PROSPECTS AND OPPORTUNITIES
Growth in immune-boosting products provides opportunities as value sales stagnate
Although a well-established option in Latvia, herbal/traditional products will face limitations in the forecast period, as OTC products have a distinct advantage. Moreover, herbal/traditional products are fairly expensive in Latvia and many consumers will think twice before purchasing them.
Expansion of ethical and sustainable products provides scope for brands to differentiate
With the growing importance of ethical sourcing and sustainability, products that emphasise these values are likely to gain even more traction in Latvia. Brands that focus on eco-friendly packaging, fair trade ingredients, or locally sourced herbs, like Mádara, can set themselves apart in this category.
Broader acceptance of integrative health products
As more Latvians combine herbal remedies with conventional medicine, there is a real opportunity for growth in integrative health products that offer a holistic approach to wellness. Companies could develop product lines that are specifically designed to complement traditional treatments, like herbal supplements that enhance the effectiveness of regular medications.
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Overview:
Understand the latest market trends and future growth opportunities for the Herbal/Traditional Products 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.
If you're in the Herbal/Traditional Products 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 Herbal/Traditional Products 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 Herbal/Traditional Products in Latvia?
- Which are the leading brands in Herbal/Traditional Products in Latvia?
- How are products distributed in Herbal/Traditional Products in Latvia?
- How has the regulatory and operating environment for Herbal/Traditional Products changed in Latvia?
- How are considerations such as stress, self-medication and shifting consumer lifestyles shaping demand for Herbal/Traditional Products
- How significant are wider health concerns and consumer awareness in determining sales?
- Where is future growth expected to be most dynamic?
Herbal/Traditional Products in Latvia - Category analysis
KEY DATA FINDINGS
Robust demand for immune health-related products supports category sales
Sustainable products gain popularity in herbal/traditional products
Herbal/traditional products integrate with conventional medicines
Growth in immune-boosting products provides opportunities as value sales stagnate
Expansion of ethical and sustainable products provides scope for brands to differentiate
Broader acceptance of integrative health products
Consumer Health in Latvia - Industry Overview
Consumer health in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for consumer health?
OTC registration and classification
Vitamins and dietary supplements registration and classification
Self-medication/self-care and preventive medicine
Switches
DISCLAIMER
DEFINITIONS
The following categories and subcategories are included:
Herbal/Traditional Products
- Herbal/Traditional Topical Analgesics
- Herbal/Traditional Sleep Aids
- Herbal/Traditional Cough, Cold and Allergy (Hay Fever) Remedies
- Herbal/Traditional Digestive Remedies
- Herbal/Traditional Dermatologicals
- Herbal/Traditional Paediatric Dietary Supplements
- Herbal/Traditional Dietary Supplements
- Herbal/Traditional Tonics
Herbal/Traditional Products
Botanicals or traditional remedies are products that have a long tradition of use, decades of established reputation, and are considered alternative remedies to standard medicine. Traditional medicine remedies such as Ayurveda, Traditional Chinese Medicine (TCM), Unani, Kampo, etc. are included. Homeopathic remedies are excluded. Only packaged products are tracked.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Herbal/Traditional Products research and analysis database.
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