New Food market report from Business Monitor International: "Latvia Food & Drink Report 2014"
Boston, MA -- (SBWIRE) -- 01/02/2014 -- We remain relatively sanguine about the near-term consumer outlook in Latvia and believe that the improving economic outlook could entice back some of the estimated 12% of the population that has emigrated over the past decade, creating upside risks to our forecasts. However, falling population numbers still mean subdued longer-term commercial prospects.
Headline Industry Data (local currency)
- 2014 per capita food consumption: +3.2%; forecast compound annual growth rate (CAGR) to 2017: +3.2%
- 2014 alcoholic drinks sales: -0.3%; forecast CAGR to 2017: +3.0%
- 2014 soft drinks sales: +3.3%; forecast CAGR to 2017: +3.2%
- 2014 mass grocery retail sales: +12.2%; forecast CAGR to 2017: +4.6%
Key Company Trends
Second Latvian Company Enters New Export Markets: Following reports that Rujienas saldejums had started exporting ice cream products to the US, the Baltic News Network reported in May 2013 that competitor Balbiino has started exporting iced yoghurt and sorbet to Russia. This follows Balbiino's entry into the Danish market at the beginning of 2013 and has been made possible by the company's success with Boost juice bars in Estonia and Germany. Rujienas saldejums began exporting to the US in September 2012, and while volumes are currently minimal, the company plans to increase them over time. The company is also aiming to increase its existing exports to Scandinavian countries.
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Latvian Spirits Producer Largest Player In Food And Drink Sector: Latvijas Balzams, which registered 2012 turnover of LVL70mn was listed in the November 2013 Latvian Business Report as the country's largest food and drink company. Its closest rivals are Dobeles Dzirnavnieks, a flour producer with 2012 turnover of LVL62.3mn, and Rigas Piena Kombinats, a dairy company with turnover of LVL57.1mn.
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