Key Market Indicators
Latvia's catering industry is projected to see a modest rise in revenue, reaching approximately €6.5 million by 2028. This marks an increase from €5.9 million in 2023, with a compound annual growth rate (CAGR) of 1.3%. Over the past decade, the Latvian catering market has grown at an average rate of 4.7% per year. In the European rankings for 2023, Latvia secured the 28th spot, just behind Bulgaria, which reported earnings of €5.9 million. Leading the rankings were the United Kingdom, France, and Belgium, occupying the second, third, and fourth positions, respectively. In terms of expenditure, Latvian catering spending is expected to climb to €1,420 million by 2028, up from €1,250 million in 2023. This represents an annual growth rate of 2%. Since the turn of the millennium, the nation's demand for catering services has surged, with an average yearly increase of 6.9%.
