Bottled Water - Latvia

The Bottled Water market in Latvia has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Latvia have shifted towards healthier beverage options, with many consumers opting for bottled water as a healthier alternative to sugary drinks. This trend is in line with global and regional market trends, where consumers are becoming more health-conscious and seeking out products that align with their wellness goals. Additionally, the convenience and portability of bottled water make it an attractive option for on-the-go consumers. Trends in the market indicate a growing demand for premium and flavored bottled water in Latvia. Consumers are willing to pay a premium for high-quality, natural spring water or water sourced from unique locations. This trend can be attributed to the increasing disposable income of consumers in Latvia, as well as their desire for unique and indulgent experiences. Flavored bottled water, such as those infused with fruit or herbal extracts, has also gained popularity among consumers looking for a refreshing and flavorful alternative to plain water. Local special circumstances in Latvia, such as the country's abundant natural resources and pristine landscapes, have contributed to the development of the bottled water market. Latvia is known for its clean and pure water sources, making it an ideal location for bottling natural spring water. Additionally, the country's commitment to environmental sustainability has led to the rise of eco-friendly packaging options, such as biodegradable bottles or refillable containers, which appeal to environmentally-conscious consumers. Underlying macroeconomic factors, such as the stable economic growth and increasing disposable income in Latvia, have also played a role in the development of the bottled water market. As consumers have more purchasing power, they are able to afford premium and higher-priced bottled water products. Furthermore, the tourism industry in Latvia has been growing, attracting both domestic and international tourists who contribute to the demand for bottled water. In conclusion, the Bottled Water market in Latvia has experienced growth due to changing customer preferences towards healthier options, emerging trends in the market such as premium and flavored bottled water, local special circumstances such as abundant natural resources and environmental sustainability, and underlying macroeconomic factors including stable economic growth and increasing disposable income.

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.