Meat - Latvia | Statista Market Forecast

Revenue in the Meat market amounts to US$1.02bn in 2024. The market is expected to grow annually by 5.42% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$273bn in 2024).
In relation to total population figures, per person revenues of US$563.80 are generated in 2024.
In the Meat market, volume is expected to amount to 129.70m kg by 2029. The Meat market is expected to show a volume growth of 2.4% in 2025.0.
The average volume per person in the Meat market is expected to amount to 64.6kg in 2024.

Definition:

The Meat market covers animal (both domestic and wild) and non-animal meat that are bought and consumed for nutrient-based purposes.

Structure:

The market consists of 3 different submarkets:

The Fresh Meat market covers meat from both domestic and wild animals that are fresh, chilled, or frozen. This market is divided into five submarkets: beef & veal, pork, mutton & goat, poultry, and other fresh meat.
The Processed Meat market covers all types of meat that has been dried, salted, brined, or smoked. This segment is divided into three subsegments: cold & roast meat products, ham & bacon, sausages.
The Meat Substitutes market covers meat-replacement food items created from vegetarian or vegan components.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

For more information on the displayed data, click the info button on the right side of each box.

Fresh Meat
Processed Meat
Meat Substitutes

Meat-based ready-to-eat meals
Out-of-home consumption

The Meat Market in Latvia is experiencing minimal growth due to factors such as the increasing demand for healthier food options, rising consumer awareness about the environmental impact of meat consumption, and the availability of alternative meat substitutes. Despite these challenges, the Fresh Meat and Processed Meat sub-markets are still performing relatively well, while the Meat Substitutes sub-market is growing at a faster rate. However, overall growth in the Meat Market is being hindered by factors such as strict regulations and cultural preferences towards traditional meat products.

Customer preferences: With a growing emphasis on health and wellness, consumers in Latvia are increasingly opting for locally sourced, organic, and sustainably produced meat products. This trend is driven by a desire for transparency and ethical practices in food production, as well as a preference for high-quality, nutrient-dense options. In addition, there has been a rise in demand for plant-based meat alternatives, reflecting a growing interest in vegetarian and flexitarian lifestyles. These shifts in consumer preferences are also influenced by a younger and more health-conscious demographic, who are actively seeking out healthier and more environmentally friendly options in The Food market.

Trends in the market: In Latvia, the Meat Market within The Food market is experiencing an increased demand for organic and locally-sourced meat products. This trend is driven by a growing awareness of health and sustainability, as well as a desire to support local farmers. As a result, more food retailers are offering organic meat options and restaurants are featuring locally-sourced menu items. This trajectory is significant for industry stakeholders as it presents an opportunity to cater to the changing preferences of consumers and differentiate themselves in a competitive market. However, it may also pose challenges for smaller meat producers who may struggle to meet the demand and compete with larger companies. Additionally, there may be implications for the overall supply chain and pricing of meat products in the market.

Local special circumstances: In Latvia, the Meat Market within The Food market is heavily influenced by the country's agricultural sector and strong traditions of meat consumption. With a long history of livestock farming, Latvia has a well-established supply chain for high-quality meats. Additionally, the cultural preference for hearty, meat-based dishes drives demand for a wide variety of meats, from pork and beef to more unique options like elk and wild boar. The government's strict regulations on food safety and labeling also play a role in shaping the market, ensuring consumers have access to safe and accurately labeled meat products. These unique factors contribute to the dynamic and diverse nature of the Meat Market in Latvia.

Underlying macroeconomic factors: The Meat Market within The Food market in Latvia is heavily influenced by macroeconomic factors such as consumer purchasing power, government policies, and economic stability. As a small, open economy heavily reliant on trade, Latvia's economic health is closely tied to global economic trends. Any disruptions in global trade or fluctuations in commodity prices can significantly impact The Food market, including the meat market. Additionally, government policies such as subsidies, tariffs, and import restrictions can affect the availability and cost of meat products in the market. The overall economic stability of the country also plays a crucial role in consumer confidence and spending, which ultimately affects the performance of the meat market.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

In the past, many cultures considered meat a luxury that could only be enjoyed on special occasions or certain days of the week, while today it is a staple that can be found in nearly all restaurants and many kitchens all over the world. The market value of the meat industry is expected to rise from 897.5 billion U.S. dollars in 2021 to over 1.3 trillion dollars by 2027. In 2022, the United States saw the highest revenue from meat products and sausages, over five billion U.S. dollars more than the second largest meat market in the world, Germany with a revenue of over 33.6 billion U.S. dollars. France, Russia, and Mexico are finishing the top five countries with the biggest revenue from processed meats.