Fruits & Nuts - Latvia

Latvia

Revenue in the Fruits & Nuts market amounts to €353.10m in 2024. The market is expected to grow annually by 4.71% (CAGR 2024-2029).
In global comparison, most revenue is generated in India (€124bn in 2024).
In relation to total population figures, per person revenues of €195.10 are generated in 2024.
In the Fruits & Nuts market, volume is expected to amount to 103.80m kg by 2029. The Fruits & Nuts market is expected to show a volume growth of 2.5% in 2025.
The average volume per person in the Fruits & Nuts market is expected to amount to 52.0kg in 2024.

Key regions: United Kingdom, Spain, South Korea, Russia, Philippines

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Analyst Opinion

The Fruits & Nuts Market in Latvia is experiencing minimal growth, influenced by factors such as shifting consumer preferences towards healthier options, increased availability of local produce, and the rising popularity of value-added fruit products.

Customer preferences: Consumers in Latvia are gravitating towards organic and locally sourced fruits and nuts, reflecting a growing awareness of sustainability and health. This trend is particularly pronounced among younger demographics, who prioritize eco-friendly practices and nutritional value. Additionally, the rise of plant-based diets is influencing purchasing decisions, with many opting for nuts as protein alternatives. Cultural events celebrating local agriculture further encourage the appreciation for homegrown produce, fostering a deeper connection between consumers and their food sources.

Trends in the market: In Latvia, the Fruits & Nuts Market is experiencing a notable shift towards organic and locally sourced products, driven by consumers’ increasing emphasis on health and sustainability. Younger generations are leading this trend, favoring eco-friendly options and nutritional benefits. The popularity of plant-based diets is also reshaping purchasing habits, with nuts emerging as key protein sources. Additionally, cultural initiatives that celebrate local agriculture enhance consumer engagement with regional produce. These trends present significant opportunities for industry stakeholders to innovate and align their offerings with evolving consumer preferences, fostering sustainable growth.

Local special circumstances: In Latvia, the Fruits & Nuts Market is uniquely influenced by its rich agricultural heritage and a strong emphasis on sustainability. The country’s diverse climate allows for the cultivation of various fruits and nuts, fostering a local food culture that values freshness and quality. Cultural festivals celebrating traditional Latvian foods promote awareness and appreciation for locally sourced produce. Regulatory support for organic farming also enhances market dynamics, encouraging farmers to adopt eco-friendly practices. These local factors drive a consumer shift towards healthier, sustainable options, presenting opportunities for innovative product development.

Underlying macroeconomic factors: The Fruits & Nuts Market in Latvia is significantly shaped by macroeconomic factors such as national economic stability, consumer spending patterns, and global trade dynamics. Latvia's growing economy, characterized by rising disposable incomes and increasing consumer awareness of health and sustainability, is driving demand for fresh, locally sourced produce. Additionally, favorable fiscal policies supporting agricultural development and organic farming initiatives enhance market opportunities. Global trends, including the increasing popularity of plant-based diets and environmental sustainability, further influence consumer preferences, creating a fertile ground for innovation in product offerings and market expansion.

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.