Latvia Wine Industry Outlook 2022 - 2026

Key Market Indicators

Revenue from Latvian wine is expected to hit €12 million by 2026, up from €10 million in 2021. This represents an average growth rate of 2.8% year on year. Since 2019, the Latvian market has declined by 1% annually. In 2021, the country ranked 19th in the world, with Denmark coming in ahead at €10 million. Italy, Spain and Germany were the top three respectively. Latvian wine consumption is projected to reach 94,600 metric tons by 2026, compared to 85,500 metric tons in 2021. This represents a yearly average growth rate of 1.3%. Since 2017, demand in Latvia has risen by 6.9% annually. In 2021, the country ranked 69th globally, with the Dominican Republic coming in first at 85,500 metric tons. France, the United States and Italy were the top three. Latvian wine production is forecast to reach 28,300 metric tons by 2026, up from 27,200 metric tons in 2021. This equates to a CAGR of 0.4%. Since 1997, Latvian supply has increased by 1.4% each year. In 2021, the country was 54th in the world, with Lithuania overtaking at 27,200 metric tons. France, Spain and the United States were the top three.

Latvia Wine Market Data and Forecasts

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