Industry revenue of »operation of dairies and cheese making« in Latvia 2011-2023

After witnessing a period of steady growth between 2011-2014, revenues generated from operation of dairies and cheese making are projected to decline from 523 million U.S. dollars in 2014 to 356 million U.S. dollars by 2023. In fact, this holds true for the country’s dairy products manufacturing industry as a whole. Amongst key reasons include a decline in the consumption of dairy products, a trend observed in majority of the countries in the EU and a decline in the number of registered dairy cows. As of 2018, there were 144,000 dairy cows in the country, compared to over 154,000 in 2017, as per data from balticnews.com. Additionally, dairy exports have also witnessed a marked decline, after the EU’s decision to cease subsidizing exports to third countries.

The outbreak of the corona virus has further added to the industry’s woes, as majority of the factories and manufacturing units have been shut for an indefinite period of time.

Industry revenue of »operation of dairies and cheese making« 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 “operation of dairies and cheese making“ has the code “C1051“.

Details on the methodology can be found here.

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