Yoghurt and sour milk products will be negatively impacted by the COVID-19 pandemic in 2020 overall. Current value growth rates are expected to decline across all product areas.
Tukuma Piens AS will retain its leading position in yoghurt and sour milk products in 2020 as it supports rising sales through the development of innovative new products and strong advertising campaigns in support of its entire product range. For example, in addition to the recent launches of new products in drinking yoghurt and sour milk products, the company also continued to support its recently launched health and wellness-positioned products including lactose-free, additive-free plain yoghurt under the Baltais brand and antioxidant-rich, high-protein yoghurt under the Baltais Protein brand.
Plain yoghurt is expected to be the least impacted by the COVID-19 pandemic and will show the most dynamic growth in current value terms. Latvians are becoming particularly drawn to free from products, which has likely been further encouraged since the outbreak of the virus as more consumers have been prioritising their health.
Sour milk products are anticipated to see declining current value sales over the forecast period. Although the health benefits for regular consumption of traditional sour milk products such as kefir and rjazhenka are well known among the Latvian population, including cholesterol control and being suitable for the lactose intolerant, sales will be challenged by the drinking milk products which is expected to make an immediate recovery post lockdown.
Greek yoghurt is anticipated to continue growing in demand over the forecast period. Greek yoghurt is increasingly positioned as an essential part of a healthy diet and with consumers increasingly looking for healthier options, sales are on the rise.
The health and wellness trend will likely be further encouraged by the pandemic over the forecast period, with more Latvians prioritising their overall health. Therefore, innovation over the next few years will likely cater to this trend.
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