Latvia: Market for Bone Glues and Gelatin 2024

Market Size for Bone Glues and Gelatin in Latvia

In 2022, the Latvian bone glue and gelatin market increased by 11% to $X, rising for the second year in a row after two years of decline. In general, the total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +40.5% against 2020 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Exports of Bone Glues and Gelatin

Exports from Latvia

In 2022, overseas shipments of bone glues and gelatin decreased by -7.6% to X tons, falling for the third consecutive year after five years of growth. Overall, exports, however, showed a buoyant expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 67%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, bone glue and gelatin exports soared to $X in 2022. In general, exports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 102% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

Sweden (X tons) was the main destination for bone glue and gelatin exports from Latvia, with a 63% share of total exports. Moreover, bone glue and gelatin exports to Sweden exceeded the volume sent to the second major destination, Estonia (X tons), threefold. The third position in this ranking was taken by Lithuania (X tons), with a 7.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Sweden totaled +162.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+5.0% per year) and Lithuania (+3.3% per year).

In value terms, Sweden ($X) remains the key foreign market for bone glues and gelatin exports from Latvia, comprising 73% of total exports. The second position in the ranking was taken by Estonia ($X), with a 14% share of total exports. It was followed by Poland, with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Sweden totaled +186.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+9.7% per year) and Poland (-3.1% per year).

Export Prices by Country

In 2022, the average bone glue and gelatin export price amounted to $X per ton, with an increase of 29% against the previous year. Over the period under review, export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +8.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, bone glue and gelatin export price increased by +93.7% against 2015 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 Sweden ($X per ton), while the average price for exports to Lithuania ($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 Sweden (+8.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Bone Glues and Gelatin

Imports into Latvia

Bone glue and gelatin imports into Latvia dropped to X tons in 2022, declining by -10.2% on the previous year's figure. Overall, imports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 36% against the previous year. Imports peaked at X tons in 2021, and then declined in the following year.

In value terms, bone glue and gelatin imports soared to $X in 2022. Over the period under review, imports, however, continue to indicate strong growth. The most prominent rate of growth was recorded in 2013 with an increase of 27%. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Lithuania (X tons), Turkey (X tons) and Belgium (X tons) were the main suppliers of bone glue and gelatin imports to Latvia, with a combined 71% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +1,046.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Lithuania ($X) and Germany ($X) appeared to be the largest bone glue and gelatin suppliers to Latvia, together comprising 69% of total imports.

Turkey, with a CAGR of +1,259.0%, saw 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

The average bone glue and gelatin import price stood at $X per ton in 2022, jumping by 34% against the previous year. In general, the import price saw a relatively flat trend pattern. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+18.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform