Edible oils play a traditional role in the Latvian diet. Packaged products face little competition from unpackaged alternatives, while small producers and manufacturers of niche products, such as pumpkinseed oil, largely distribute their products through channels such as buyers’ clubs and farmers’ fairs, rather than competing for space and attention with packaged products in large, formal outlets such as supermarkets and convenience stores.
Rising health awareness has particularly benefitted olive oil. Olive oil is widely recognised as one of the healthiest sources of fat, as it contains monounsaturated fatty acids rather than saturated and trans fats, and is rich in antioxidants.
As distributors and producers fight for the olive oil category, the most dynamic within the edible oils environment, there is a high level of price competition. As a result, consumers are more used to price-based promotions.
As consumers become more educated about the different benefits of oils, the health and wellness trend is set to strengthen and become more important than pricing. As a result there is greater potential for the development of new and innovative products.
Olive oil is represented by the largest range of products and brands compared to any other type. For instance Barbora.
In Latvia the vast majority of products are imported. With the growth of modern grocery retailers, coupled with consumers’ increasing demand for quality, consistency and convenience, foreign players are expected to remain dominant in edible oils over the forecast period.
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