Cooking ingredients and meals in 2024: The big picture
After a period of significant upheaval, the Latvian market for cooking ingredients and meals is stabilising in 2024, as consumers finally experience a respite from the price shocks that defined 2022 and 2023. This period of high inflation was the dominant factor affecting consumer behaviour, but now, with prices levelling off or even declining due to sustained promotional activity, consumers are feeling some financial relief.
Key trends in 2024
The ready meals category is performing well in 2024, bolstered by a diverse range of options, particularly in the chilled segment, which is gaining popularity thanks to Latvia’s well-developed retail infrastructure. Stock cubes, a traditional component of Latvian cooking, are experiencing a decline as consumers increasingly opt for convenient, ready-to-use recipe products and pasta sauces, which now capture a larger share of the market.
Competitive landscape
The competitive landscape remains relatively stable, although private label brands continue to expand their presence. Orkla retains a strong market position through its Spilva brand, which offers a diverse range of products across multiple categories.
Channel developments
Retail channels saw little in the way of major shifts in 2024, with modern retail continuing to dominate, particularly in convenience stores and supermarkets, where its established infrastructure benefits consumer accessibility and choice. E-commerce, however, has lost the momentum it gained during the pandemic, as consumers return to traditional shopping habits and in-person retail experiences.
What next for cooking ingredients and meals?
The forecast for cooking ingredients and meals points to moderate growth, with value gains primarily driven by price inflation rather than increased volume. Certain product categories, such as olive oil, may see increased demand as consumers gravitate towards more premium options.
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Overview:
Understand the latest market trends and future growth opportunities for the Cooking Ingredients and Meals industry in Latvia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
If you're in the Cooking Ingredients and Meals industry in Latvia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Cooking Ingredients and Meals in Latvia report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Cooking Ingredients and Meals in Latvia?
- Which are the leading brands in Cooking Ingredients and Meals in Latvia?
- How are products distributed in Cooking Ingredients and Meals in Latvia?
- How is the rise of e-commerce and/or the expansion of modern grocery retail impacting traditional retail?
- What are the key health and wellness concerns driving, or challenging, sales in Cooking Ingredients and Meals?
- How significant are vegan and vegetarian dietary requirements in determining sales growth in Latvia?
- How has COVID-19 impacted consumer demand? To what extent have lockdown, home seclusion and stockpiling boosted sales? Will the longer term economic repercussions of the pandemic stimulate or suppress future growth?
- Where is future growth expected to be most dynamic?
- How significant will values-based claims, such as sustainability and ethical labelling, be in supporting future growth and brand equity?
Cooking Ingredients and Meals in Latvia
Cooking ingredients and meals in 2024: The big picture
Key trends in 2024
Competitive landscape
Channel developments
What next for cooking ingredients and meals?
DISCLAIMER
Edible Oils in Latvia
KEY DATA FINDINGS
Minimal growth in a challenging market landscape
Olive oil remains a niche category
Consistent demand for sunflower and rapeseed oils
Continued stability without major expansion expected
Olive oil shows potential through premiumisation and health appeal
Private label expected to capture greater market share in diverse segments
Meals and Soups in Latvia
KEY DATA FINDINGS
Stable growth amid economic pressures
Soup segment drives positive dynamics
Maxima's strategic expansion in private label soups
Gradual growth supported by expanding product range
Moderate but consistent demand for chilled and frozen pizzas
Strong consumer preference for freshness drives chilled meals
Sauces, Dips and Condiments in Latvia
KEY DATA FINDINGS
Stabilisation following economic volatility
Shift from stock cubes to modern alternatives
Recipe sauces and speciality flavours drive growth
Flat growth in core categories, potential in niche segments
Ketchup and mayonnaise remain key products, despite evolving preferences
Private label gain momentum across product categories
Sweet Spreads in Latvia
KEY DATA FINDINGS
Positive momentum for a competitive market
Steady demand for jams despite cost challenges
Diet and nutrition trends show mixed impact on peanut butter
Gradual growth expected, driven by premiumisation and pricing
Honey faces challenges from artisanal competitors
Jams to remain a mainstay of the category
The following categories and subcategories are included:
Cooking Ingredients and Meals
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- Olive Oil
- Corn Oil
- Palm Oil
- Rapeseed Oil
- Soy Oil
- Sunflower Oil
- Other Edible Oil
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- Dried Ready Meals
- Shelf Stable Ready Meals
- Chilled Ready Meals
- Frozen Ready Meals
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- Dry Soup
- Shelf Stable Soup
- Chilled Soup
- Frozen Soup
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- Chilled Pizza
- Frozen Pizza
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- Meal Kits
- Quick Recipe Kits
- Chilled Lunch Kits
- Prepared Salads
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- Liquid Stocks and Fonds
- Stock Cubes and Powders
- Gravy Cubes, Powders and Pots
- Monosodium Glutamate
- Herbs and Spices
- Tomato Pastes and Purées
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- Liquid Recipe Sauces (excl pasta sauces)
- Dry Recipe Sauces
- Pasta Sauces
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- Barbecue Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Sauces
- Chili Sauces
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- Dips
- Yeast-based Spreads
- Pickled Products
- Other Sauces and Condiments
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- Honey
- Chocolate Spreads
- Jams and Preserves
- Nut and Seed Based Spreads
Why buy this report?
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This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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