With consumers stocking up on these products during the early stages of the pandemic, COVID-19 will provide a major boost to retail current value sales growth in processed fish and seafood during 2020. Indeed, retail current value sales growth is set to reach its highest level in more than a decade.
Even before the onset of the pandemic, retail current value sales of processed meat and seafood had exhibited vigorous growth during the latter part of the review period. This was largely driven by premiumisation – a shift to better quality products, particularly in shelf stable meat and chilled processed meat.
With levels of meat consumption relatively high in Latvia, meat processing companies dominate retail current value sales of processed meat and seafood. In 2020, the top-four players – Forevers SIA, HKScan Latvia AS, Rezeknes Galas Kombinats SIA and grocery retailer Rimi Latvia SIA – will account for just over half of retail value sales.
Growth in retail current value sales of processed meat and seafood is set to slow significantly during 2020. As life returns to something approaching normality in the wake of the pandemic, consumers will increasingly seek down run down the stocks of products they built up during the early stages of the pandemic.
Meat substitutes remain very much a niche product in Latvia, but they are set to post rapid retail current value sales growth during the forecast period. A growing number of consumers, particularly younger ones, are interested in reducing their consumption of meat for reasons of health, environmentalism and animal welfare, while the product offer is expanding rapidly, with meat processors among the many companies now diversifying into meat substitutes: For example, SIA Galas nams Adaži has launched a vegan product line called V-Ego, while Putnu fabrika Kekava AS is distributing products made by The Meatless Farm Co.
The evolution of grocery retail will have a deepening impact on the distribution of processed meat and seafood in Latvia over the course of the review period. Local meat processors like Forevers SIA will continue to expand their own retail networks; Rezeknes Galas Kombinats SIA has launched direct to consumer deliveries; and Kurzemes Galsaimnieks and Galas Parstrades Uznemums Nakotne have both launched e-commerce operations.
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Understand the latest market trends and future growth opportunities for the Processed Meat and Seafood 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 Processed Meat and Seafood research and analysis database.
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