Fresh Seafood - Latvia

Latvia

Highlights

Revenue in the Fresh Seafood market amounts to US$14.06m in 2024. The market is expected to grow annually by 4.96% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$12bn in 2024).
In relation to total population figures, per person revenues of US$7.77 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 360.10k kg by 2029. The Fresh Seafood market is expected to show a volume growth of 2.7% in 2025.0.
The average volume per person in the Fresh Seafood market is expected to amount to 0.2kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Seafood Market in Latvia is experiencing minimal growth, influenced by factors such as consumer preference for traditional fish markets and slow adoption of digital technologies. However, rising health consciousness and the convenience of online seafood services may drive future growth.

Customer preferences: Consumers in Latvia are showing a growing interest in sustainably-sourced seafood, with a focus on locally-caught fish and shellfish. This trend is driven by a cultural appreciation for fresh and high-quality ingredients, as well as a desire to support local fishermen and reduce the environmental impact of importing seafood. As a result, there has been an increase in demand for artisanal and small-scale fishing methods, as well as a preference for labels and certifications that guarantee sustainable and ethical practices. This shift towards conscious consumption is also reflected in the growing popularity of farmers' markets and farm-to-table restaurants, where consumers can connect with the producers and learn more about the origin of their food.

Trends in the market: In Latvia, the Fresh Seafood Market is experiencing a shift towards sustainable and locally sourced seafood products. This trend is driven by consumer demand for environmentally friendly options and the efforts of industry stakeholders to reduce the carbon footprint of the seafood supply chain. Additionally, there is a growing trend of online seafood marketplaces, providing consumers with a convenient way to purchase fresh seafood directly from fishermen. These trends are expected to continue, with potential implications for industry stakeholders such as increased competition and the need for innovative marketing strategies to target environmentally conscious consumers.

Local special circumstances: In Latvia, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is influenced by the country's location on the Baltic Sea and its strong fishing tradition. The market benefits from being able to offer a wide variety of fresh, locally sourced seafood. However, strict regulatory measures, such as quotas and fishing restrictions, have also played a role in shaping the market. Additionally, the country's cultural appreciation for seafood, particularly smoked fish, has led to a strong demand for these products in the market.

Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors, such as global economic trends, national economic health, and fiscal policies. The market is highly dependent on the overall economic stability of the country, as well as global factors such as trade agreements and tariffs. Additionally, consumer spending power and disposable income also play a significant role in the demand for fresh seafood. Government regulations and policies, such as fishing quotas and import/export regulations, also impact the market. Moreover, the shift towards sustainable fishing practices and increasing consumer awareness about the environmental impact of seafood production are also influencing the market. Overall, a stable economy, favorable policies, and growing demand for sustainable seafood are expected to drive the growth of the Fresh Seafood Market in Latvia.

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.