After a period of significant upheaval, the Latvian market for cooking ingredients and meals is stabilising in 2024, as consumers finally experience a respite from the price shocks that defined 2022 and 2023. This period of high inflation was the dominant factor affecting consumer behaviour, but now, with prices levelling off or even declining due to sustained promotional activity, consumers are feeling some financial relief.
The ready meals category is performing well in 2024, bolstered by a diverse range of options, particularly in the chilled segment, which is gaining popularity thanks to Latvia’s well-developed retail infrastructure. Stock cubes, a traditional component of Latvian cooking, are experiencing a decline as consumers increasingly opt for convenient, ready-to-use recipe products and pasta sauces, which now capture a larger share of the market.
The competitive landscape remains relatively stable, although private label brands continue to expand their presence. Orkla retains a strong market position through its Spilva brand, which offers a diverse range of products across multiple categories.
Retail channels saw little in the way of major shifts in 2024, with modern retail continuing to dominate, particularly in convenience stores and supermarkets, where its established infrastructure benefits consumer accessibility and choice. E-commerce, however, has lost the momentum it gained during the pandemic, as consumers return to traditional shopping habits and in-person retail experiences.
The forecast for cooking ingredients and meals points to moderate growth, with value gains primarily driven by price inflation rather than increased volume. Certain product categories, such as olive oil, may see increased demand as consumers gravitate towards more premium options.
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Understand the latest market trends and future growth opportunities for the Cooking Ingredients and Meals industry in Latvia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
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Cooking Ingredients and Meals
This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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