Between 2013 and 2023, the per capita value of the ice cream market in Latvia showed significant growth, with fluctuations. In 2013, it started at 20.8 Euros, gradually declining until 2017, reaching a low of 17.72 Euros. A sharp increase began in 2018, peaking at 34.98 Euros in 2023. The last two years saw a robust year-on-year growth with rates indicating strong consumer demand. The five-year compound annual growth rate (CAGR) confirms a positive average annual increase.
Future trends to watch for:
- Consumer preference shifts towards premium and innovative flavors.
- Potential influence of health consciousness on ice cream formulations.
- Impact of economic changes on disposable income and spending behavior.
