| Product Code: ETC5002184 | 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 |
The import shipments of licorice extract to Latvia saw a notable increase in concentration levels in 2024, with Poland, Lithuania, China, Sweden, and Metropolitan France emerging as the top exporting countries. The industry experienced a strong Compound Annual Growth Rate (CAGR) of 11.19% from 2020 to 2024, with a significant growth rate of 12.19% in 2024 alone. This suggests a growing demand for licorice extract in Latvia, signaling potential opportunities for market expansion and development in the near future.

Latvia's Licorice Extract market is anticipated to experience a stable growth rate of 1.29% 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 Licorice Extract Market Overview |
3.1 Latvia Country Macro Economic Indicators |
3.2 Latvia Licorice Extract Market Revenues & Volume, 2021 & 2031F |
3.3 Latvia Licorice Extract Market - Industry Life Cycle |
3.4 Latvia Licorice Extract Market - Porter's Five Forces |
3.5 Latvia Licorice Extract Market Revenues & Volume Share, By Product Type, 2021 & 2031F |
3.6 Latvia Licorice Extract Market Revenues & Volume Share, By Form, 2021 & 2031F |
3.7 Latvia Licorice Extract Market Revenues & Volume Share, By Application, 2021 & 2031F |
4 Latvia Licorice Extract Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.2.1 Growing consumer awareness about the health benefits of licorice extract. |
4.2.2 Increasing demand for natural and organic ingredients in the food and beverage industry. |
4.2.3 Rising use of licorice extract in pharmaceutical and nutraceutical products. |
4.3 Market Restraints |
4.3.1 Fluctuations in raw material prices impacting production costs. |
4.3.2 Stringent regulations and quality standards governing the production and use of licorice extract. |
4.3.3 Competition from substitute products in the market. |
5 Latvia Licorice Extract Market Trends |
6 Latvia Licorice Extract Market Segmentations |
6.1 Latvia Licorice Extract Market, By Product Type |
6.1.1 Overview and Analysis |
6.1.2 Latvia Licorice Extract Market Revenues & Volume, By Food Grade, 2021-2031F |
6.1.3 Latvia Licorice Extract Market Revenues & Volume, By Feed Grade, 2021-2031F |
6.1.4 Latvia Licorice Extract Market Revenues & Volume, By Pharmaceutical Grade, 2021-2031F |
6.2 Latvia Licorice Extract Market, By Form |
6.2.1 Overview and Analysis |
6.2.2 Latvia Licorice Extract Market Revenues & Volume, By Powder, 2021-2031F |
6.2.3 Latvia Licorice Extract Market Revenues & Volume, By Liquid, 2021-2031F |
6.2.4 Latvia Licorice Extract Market Revenues & Volume, By Block, 2021-2031F |
6.3 Latvia Licorice Extract Market, By Application |
6.3.1 Overview and Analysis |
6.3.2 Latvia Licorice Extract Market Revenues & Volume, By Food & Beverages, 2021-2031F |
6.3.3 Latvia Licorice Extract Market Revenues & Volume, By Pharmaceutical, 2021-2031F |
6.3.4 Latvia Licorice Extract Market Revenues & Volume, By Tobacco, 2021-2031F |
6.3.5 Latvia Licorice Extract Market Revenues & Volume, By Others, 2021-2031F |
7 Latvia Licorice Extract Market Import-Export Trade Statistics |
7.1 Latvia Licorice Extract Market Export to Major Countries |
7.2 Latvia Licorice Extract Market Imports from Major Countries |
8 Latvia Licorice Extract Market Key Performance Indicators |
8.1 Percentage increase in the number of products containing licorice extract. |
8.2 Growth in the number of research studies highlighting the health benefits of licorice extract. |
8.3 Expansion of distribution channels for licorice extract products. |
9 Latvia Licorice Extract Market - Opportunity Assessment |
9.1 Latvia Licorice Extract Market Opportunity Assessment, By Product Type, 2021 & 2031F |
9.2 Latvia Licorice Extract Market Opportunity Assessment, By Form, 2021 & 2031F |
9.3 Latvia Licorice Extract Market Opportunity Assessment, By Application, 2021 & 2031F |
10 Latvia Licorice Extract Market - Competitive Landscape |
10.1 Latvia Licorice Extract Market Revenue Share, By Companies, 2024 |
10.2 Latvia Licorice Extract Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations | 13 Disclaimer |
Export potential enables firms to identify high-growth global markets with greater confidence by combining advanced trade intelligence with a structured quantitative methodology. The framework analyzes emerging demand trends and country-level import patterns while integrating macroeconomic and trade datasets such as GDP and population forecasts, bilateral import–export flows, tariff structures, elasticity differentials between developed and developing economies, geographic distance, and import demand projections. Using weighted trade values from 2020–2024 as the base period to project country-to-country export potential for 2030, these inputs are operationalized through calculated drivers such as gravity model parameters, tariff impact factors, and projected GDP per-capita growth. Through an analysis of hidden potentials, demand hotspots, and market conditions that are most favorable to success, this method enables firms to focus on target countries, maximize returns, and global expansion with data, backed by accuracy.
By factoring in the projected importer demand gap that is currently unmet and could be potential opportunity, it identifies the potential for the Exporter (Country) among 190 countries, against the general trade analysis, which identifies the biggest importer or exporter.
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