Juices - Latvia

The Juices market in Latvia has been experiencing steady growth in recent years, driven by increasing consumer demand for healthier beverage options.

Customer preferences: Latvian consumers are increasingly conscious about their health and well-being, and this is reflected in their beverage choices. They are opting for juices that are natural, low in sugar, and free from artificial additives. Additionally, there is a growing interest in functional juices that offer additional health benefits, such as those fortified with vitamins or antioxidants.

Trends in the market: One of the key trends in the Juices market in Latvia is the rising popularity of cold-pressed juices. Cold-pressed juices are made by extracting the juice from fruits and vegetables without applying heat, which helps to retain more nutrients and enzymes. This trend is driven by the perception that cold-pressed juices are healthier and more natural than traditional juices. As a result, there has been an increase in the number of juice bars and specialty stores offering cold-pressed juices in Latvia. Another trend in the market is the growing demand for organic juices. Organic juices are made from fruits and vegetables that are grown without the use of synthetic pesticides or fertilizers. This trend is fueled by the increasing awareness of the potential health risks associated with pesticide residues in conventional fruits and vegetables. Consumers are willing to pay a premium for organic juices as they perceive them to be healthier and more environmentally friendly.

Local special circumstances: Latvia has a rich agricultural sector, with a significant portion of its land dedicated to fruit and vegetable cultivation. This abundance of locally grown produce allows for the production of high-quality juices using fresh and locally sourced ingredients. This local advantage has contributed to the growth of the Juices market in Latvia, as consumers are drawn to products that are made with locally sourced ingredients.

Underlying macroeconomic factors: The growing Juices market in Latvia can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income levels. As a result, consumers have more purchasing power and are more willing to spend on premium and healthier beverage options, such as juices. Additionally, the rising health consciousness among Latvian consumers is also influenced by global trends towards healthier lifestyles and diets. In conclusion, the Juices market in Latvia is experiencing growth due to increasing consumer preferences for healthier and natural beverage options. The rise in demand for cold-pressed and organic juices reflects the growing health consciousness among Latvian consumers. The availability of locally grown produce and favorable macroeconomic factors further contribute to the growth of the market.

Data coverage:

The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

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 (e.g. consumer spending on Non-Alcoholic Drinks, consumer spending at Hotels, Restaurants etc.), and price level 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 Non-Alcoholic Drinks 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.