Key regions: Russia, Spain, South Korea, Philippines, United States
In recent years, the Yogurt Market in Latvia has seen minimal growth, influenced by factors such as low consumer demand, increasing competition, and changing dietary preferences. Despite the convenience of online services and efforts to raise health awareness, the market struggles to achieve significant growth in the Dairy Products & Eggs sector of The Food market.
Customer preferences: Consumers in Latvia are increasingly looking for healthier and more convenient food options, leading to a rise in demand for yogurts made with natural ingredients and free from artificial additives. This trend is driven by a growing awareness of the benefits of probiotics and the desire for products that align with a clean label lifestyle. Additionally, with the rise of plant-based diets, there is a growing demand for vegan and dairy-free yogurt alternatives. This shift towards healthier and more sustainable options is also influenced by the increasing number of health-conscious and environmentally aware consumers.
Trends in the market: In Latvia, the Yogurt Market is experiencing a surge in demand for organic and plant-based yogurts, as consumers become more health-conscious. This trend is expected to continue, with a projected annual growth rate of 4.5% by 2025. In the larger Dairy Products & Eggs Market, there is a growing demand for lactose-free and low-fat options. These trends are driven by consumer preferences for healthier and more sustainable food choices. Industry stakeholders can capitalize on this trend by diversifying their product offerings and investing in sustainable production practices. Additionally, the rise of e-commerce and online grocery shopping is expected to further boost the sales of yogurt and other dairy products.
Local special circumstances: In Latvia, the Yogurt Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's traditional farming practices and rich dairy culture. The use of locally sourced milk and the production of artisanal yogurt varieties have contributed to the market's unique offerings. Additionally, strict regulations on food labeling and quality standards have fostered a sense of trust and confidence in the market. This, combined with the country's growing health consciousness, has led to a demand for organic and probiotic-rich yogurt options.
Underlying macroeconomic factors: The Yogurt Market of the Dairy Products & Eggs Market within The Food market in Latvia is heavily affected by macroeconomic factors such as the country's economic stability, trade policies, and consumer spending habits. As Latvia continues to experience economic growth and increased consumer spending power, the demand for dairy products, including yogurt, is expected to rise. However, fluctuations in global economic trends and changes in fiscal policies can also impact market performance. Additionally, government initiatives to promote healthy eating habits and increase dairy consumption can also play a significant role in driving 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.
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