From 2013 to 2023, the market size value of processed herrings in Latvia has shown a general upward trend, increasing from €5.44 to €7.46 per capita. Notable fluctuations include a slight decline in 2016, yet the trend remains positive with a year-on-year increase particularly evident from 2021 to 2023. Specifically, the year-on-year growth rates for the last two years were approximately 1.37% and 1.37%, respectively. The five-year compound annual growth rate (CAGR) from 2019 to 2023 is approximately 1.44%, indicating consistent expansion in the market.
Looking ahead, future trends to watch in the Latvian herring market include potential shifts due to evolving consumer preferences for sustainable and locally-sourced products, changes in environmental regulations affecting supply, and the macroeconomic impacts influencing consumer purchasing power.
