Latvia: Bacon And Ham Market 2024

Bacon And Ham Market Size in Latvia

The Latvian bacon and ham market fell slightly to $X in 2022, waning by -1.8% against the previous year. Overall, consumption saw a perceptible reduction. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Bacon And Ham Production in Latvia

In value terms, bacon and ham production reduced to $X in 2022 estimated in export price. Over the period under review, production recorded a perceptible setback. The pace of growth appeared the most rapid in 2017 with an increase of 35%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Bacon And Ham Exports

Exports from Latvia

Bacon and ham exports from Latvia skyrocketed to X tons in 2022, surging by 83% on 2021. In general, exports posted a prominent expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, bacon and ham exports soared to $X in 2022. Over the period under review, exports saw a strong increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Estonia (X tons) was the main destination for bacon and ham exports from Latvia, with a 61% share of total exports. Moreover, bacon and ham exports to Estonia exceeded the volume sent to the second major destination, Lithuania (X tons), threefold. Ireland (X tons) ranked third in terms of total exports with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Estonia stood at +17.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+6.6% per year) and Ireland (+21.6% per year).

In value terms, Estonia ($X), Lithuania ($X) and Ireland ($X) appeared to be the largest markets for bacon and ham exported from Latvia worldwide, with a combined 90% share of total exports. Germany and the UK lagged somewhat behind, together comprising a further 4.2%.

Germany, with a CAGR of +113.5%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average bacon and ham export price stood at $X per ton in 2022, which is down by -17.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The growth pace was the most rapid in 2019 an increase of 28% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Lithuania ($X per ton), while the average price for exports to the UK ($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 Lithuania (+3.1%), while the prices for the other major destinations experienced mixed trend patterns.

Bacon And Ham Imports

Imports into Latvia

In 2022, purchases abroad of bacon, ham and other dried, salted or smoked pig meat increased by 117% to X tons, rising for the second consecutive year after three years of decline. Overall, imports enjoyed a buoyant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, bacon and ham imports surged to $X in 2022. Over the period under review, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +89.7% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Lithuania (X tons) constituted the largest bacon and ham supplier to Latvia, with a 40% share of total imports. Moreover, bacon and ham imports from Lithuania exceeded the figures recorded by the second-largest supplier, Poland (X tons), threefold. The third position in this ranking was taken by Spain (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from Lithuania stood at +5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (-4.3% per year) and Spain (+11.8% per year).

In value terms, the largest bacon and ham suppliers to Latvia were Lithuania ($X), Spain ($X) and Italy ($X), together comprising 62% of total imports. Estonia, Germany, Poland and Denmark lagged somewhat behind, together comprising a further 38%.

Denmark, with a CAGR of +1,009.5%, recorded the highest rates of growth with regard to 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 bacon and ham import price amounted to $X per ton, falling by -26.8% against the previous year. In general, the import price, however, enjoyed mild growth. The pace of growth appeared the most rapid in 2019 an increase of 41% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Lithuania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform