Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Latvia is experiencing steady growth due to factors such as increasing demand for fresh and processed options, as well as rising health consciousness among consumers. However, the market's growth rate is minimal, potentially influenced by factors such as limited availability of certain species and competition from other protein sources.
Customer preferences: Consumers in Latvia are showing a growing interest in sustainability and ethical sourcing when it comes to their seafood choices. This is reflected in the rising demand for certified sustainable seafood and locally sourced products. Additionally, there is a preference for fresh, wild-caught seafood over farmed options. This trend is driven by a growing awareness of the environmental impact of seafood production and a desire for healthier and more natural food options.
Trends in the market: In Latvia, the Fish & Seafood Market within The Food market is experiencing a rise in demand for sustainably sourced seafood. This trend is driven by increasing consumer awareness of the environmental impact of fishing practices and the desire for healthier and more ethical food choices. As a result, there is a growing number of certifications and labels for sustainable seafood, and seafood companies are implementing traceability and transparency measures to meet consumer demands. This trend is expected to continue, with potential implications for industry stakeholders such as increased competition and the need for investment in sustainable practices.
Local special circumstances: In Latvia, the Fish & Seafood Market is heavily influenced by the country's geographical location on the Baltic Sea. The availability of fresh and diverse seafood has led to a strong demand for these products in the local market. Additionally, Latvia's rich fishing tradition and cultural appreciation for seafood have further contributed to the growth of the market. However, strict regulations and sustainability concerns have also played a role in shaping the market, with consumers becoming more conscious of their seafood choices. This has led to a rise in certified sustainable seafood options and initiatives promoting responsible fishing practices.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in Latvia is highly influenced by macroeconomic factors such as trade policies, consumer spending, and overall economic stability. As a small, open economy, Latvia is heavily dependent on global economic trends, making it vulnerable to external shocks. Furthermore, the country's robust fishing industry and favorable regulations have contributed to the growth of the fish and seafood market. However, economic challenges such as inflation and high unemployment rates have impacted consumer purchasing power and thus, the demand for fish and seafood products. Government initiatives to promote sustainable fishing practices and investments in infrastructure to support the industry are expected to drive market growth in the coming years.
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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