From 2013 to 2023, Latvia's prepared pet foods market experienced a steady increase, reaching 46.12 Euros per capita by 2023. Notable fluctuations occurred in 2020 with a 14.7% rise and a slight decline by 2021. The two-year growth trend shows stability, with variations of 5.4% in 2022 and 4.7% in 2023. Over the past five years, the market demonstrated a robust compound annual growth rate (CAGR) of 4.9%, emphasizing ongoing consumer demand for prepared pet foods.
Future trends to watch in Latvia include:
- Increasing pet ownership driving market growth.
- Shift towards premium and specialized pet foods.
- Impact of economic factors on disposable income and pet-related expenditure.
- Potential influence of sustainability trends on packaging and product formulation.
