Cider, Perry & Rice Wine - Latvia

The Cider, Perry & Rice Wine market in Latvia has been experiencing steady growth in recent years. Customer preferences in the market have been shifting towards healthier and more diverse beverage options. Consumers are increasingly seeking out products that are low in alcohol, gluten-free, and made with natural ingredients. This has created a demand for cider, perry, and rice wine, which are perceived as lighter and more natural alternatives to traditional alcoholic beverages. Additionally, the popularity of craft and artisanal products has also contributed to the growth of this market segment, as consumers are willing to pay a premium for unique and high-quality products. One of the key trends in the market is the increasing availability and variety of cider, perry, and rice wine products. Producers in Latvia have been expanding their product portfolios to cater to the growing demand. This includes the introduction of new flavors, such as fruit-infused ciders and perrys, as well as the use of locally sourced ingredients to create unique and distinctive products. The market has also seen the emergence of small, boutique producers who focus on producing high-quality, artisanal products. Another trend in the market is the growing popularity of cider, perry, and rice wine as a social and celebratory drink. These beverages are often associated with special occasions and gatherings, and are increasingly being served in bars, restaurants, and at events. This has created new opportunities for producers to market their products and reach a wider audience. Additionally, the rise of tourism in Latvia has also contributed to the growth of the market, as visitors are keen to try local and traditional beverages. Local special circumstances in Latvia have also played a role in the development of the cider, perry, and rice wine market. The country has a rich tradition of fruit cultivation, particularly apples and pears, which are key ingredients in cider and perry production. This has provided a strong foundation for the growth of the market, as producers have access to high-quality and locally sourced ingredients. Additionally, the relatively low production costs in Latvia compared to other European countries have made it an attractive location for cider, perry, and rice wine production. Underlying macroeconomic factors have also contributed to the growth of the market. Latvia has experienced stable economic growth in recent years, which has increased consumer purchasing power and disposable income. This has allowed consumers to spend more on premium and specialty products, such as cider, perry, and rice wine. Additionally, the country's membership in the European Union has facilitated trade and export opportunities, enabling Latvian producers to reach a wider customer base. In conclusion, the Cider, Perry & Rice Wine market in Latvia is growing due to changing customer preferences, increasing availability and variety of products, special local circumstances, and favorable macroeconomic factors. Producers in Latvia are well positioned to capitalize on these trends and continue to expand their market share.

Data coverage:
The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

Modeling approach:
Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on alcoholic beverages, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.

Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.