Pet Food - Latvia

Latvia

Revenue in the Pet Food market amounts to US$74.91m in 2024. The market is expected to grow annually by 5.01% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$59,740m in 2024).
In relation to total population figures, per person revenues of US$41.38 are generated in 2024.
In the Pet Food market, volume is expected to amount to 31.32m kg by 2029. The Pet Food market is expected to show a volume growth of 2.6% in 2025.
The average volume per person in the Pet Food market is expected to amount to 15.3kg in 2024.

Key regions: Russia, Spain, Philippines, United Kingdom, India

Market

Region

Region comparison

Currency

Analyst Opinion

The Pet Food Market in Latvia has seen minimal growth, impacted by factors such as low disposable income and a preference for homemade pet food. Despite this, the convenience of online shopping and increasing pet ownership may drive growth in the future.

Customer preferences: As pet owners become more health-conscious, they are seeking out natural and organic pet food options, resulting in a growing demand for premium and specialized pet food products. Additionally, the trend towards humanization of pets has led to an increase in demand for pet food with functional ingredients, such as probiotics and superfoods. This shift in consumer preferences is also influenced by the growing awareness of the importance of nutrition for pets' overall health and well-being.

Trends in the market: In Latvia, the Pet Food market has experienced a shift towards natural and organic products, as pet owners become more health-conscious and seek out higher quality options for their furry companions. This trend is expected to continue, with an increasing demand for specialty and premium pet food products. Additionally, online sales of pet food have seen a significant increase, as consumers opt for the convenience of home delivery. These trends are significant for industry stakeholders, as it presents opportunities for new product development and expansion into e-commerce platforms. However, it also poses challenges for traditional brick-and-mortar retailers who may struggle to compete with online sales. Therefore, it is crucial for industry players to adapt and innovate in order to stay competitive in the evolving pet food market in Latvia.

Local special circumstances: In Latvia, the Pet Food Market is heavily influenced by the country's small population and limited land for agriculture. This has led to a reliance on imported ingredients, resulting in higher prices for pet food. Additionally, the country's growing trend towards organic and natural products has influenced the types of pet food available, with a focus on premium and natural ingredients. Furthermore, strict regulations on animal welfare and food safety have made the market more competitive and driven companies to prioritize high-quality, safe products.

Underlying macroeconomic factors: The Pet Food Market in Latvia is heavily impacted by macroeconomic factors, such as the country's economic health and fiscal policies. As a small, open economy, Latvia is greatly influenced by global economic trends, which can affect consumer spending and purchasing power. Additionally, changes in national economic policies, such as tax rates and trade agreements, can also have a significant impact on the performance of the Pet Food Market. Other financial indicators, such as inflation and interest rates, also play a role in shaping the market's growth and profitability. These factors must be carefully considered when analyzing the Pet Food Market in Latvia and making strategic business decisions.

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.