Key Market Indicators
Latvia's wine industry is projected to experience significant growth over the next few years, with revenue expected to reach approximately €200,000 by 2028. This marks a substantial increase from the €100,000 revenue recorded in 2023, reflecting an average annual growth rate of 14.9%. The Latvian wine market has remained stable since 2019. In 2023, Latvia ranked 18th in Europe for wine revenue, trailing behind Denmark, which also reported €100,000. Italy, Spain, and Germany held the second, third, and fourth positions, respectively. Wine consumption in Latvia is also on an upward trajectory. By 2028, consumption is forecasted to hit 10,780 metric tons, up from 10,000 metric tons in 2023, growing at a compound annual growth rate (CAGR) of 1.6%. Since 2019, the demand for wine in Latvia has surged by 7.4% annually. In the 2023 global ranking, Latvia stood at the 63rd position, with Costa Rica just ahead at 10,000 metric tons. France, the United States, and Italy ranked second, third, and fourth, respectively. On the production front, Latvia's wine output is expected to reach 3,020 metric tons by 2028, up from 2,910 metric tons in 2023, marking an annual growth of 0.7%. Since 1997, the country's wine supply has increased by 1.7% per year. In 2023, Latvia was ranked 54th in global wine production, with Lithuania overtaking at 2,910 metric tons. France, Spain, and the United States secured the second, third, and fourth positions in this category.
