Industry revenue of »processing and preserving of fish, crustaceans« in Latvia 2011-2023

Over the years, fresh fish and fish processing have been two of the key food sectors in Latvia with business mainly conducted along the country’s coastline. Products have been made not only for the domestic market but for exports as well. However, revenues have been declining at a steady pace since 2013 and this trend is expected to continue over the medium term as well. According to estimates, the Latvian market size for processing and preserving of fish, is expected to fall from 217.3 million U.S. dollars in 2017 to just 63.7 million U.S. dollars in 2023. Among the main reasons for this decline is the 2014 sanctions imposed by Russia, Latvia’s biggest seafood export market and the general economic stagnation in the country. Other challenges according to the Operational Programme (OP) supported by the European Maritime and Fisheries Fund (EMFF) include poor port infrastructure, deteriorating quality of products, lack of innovation and low wages.

Industry revenue of »processing and preserving of fish, crustaceans« in Latvia from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Latvia. The industry “processing and preserving of fish, crustaceans and molluscs“ has the code “C102“.

Details on the methodology can be found here.

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