Spreads & Sweeteners - Latvia

Latvia

Revenue in the Spreads & Sweeteners market amounts to €41.91m in 2024. The market is expected to grow annually by 5.87% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€132,300m in 2024).
In relation to total population figures, per person revenues of €23.15 are generated in 2024.
In the Spreads & Sweeteners market, volume is expected to amount to 15.90m kg by 2029. The Spreads & Sweeteners market is expected to show a volume growth of 4.3% in 2025.
The average volume per person in the Spreads & Sweeteners market is expected to amount to 7.2kg in 2024.

Key regions: Spain, Japan, China, Philippines, United Kingdom

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Analyst Opinion

The Spreads & Sweeteners market in Latvia has been experiencing slight growth, impacted by factors such as consumer preference for natural and healthier alternatives, increasing demand for convenience products, and the introduction of new flavors and varieties. The minimal growth rate is also influenced by market saturation and competition from other food categories.

Customer preferences: As health and wellness continue to gain importance, consumers in Latvia are gravitating towards healthier options in the Spreads & Sweeteners Market within The Food market. This has led to an increase in demand for natural and organic spreads and sweeteners, as well as alternative sweeteners like stevia and monk fruit. Additionally, there is a growing interest in low-sugar and sugar-free options, driven by the rising prevalence of diabetes and obesity in the country. This trend towards health-consciousness is expected to shape the future of the Spreads & Sweeteners Market in Latvia.

Trends in the market: In Latvia, the Spreads & Sweeteners Market within The Food market is seeing a shift towards healthier and more natural options. Consumers are becoming more health-conscious and are choosing products with reduced sugar content and clean ingredients. This trend is expected to continue, with the demand for alternative sweeteners like stevia and monk fruit increasing. The rise of veganism and plant-based diets is also driving the demand for plant-based spreads and sweeteners. Industry stakeholders should focus on developing and promoting these healthier options to tap into this trend and meet the evolving needs of consumers.

Local special circumstances: In Latvia, the Spreads & Sweeteners Market within The Food market is heavily influenced by the country's agricultural sector. With a large portion of the population living in rural areas and a strong focus on traditional farming methods, the market for locally produced spreads and sweeteners is thriving. Additionally, the country's strict regulations on food production and labeling play a significant role in shaping consumer preferences and driving demand for natural and organic products. The market is also influenced by the country's strong cultural ties to traditional foods and flavors, leading to a preference for locally sourced and traditional spreads and sweeteners.

Underlying macroeconomic factors: The Spreads & Sweeteners Market within The Food market in Latvia is significantly impacted by macroeconomic factors such as consumer spending power, inflation rates, and trade policies. As a small and open economy, Latvia is highly dependent on global economic trends and is particularly sensitive to fluctuations in the European Union market. Furthermore, government policies and fiscal measures, including taxes and subsidies, can greatly influence the performance of the market. As such, any changes in these factors can have a significant impact on the growth and development of the Spreads & Sweeteners Market in Latvia.

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.