Milk Substitutes - Latvia

Latvia

Highlights

Revenue in the Milk Substitutes market amounts to US$4.06m in 2024. The market is expected to grow annually by 11.26% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$10bn in 2024).
In relation to total population figures, per person revenues of US$2.24 are generated in 2024.
In the Milk Substitutes market, volume is expected to amount to 2.81m kg by 2029. The Milk Substitutes market is expected to show a volume growth of 13.2% in 2025.0.
The average volume per person in the Milk Substitutes market is expected to amount to 1.0kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Milk Substitutes Market in Latvia is experiencing mild growth, driven by factors like changing consumer preferences, health consciousness, and convenience of plant-based alternatives. This trend is influenced by increasing awareness about dairy allergies and lactose intolerance among consumers.

Customer preferences: Consumers in Latvia are increasingly opting for plant-based milk substitutes, such as almond, soy, and coconut milk, due to health and environmental concerns. This trend is driven by the growing popularity of vegan and vegetarian diets, as well as a push towards more sustainable and ethical food choices. Additionally, there is a rising preference for lactose-free alternatives among those with dairy allergies or intolerances. These shifting consumer preferences are expected to continue driving growth in the milk substitutes market in Latvia.

Trends in the market: In Latvia, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is experiencing a surge in demand for plant-based milk alternatives, driven by the growing trend of veganism and lactose intolerance. This trend is expected to continue as consumers become more health-conscious and environmentally aware. The rise of e-commerce and online grocery shopping is also contributing to the growth of this market, providing convenience and accessibility for consumers. Industry stakeholders should take note of these trends and adapt their product offerings and marketing strategies accordingly to stay competitive in the market.

Local special circumstances: In Latvia, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's traditional dairy consumption habits and the growing health-conscious population. The demand for plant-based milk substitutes is increasing as more Latvians are adopting vegan and vegetarian diets. Additionally, the government's strict regulations on food labeling and quality control are shaping consumer preferences and driving market competition. The country's small geographic size and high dairy production also play a significant role in the market dynamics.

Underlying macroeconomic factors: The Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market in Latvia is influenced by various macroeconomic factors, including the overall economic health of the country, global economic trends, and fiscal policies. In recent years, Latvia has experienced stable economic growth, which has positively impacted the dairy industry. Additionally, the government has implemented policies to support the development of the dairy sector, such as subsidies for dairy farmers and investments in modernizing dairy production. However, the market is also affected by global economic trends, such as fluctuations in milk prices and changes in consumer preferences. Furthermore, the increasing demand for plant-based milk substitutes due to health and environmental concerns has also impacted the market, making it crucial for companies to adapt to these changing trends.

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.