Processed Meat - Latvia

Latvia

Revenue in the Processed Meat market amounts to US$370.00m in 2024. The market is expected to grow annually by 2.93% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$42bn in 2024).
In relation to total population figures, per person revenues of US$204.40 are generated in 2024.
In the Processed Meat market, volume is expected to amount to 60.47m kg by 2029. The Processed Meat market is expected to show a volume growth of 0.1% in 2025.
The average volume per person in the Processed Meat market is expected to amount to 33.2kg in 2024.

Key regions: India, China, United Kingdom, Spain, South Korea

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Analyst Opinion

The Processed Meat Market in Latvia is experiencing minimal growth due to various factors such as changing consumer preferences, increasing health concerns, and the rise of alternative protein options. The sub-markets of Ham & Bacon, Sausages, and Cold & Roast Meat Products are also impacted by these factors, leading to a slow overall market growth rate. The convenience and availability of online food ordering and delivery services have also contributed to the stagnant growth of the Processed Meat Market in Latvia.

Customer preferences: The Processed Meat Market within the Meat Market of The Food market in Latvia has seen a rise in demand for healthier and more sustainable options. As consumers become more health-conscious, there has been a shift towards plant-based alternatives and clean label products. This trend is influenced by the increasing awareness of the environmental impact of meat production and the desire for ethically sourced products. Additionally, the rise of flexitarianism and the growing millennial and Gen Z populations have also contributed to the demand for more diverse and ethical meat options.

Trends in the market: In Latvia, the Processed Meat Market within the Meat Market of The Food market is experiencing a shift towards healthier and more sustainable options. As consumers become more health-conscious, there is a growing demand for processed meat products made from natural and organic ingredients. Additionally, there is a trend towards plant-based and alternative protein options, such as tofu and tempeh, as more people adopt vegetarian and flexitarian diets. This trend is significant as it reflects changing consumer preferences and presents opportunities for industry stakeholders to diversify their offerings. However, it also poses challenges for traditional meat producers who may need to adapt their production processes and offerings to stay competitive in the market.

Local special circumstances: In Latvia, the Processed Meat market is heavily influenced by the country's rich cultural traditions and love for meat products. Due to its geographical location, Latvia is a major producer and exporter of high-quality meat products to other European countries. Additionally, the country's strict food safety regulations ensure the production of safe and high-quality processed meat products. These factors, along with the growing demand for convenience food, have led to the steady growth of the Processed Meat Market in Latvia.

Underlying macroeconomic factors: The Processed Meat Market of the Meat Market within The Food market in Latvia is impacted by various macroeconomic factors. These include the country's economic health, global economic trends, fiscal policies, and other financial indicators. The market performance is influenced by the overall economic growth of the country, as well as its stability and policies. Additionally, consumer spending patterns, inflation rates, and labor market conditions also affect the demand for processed meat products. Furthermore, government regulations and trade policies can have a significant impact on the market, particularly in terms of import and export of processed meat products.

Methodology

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.