The market size for processed herrings (whole or in pieces) in Latvia stood at 14.03 million euros in 2023, reflecting a slight growth trajectory over the past decade. The growth from 13.897 million euros in 2022 represents a year-on-year increase of 0.96%. Over the last five years, the compound annual growth rate (CAGR) has been low, at 0.31%, indicating stable but slow expansion. This sluggish growth rate is consistent with the trends seen over the last two years, where year-on-year growth has remained under 1%.
Future trends to watch in this market include:
- Potential consumer shifts towards sustainable seafood options.
- Technological advancements in packaging and preservation.
- Impact of economic conditions on consumer purchasing power.
