Baby Food - Latvia

Latvia

Revenue in the Baby Food market amounts to €22.53m in 2024. The market is expected to grow annually by 7.86% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€18,340m in 2024).
In relation to total population figures, per person revenues of €12.45 are generated in 2024.
In the Baby Food market, volume is expected to amount to 1.75m kg by 2029. The Baby Food market is expected to show a volume growth of 3.0% in 2025.
The average volume per person in the Baby Food market is expected to amount to 0.8kg in 2024.

Key regions: Canada, United Kingdom, Japan, United States, Spain

Mercado

Región

Comparación de regiones

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Analyst Opinion

The Baby Food Market in Latvia has been experiencing minimal growth, influenced by factors such as declining birth rates and increasing competition from homemade baby food. However, the market is expected to see a slight increase due to the growing popularity of organic and natural baby food options. In addition, the convenience offered by online shopping and increasing health awareness among parents may also contribute to the market's growth.

Customer preferences: As health and wellness continue to gain importance in Latvia, parents are becoming more conscious of the nutritional value of baby food. This has resulted in a growing demand for organic and natural baby food options. Additionally, with busy lifestyles and increasing awareness of the environmental impact of traditional baby food packaging, there is a growing trend towards convenient and eco-friendly options such as pouches and reusable containers. This shift in consumer preferences is also influenced by the rising number of working mothers and the desire for time-saving solutions.

Trends in the market: In Latvia, the Baby Food Market is experiencing a rise in demand for organic and natural baby food products, as consumers become more health-conscious and concerned about the ingredients in their children's food. This trend is expected to continue as parents prioritize the nutritional value and quality of their child's food. Additionally, there is a growing trend towards online shopping for baby food, as busy parents seek convenience and a wider range of options. This presents an opportunity for industry stakeholders to tap into the e-commerce market and expand their distribution channels. Moreover, with the increasing emphasis on sustainability and eco-friendliness, there is a potential for the development of eco-friendly and biodegradable packaging for baby food products. This could not only align with consumers' values but also differentiate brands in a competitive market.

Local special circumstances: In Latvia, the Baby Food Market within The Food market is heavily influenced by the country's rich agricultural history. The use of locally-sourced, organic ingredients is a key trend in the market, catering to the demand for healthy and sustainable options. Additionally, the country's strict regulations on food safety and labeling play a significant role in shaping consumer preferences. This has led to a focus on clearly labeled, traceable products, providing transparency and instilling trust in the market.

Underlying macroeconomic factors: The performance of the Baby Food Market within The Food market in Latvia is heavily impacted by macroeconomic factors such as the country's economic growth, consumer spending power, and government policies. The overall economic health of Latvia, along with global economic trends, can significantly influence the demand and supply of baby food products. Fiscal policies, such as tax rates and subsidies, can also affect the affordability and accessibility of these products for consumers. Moreover, changes in birth rates and population demographics can impact the size and growth of the baby food market in Latvia. These factors must be carefully considered by companies operating in this market to effectively plan and execute their business strategies.

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.