Fearing supply chain disruption, many Latvian consumers rushed to stock up on cooking essentials during the early stages of the pandemic. Meanwhile, with restaurants and cafés closed for an extended period, a significant quantity of volume sales of edible oils shifted from the foodservice channel to retail.
Edible oils have traditionally played a significant role in the Latvian diet. Although retail volume sales are still dominated by rapeseed oil and particularly sunflower oil, olive oil is emerging as a strong presence in Latvian edible oils, significantly outperforming its more established peers in terms of retail current value sales growth over the course of the review period.
International players like Cargill Inc and Bunge Ltd, with their Risso and Floriol brands, respectively, continue to lead in value sales of edible oils in Latvia. However, Cargill Inc’s local subsidiary, Associated Oil Packers bvba, is steadily losing retail value share because it lacks a significant presence in olive oil.
Retail current value sales of edible oils are forecast to be almost static in 2021. With life getting back to normal after the pandemic, many households will run down the stocks of edible oils they built up during the early stages of the pandemic, while the foodservice channel will regain some of the volume sales it lost to retail during the lockdown.
As consumers become more educated about the health benefits of different types of oils and are more prepared to pay a premium for them, the pace of new product development is likely to accelerate. In olive oil, more attention is likely to be paid to a product’s place of origin and the production process.
Rimi Latvia SIA has already demonstrated that local consumers have no qualms about buying private label in edible oils. With German discounter Lidl set to open its first stores in Latvia in the very near future, the range of private label products available to local consumers is set to significantly broaden.
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
Understand the latest market trends and future growth opportunities for the Edible Oils 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 Edible Oils 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.
This report originates from Passport, our Edible Oils research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Home Page