Retail current value sales growth in ready meals exhibited vigorous growth during the latter part of the review period, and this trend will extend into 2020, when retail current value sales growth will accelerate modestly. An increasing desire for convenience as consumers find themselves increasingly time poor is driving retail current value sales growth, and they are also seeking better quality ready meals.
The pace of product development varies widely within ready meals. Shelf stable meals is still dominated by rather traditional products, such as plov (meat with rice) or peas with meat.
Most of the leading manufacturers in ready meals are local or regional players, such as Viciunai Group, Food Union Group and Lido AS. As a significant exporter, leader Viciunai Group enjoys economies of scale that most of its rivals cannot match.
Growth in retail current value sales of ready meals will not suffer from a post-pandemic hangover, as consumers did not stock up on these products during the early stages of the COVID-19 outbreak. More broadly, ready meals are set to continue to post strong growth in retail current value sales over the course of the forecast period, as the convenience trend intensifies and the range of available products broadens.
Retail sales of ready meals will face increased competition from the foodservice channel and meal delivery services like Wolt and Bolt Food during the forecast period. However, while demand for foodservice is set to expand, prices remain quite high, and the typical local consumer cannot afford to eat out on a regular basis.
The increased penetration of modern grocery retail is making ready meals more accessible to consumers, particularly in urban areas, and the imminent arrival of German discounter Lidl in Latvia will accelerate this trend. It will lead to a widening in the private label offer that is available to consumers.
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Understand the latest market trends and future growth opportunities for the Ready Meals 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 Ready Meals research and analysis database.
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