| Product Code: ETC4855086 | Publication Date: Nov 2023 | Updated Date: Nov 2025 | Product Type: Market Research Report | |
| Publisher: 6Wresearch | Author: Shubham Padhi | No. of Pages: 60 | No. of Figures: 30 | No. of Tables: 5 |
Latvia`s botanicals import market in 2024 saw a shift in concentration from high to moderate, with top exporters being Ukraine, Russia, Poland, Egypt, and Albania. The overall market experienced a negative Compound Annual Growth Rate (CAGR) of -7.86% from 2020 to 2024, with a steep decline in growth rate from 2023 to 2024 at -16.71%. This data suggests a challenging landscape for botanical imports in Latvia, indicating a need for strategic adjustments and market diversification to stimulate growth in the coming years.

Latvia's Botanicals market is anticipated to experience a stable growth rate of 1.26% by 2027, reflecting trends observed in the largest economy Germany, followed by United Kingdom, France, Italy and Russia.

1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Latvia Botanicals Market Overview |
3.1 Latvia Country Macro Economic Indicators |
3.2 Latvia Botanicals Market Revenues & Volume, 2021 & 2031F |
3.3 Latvia Botanicals Market - Industry Life Cycle |
3.4 Latvia Botanicals Market - Porter's Five Forces |
3.5 Latvia Botanicals Market Revenues & Volume Share, By Source, 2021 & 2031F |
3.6 Latvia Botanicals Market Revenues & Volume Share, By Application, 2021 & 2031F |
4 Latvia Botanicals Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.2.1 Increasing consumer awareness about the health benefits of botanical products |
4.2.2 Growing demand for organic and natural ingredients in various industries |
4.2.3 Rise in research and development activities related to botanicals in Latvia |
4.3 Market Restraints |
4.3.1 Stringent regulations and compliance requirements in the botanicals industry |
4.3.2 Seasonal variations and weather conditions affecting the growth of botanicals |
4.3.3 Limited availability of skilled labor for harvesting and processing botanicals |
5 Latvia Botanicals Market Trends |
6 Latvia Botanicals Market Segmentations |
6.1 Latvia Botanicals Market, By Source |
6.1.1 Overview and Analysis |
6.1.2 Latvia Botanicals Market Revenues & Volume, By Herbs, 2021-2031F |
6.1.3 Latvia Botanicals Market Revenues & Volume, By Spices, 2021-2031F |
6.1.4 Latvia Botanicals Market Revenues & Volume, By Flowers, 2021-2031F |
6.1.5 Latvia Botanicals Market Revenues & Volume, By Other Sources, 2021-2031F |
6.2 Latvia Botanicals Market, By Application |
6.2.1 Overview and Analysis |
6.2.2 Latvia Botanicals Market Revenues & Volume, By Food and Beverage, 2021-2031F |
6.2.3 Latvia Botanicals Market Revenues & Volume, By Dietary Supplements, 2021-2031F |
6.2.4 Latvia Botanicals Market Revenues & Volume, By Animal Feed, 2021-2031F |
6.2.5 Latvia Botanicals Market Revenues & Volume, By Other Applications, 2021-2031F |
7 Latvia Botanicals Market Import-Export Trade Statistics |
7.1 Latvia Botanicals Market Export to Major Countries |
7.2 Latvia Botanicals Market Imports from Major Countries |
8 Latvia Botanicals Market Key Performance Indicators |
8.1 Number of new product launches incorporating Latvian botanical ingredients |
8.2 Percentage increase in export of Latvian botanical products |
8.3 Research and development investment in Latvian botanicals sector |
8.4 Adoption rate of sustainable practices in botanical cultivation in Latvia |
8.5 Number of partnerships and collaborations between Latvian botanical companies and international players |
9 Latvia Botanicals Market - Opportunity Assessment |
9.1 Latvia Botanicals Market Opportunity Assessment, By Source, 2021 & 2031F |
9.2 Latvia Botanicals Market Opportunity Assessment, By Application, 2021 & 2031F |
10 Latvia Botanicals Market - Competitive Landscape |
10.1 Latvia Botanicals Market Revenue Share, By Companies, 2024 |
10.2 Latvia Botanicals Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations | 13 Disclaimer |