Latvia: Animal Feed Market 2024

Animal Feed Market Size in Latvia

After four years of growth, the Latvian animal feed market decreased by -70.4% to $X in 2022. Overall, consumption recorded a deep downturn. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Animal Feed Production in Latvia

In value terms, animal feed production shrank significantly to $X in 2022 estimated in export price. In general, production saw a slight curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 23% against the previous year. Animal feed production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Animal Feed Exports

Exports from Latvia

In 2022, exports of animal and pet feed from Latvia skyrocketed to X tons, growing by 40% compared with 2021 figures. In general, exports showed a strong increase. The pace of growth was the most pronounced in 2021 with an increase of 41%. The exports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, animal feed exports skyrocketed to $X in 2022. Overall, exports posted resilient growth. The pace of growth was the most pronounced in 2020 when exports increased by 36%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the near future.

Exports by Country

Ireland (X tons), Lithuania (X tons) and Estonia (X tons) were the main destinations of animal feed exports from Latvia, together accounting for 88% of total exports. Finland, Spain, Russia, Poland, Denmark and Belarus lagged somewhat behind, together accounting for a further 9.7%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Spain (with a CAGR of +36.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for animal feed exported from Latvia were Lithuania ($X), Ireland ($X) and Estonia ($X), together accounting for 69% of total exports. Finland, Russia, Spain, Poland, Denmark and Belarus lagged somewhat behind, together comprising a further 24%.

In terms of the main countries of destination, Spain, with a CAGR of +32.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average animal feed export price amounted to $X per ton, which is down by -12.7% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average export price increased by 26%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Ireland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+9.7%), while the prices for the other major destinations experienced more modest paces of growth.

Animal Feed Imports

Imports into Latvia

In 2022, purchases abroad of animal and pet feed increased by 12% to X tons, rising for the sixth consecutive year after two years of decline. Over the period under review, imports enjoyed a tangible expansion. The pace of growth appeared the most rapid in 2021 with an increase of 25% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to continue growth in the immediate term.

In value terms, animal feed imports expanded to $X in 2022. Overall, imports recorded noticeable growth. The most prominent rate of growth was recorded in 2020 when imports increased by 41% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, Lithuania (X tons) constituted the largest supplier of animal feed to Latvia, accounting for a 38% share of total imports. Moreover, animal feed imports from Lithuania exceeded the figures recorded by the second-largest supplier, Poland (X tons), threefold. The third position in this ranking was held by Russia (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from Lithuania was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+11.4% per year) and Russia (+3.6% per year).

In value terms, the largest animal feed suppliers to Latvia were Lithuania ($X), Denmark ($X) and Germany ($X), together comprising 57% of total imports.

Denmark, with a CAGR of +9.4%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average animal feed import price amounted to $X per ton, declining by -8.9% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the average import price increased by 32%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+3.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform