The hot and long summer in 2018 resulted in a strong performance for most ice cream producers, with the cooler summer of 2019 contributing to the decline in sales. Consumers’ increasing disposable incomes however benefitted more expensive ice cream brands in both years, while the share of economy ice cream continued to shrink.
Latvia’s cold climate and strong seasonal weather shifts represent the greatest threat to year-round sales of ice cream and frozen desserts in Latvia. However, innovations within frozen desserts aim to overcome pronounced seasonality.
Over the forecast period, the ice cream and frozen desserts category is expected to encounter strong downwards pressure on sales. The high seasonality of demand is something that players in this environment will need to overcome to achieve a greater and more consistent performance.
Local players continue to strengthen their positions in the category and launch new products that make it more difficult for foreign companies to gain a stronger presence. For instance, local companies challenge their famous international counterparts by offering products at lower prices, which also offer great value for money.
Private label saw share gains in 2019. These products particularly appeal to lower-income consumers seeking aspirational treats and indulgence.
With consumers’ incomes rising, the premium segment seems a particularly attractive proposition for both new players and existing producers. There is potential for developments related to health and wellness products, which their financial strength will enable them to support with advertising and promotional activities.
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Discover the latest market trends and uncover sources of future market growth for the Ice Cream and Frozen Desserts industry in Latvia with research from Euromonitor's team of in-country analysts.
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This industry report originates from Passport.