Fresh Meat - Latvia

Latvia

Highlights

Revenue in the Fresh Meat market amounts to US$648.60m in 2024. The market is expected to grow annually by 6.74% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$261bn in 2024).
In relation to total population figures, per person revenues of US$358.30 are generated in 2024.
In the Fresh Meat market, volume is expected to amount to 69.14m kg by 2029. The Fresh Meat market is expected to show a volume growth of 4.9% in 2025.0.
The average volume per person in the Fresh Meat market is expected to amount to 31.3kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Meat market in Latvia is experiencing minimal growth, influenced by factors such as changing consumer preferences, increasing competition, and government regulations. Despite the challenges, the market is expected to grow steadily, driven by the growing demand for high-quality, locally sourced fresh meat products.

Customer preferences: The Fresh Meat Market in Latvia has seen a rise in demand for locally sourced, organic meat products, as consumers prioritize quality and sustainability. Additionally, there has been a growing interest in alternative protein sources such as plant-based meats, driven by health consciousness and ethical concerns. As the country's population ages, there is also a trend towards convenience, with ready-to-cook and pre-packaged meat products gaining popularity among busy households. These shifts reflect a shift towards more conscious and convenient consumption habits among Latvian consumers.

Trends in the market: In Latvia, the Fresh Meat Market of the Meat Market within The Food market is experiencing a shift towards more sustainable and ethical practices. This includes a rise in demand for organic and locally sourced meat, as well as a push for animal welfare and transparency in production methods. Additionally, there is a growing trend of plant-based and alternative protein options, reflecting changing consumer preferences and health concerns. These trends are expected to continue, influencing industry stakeholders to adapt and innovate in order to cater to evolving consumer demands.

Local special circumstances: In Latvia, the Fresh Meat Market of the Meat Market within The Food market is heavily influenced by the country's geographical location and cultural traditions. As a small, Northern European country, Latvia has a strong tradition of locally sourced and organic foods. This has led to a demand for high-quality, ethically raised meat products, creating a niche market for specialty, artisanal meats. Additionally, strict regulations on food safety and animal welfare have shaped the market, with consumers placing a high value on these standards. These unique factors contribute to the overall market dynamics, as consumers are willing to pay a premium for locally sourced and ethically raised meat products.

Underlying macroeconomic factors: The Fresh Meat Market of the Meat Market within The Food market in Latvia is greatly affected by macroeconomic factors. The global economic trends, such as the rise in disposable income and changing consumer preferences, have a significant impact on the demand for fresh meat. Additionally, the national economic health and fiscal policies play a crucial role in determining the purchasing power of consumers and the overall performance of the market. Other relevant financial indicators, such as inflation, exchange rates, and interest rates, also influence market growth. Moreover, the increasing focus on sustainable and ethical food production has led to the implementation of stricter regulations in this market, which can affect the supply and pricing of fresh meat.

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.