In 2020, chocolate confectionery was impacted by the COVID-19 pandemic, with current value and current volume sales declining noticeably. Lockdown implemented on 13 March 2020 in Latvia, and many Latvians became unemployed or faced financial difficulties.
Despite previously being the most dynamic within chocolate confectionery traditionally, seasonal chocolate was an area hit the worst during 2020, seeing current value decline drastically. Chocolate confectionery heavily relies on seasonality in Latvia, and as Easter took place during lockdown in 2020, this impacted overall sales.
There were few launches during 2020, with players keen to focus on their most popular offerings throughout the year, during a time of uncertainty and financial worry. As such, many players put off launches of new offerings until 2021, and therefore, we are likely to see new ranges and products on shelves, during the year.
With the vaccination taking place in 2021, a recovery is expected to be seen from the second half of the year, boosted by new launches and innovations that were halted during 2020 due to the pandemic.
The population of Latvia has been declining for several years and will continue to do so over the forecast period. This is a result of both negative natural growth and negative net migration as more Latvians are leaving the country than immigrants coming to it.
Due to the outbreak of COVID-19 in 2020, the health and wellness trend is set to grow over the coming years, with more Latvians starting to take into account their overall health. This will lead to the launch of low-calorie chocolate options and lower sugar and fat options.
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Understand the latest market trends and future growth opportunities for the Chocolate Confectionery industry in Latvia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Chocolate Confectionery research and analysis database.
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