Vegetables - Latvia

Latvia

Highlights

Revenue in the Vegetables market amounts to US$501.70m in 2024. The market is expected to grow annually by 4.31% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$159bn in 2024).
In relation to total population figures, per person revenues of US$277.10 are generated in 2024.
In the Vegetables market, volume is expected to amount to 193.90m kg by 2029. The Vegetables market is expected to show a volume growth of 2.0% in 2025.0.
The average volume per person in the Vegetables market is expected to amount to 99.6kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Vegetables Market in Latvia has been witnessing minimal growth, influenced by factors such as changing consumer preferences for fresh produce, competition from processed options, and economic fluctuations affecting purchasing power among consumers.

Customer preferences: Consumers in Latvia are increasingly prioritizing locally sourced and organic vegetables, reflecting a growing awareness of health and sustainability. This trend is bolstered by a younger demographic that values fresh, unprocessed foods and is willing to pay a premium for quality produce. Additionally, the rise of urban gardening and community-supported agriculture reflects a cultural shift towards self-sufficiency and a connection to food origins. E-commerce platforms are also gaining traction, offering convenience and access to a wider variety of vegetables, catering to busy lifestyles.

Trends in the market: In Latvia, the Vegetables Market is experiencing a notable shift towards organic and locally sourced produce, driven by an increasing consumer awareness of health and environmental sustainability. This trend is particularly prominent among younger consumers who are not only looking for fresh, unprocessed vegetables but are also willing to invest in premium quality. Urban gardening initiatives and community-supported agriculture are gaining popularity, fostering a deeper connection to food sources. Furthermore, the growth of e-commerce platforms is enhancing accessibility and convenience, catering to the demands of busy urban lifestyles and potentially reshaping traditional distribution channels for industry stakeholders.

Local special circumstances: In Latvia, the Vegetables Market is uniquely shaped by its geographical conditions, including a temperate climate that favors diverse vegetable cultivation. The cultural emphasis on traditional farming practices, coupled with a strong community spirit, promotes local farmer's markets and cooperatives. Regulatory support for organic farming through subsidies encourages farmers to adopt sustainable practices. Additionally, the historic appreciation for seasonal produce influences consumer preferences, driving demand for fresh, locally sourced vegetables and enhancing the market's focus on sustainability.

Underlying macroeconomic factors: The Vegetables Market in Latvia is significantly impacted by macroeconomic factors such as national economic stability, agricultural policy frameworks, and global trade dynamics. The health of the Latvian economy, characterized by growth rates and consumer confidence, directly influences spending on fresh produce. Favorable fiscal policies, including subsidies for sustainable farming, bolster local agriculture, promoting organic vegetable production. Additionally, global trends, such as increasing demand for healthy eating and environmental sustainability, encourage local farmers to align with these preferences. Fluctuations in energy prices and supply chain disruptions further affect production costs and availability, ultimately shaping market performance.

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.