Milk - Latvia | Statista Market Forecast

Milk - Latvia

Latvia

Highlights

Revenue in the Milk market amounts to US$133.90m in 2024. The market is expected to grow annually by 6.44% (CAGR 2024-2029).
In global comparison, most revenue is generated India (US$71bn in 2024).
In relation to total population figures, per person revenues of US$73.98 are generated in 2024.
In the Milk market, volume is expected to amount to 116.00m kg by 2029. The Milk market is expected to show a volume growth of 2.5% in 2025.0.
The average volume per person in the Milk market is expected to amount to 56.8kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Milk Market in Latvia within the Dairy Products & Eggs Market of The Food market is experiencing minimal growth due to factors such as increasing competition, consumer preference for alternative beverages, and changing dietary habits. Despite this, online milk sales and health awareness campaigns have contributed to the market's slow growth.

Customer preferences: Consumers in Latvia are increasingly opting for organic and locally sourced milk products, driven by a growing interest in sustainable and healthy food choices. The trend is also influenced by the country's traditional dairy culture and the preference for fresh and natural ingredients. Additionally, the rise in lactose intolerance and dairy allergies has led to a higher demand for alternative milk options such as plant-based milk. This shift towards healthier and more sustainable dairy products is expected to continue in the coming years.

Trends in the market: In Latvia, the Milk Market of the Dairy Products & Eggs Market within The Food market is experiencing a rise in the demand for organic and natural milk products. Consumers are becoming more health-conscious and are willing to pay a premium for these products. Additionally, there is a growing trend of using e-commerce platforms for purchasing dairy products, with more companies offering online delivery services. This trend is expected to continue, with a focus on convenience and accessibility for consumers. Industry stakeholders should adapt to these changing consumer preferences and invest in online platforms to stay competitive in the market.

Local special circumstances: In Latvia, the Milk Market of the Dairy Products & Eggs Market within The Food market has been greatly influenced by the country's strong dairy traditions and its abundant supply of high-quality milk. The government's strict regulations on dairy production and labeling have also contributed to the market's stability and consumer trust. Additionally, the country's geographical location and climate have allowed for the development of unique dairy products, such as smoked cheese and fermented milk drinks, which have gained popularity both domestically and internationally.

Underlying macroeconomic factors: The Milk Market of the Dairy Products & Eggs Market within The Food market in Latvia is heavily influenced by macroeconomic factors such as the country's overall economic health, global economic trends, fiscal policies, and other financial indicators. Latvia's stable economy and favorable regulatory environment for the food industry have contributed to the growth of the market. Additionally, the increasing demand for dairy and egg products from the growing population and changing consumer preferences have also played a significant role in driving the market forward. Moreover, the country's competitive advantage in milk production, supported by government subsidies and investments in the dairy industry, has further strengthened the market's growth potential.

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.