Key Market Indicators
Latvian food expenditures are projected to climb to approximately €5.4 billion by 2028, up from around €4.3 billion in 2023. This growth represents an average annual increase of 3.7%. Since the turn of the millennium, Latvia's demand for food has surged at an average annual rate of 8.8%. In the global ranking for 2023, Latvia held the 26th spot. Bosnia and Herzegovina edged out Latvia with expenditures of about €4.3 billion. Leading the list were France, Italy, and the United Kingdom, occupying the second, third, and fourth positions, respectively. Turning to food sales, Latvia is expected to see revenues reach around €2 billion by 2028, up from €1.85 billion in 2023, marking an annual growth rate of 1.4%. Since 2010, the Latvian market has increased at an annual rate of 2%. In 2023, Latvia ranked 28th in food sales, just behind Estonia, which also posted revenues of €1.85 billion. The top spots in this category were held by France, Italy, and Spain, respectively.
