Meals market covers products that require minimal preparation by the consumer, i.e., meals that only require heating up.
  • The Soups market covers finished products such as powders for making soup (instant soups), and broth or liquid soups that are purchased in prepared form (tinned soups).

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), 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.

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

In-Scope

  • Ready-to-eat meals
  • Soups

Out-Of-Scope

  • Fresh cut salad
  • Frozen vegetables
  • Cut fruit
  • Out-of-home consumption
Convenience Food: market data & analysis - Cover

Market Insights report

Convenience Food: market data & analysis

Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Volume

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Price

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Sales Channels

    Most recent update: Nov 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Convenience Food Market in Latvia has been experiencing minimal growth, influenced by factors such as consumer preference for ready-to-eat meals and soups, as well as the convenience offered by online food delivery services. The market's slow growth rate may also be impacted by the increasing health awareness among consumers, leading to a shift towards healthier meal options.

    Customer preferences:
    The convenience food market in Latvia has seen a rise in demand for healthier and more sustainable options, as consumers become more health-conscious. This has led to an increase in the availability of plant-based and organic convenience food options. Additionally, there has been a growing trend towards time-saving meal solutions, such as pre-made meal kits and ready-to-eat meals, driven by busy lifestyles and the need for convenience. This reflects a shift towards a more mindful and conscious approach to food consumption in Latvia.

    Trends in the market:
    In Latvia, the Convenience Food Market within The Food market is experiencing a shift towards healthier and more sustainable options, with an emphasis on organic, natural, and plant-based products. This trend is driven by consumer demand for healthier and more environmentally friendly choices. In addition, there is a growing focus on convenience and time-saving solutions, such as meal delivery services and ready-to-eat meals. These trends are expected to continue to shape the industry, with potential implications for stakeholders such as manufacturers, retailers, and consumers.

    Local special circumstances:
    In Latvia, the Convenience Food Market is heavily influenced by the country's geographical location and cultural preferences. Being situated in the Baltic region, Latvian cuisine is heavily influenced by neighboring countries such as Russia and Germany, leading to a demand for convenience foods that reflect these flavors. Additionally, the country's fast-paced lifestyle and busy work schedules have resulted in a growing demand for ready-to-eat meals and snacks. Furthermore, regulatory factors, such as strict food safety regulations and import restrictions, have also impacted the availability and variety of convenience foods in the market.

    Underlying macroeconomic factors:
    The Convenience Food Market in Latvia is influenced by macroeconomic factors such as the country's economic health, consumer spending patterns, and government policies. With a stable economy and increasing disposable income, there is a growing demand for convenience food products. Additionally, the rising trend of urbanization and busy lifestyles has further boosted the demand for convenient and ready-to-eat meals. Furthermore, government initiatives to promote foreign investment in the food sector and improve food safety standards have positively impacted the growth of the Convenience Food Market in Latvia.

    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.

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    Convenience Food: market data & analysis - BackgroundConvenience Food: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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