Market Insights Consumer Food Convenience Food

Soups - Latvia

Latvia

Revenue in the Soups market amounts to €28.28m in 2024. The market is expected to grow annually by 4.70% (CAGR 2024-2029).
In global comparison, most revenue is generated in Indonesia (€9,282m in 2024).
In relation to total population figures, per person revenues of €15.62 are generated in 2024.
In the Soups market, volume is expected to amount to 9.24m kg by 2029. The Soups market is expected to show a volume growth of 2.6% in 2025.
The average volume per person in the Soups market is expected to amount to 4.6kg in 2024.

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

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Convenience Food Market in Latvia has seen minimal growth due to factors such as consumer preference for home-cooked meals and the traditional soup culture in the country. However, with the increasing popularity of online food delivery services, the Soups Market within the Convenience Food Market is expected to experience some growth in the coming years.

Customer preferences: With the growing demand for convenient and healthy food options, the Soups Market in Latvia has witnessed a notable increase in the popularity of plant-based soups, catering to the growing number of consumers following a vegetarian or flexitarian diet. Additionally, there has been a shift towards soups with clean label ingredients, appealing to health-conscious consumers who prioritize transparency and natural ingredients in their food choices. This trend is also influenced by the rising awareness of food sustainability and ethical consumption among consumers.

Trends in the market: In Latvia, the Soups Market of the Convenience Food Market within The Food market is experiencing a surge in demand for healthier and more convenient options. This trend is being driven by a growing focus on health and wellness, as well as the fast-paced lifestyle of consumers. As a result, there is a rising demand for low-calorie and organic soups, as well as gluten-free and vegan options. This shift towards healthier soups is expected to continue, with industry players investing in research and development to meet the evolving needs of consumers. Additionally, there is a growing trend of online ordering and delivery services for soups, providing convenience for busy consumers. Overall, these trends are likely to have a significant impact on industry stakeholders, as they will need to adapt their offerings and marketing strategies to remain competitive in the market.

Local special circumstances: In Latvia, the Soups Market of the Convenience Food Market within The Food market is heavily influenced by the country's cold climate, as soups are a popular and comforting dish during the long winter months. Additionally, the country's cuisine is heavily influenced by neighboring countries such as Russia and Germany, with hearty and filling soups being a staple in traditional Latvian cuisine. The market is also impacted by the country's growing health consciousness, with consumers seeking out healthier and more natural soup options. This has led to the rise of organic and locally sourced soup products in the market. Furthermore, Latvia's food regulations and labeling laws play a significant role in the soups market, as consumers are becoming more aware of the ingredients and nutritional value of their food choices. This has led to the rise of low-sodium and preservative-free soup options in the market.

Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market in Latvia is heavily influenced by macroeconomic factors such as disposable income, consumer spending patterns, and population demographics. The country's strong economic growth and increasing disposable income have led to a rise in demand for convenient and ready-to-eat food products, including soups. Additionally, favorable government policies and investments in the food industry have further boosted market growth. The aging population and busy lifestyles of consumers have also contributed to the growing demand for convenient food options, particularly in the soup segment.

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.