Latvia: Buckwheat Market 2024

Buckwheat Market Size in Latvia

The Latvian buckwheat market surged to $X in 2022, increasing by 144% against the previous year. In general, consumption continues to indicate a strong expansion. Buckwheat consumption peaked in 2022 and is expected to retain growth in the near future.

Buckwheat Production in Latvia

In value terms, buckwheat production surged to $X in 2022 estimated in export price. In general, production showed resilient growth. The pace of growth appeared the most rapid in 2020 with an increase of 104%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

The average yield of buckwheat in Latvia contracted slightly to X kg per ha in 2022, leveling off at the previous year. Over the period under review, the yield continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 16% against the previous year. As a result, the yield reached the peak level of X tons per ha. From 2017 to 2022, the growth of the average buckwheat yield remained at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of buckwheat production in Latvia totaled X ha, remaining stable against the year before. Overall, the harvested area recorded strong growth. The most prominent rate of growth was recorded in 2016 with an increase of 67% against the previous year. The buckwheat harvested area peaked at X ha in 2020; however, from 2021 to 2022, the harvested area stood at a somewhat lower figure.

Buckwheat Exports

Exports from Latvia

In 2022, buckwheat exports from Latvia shrank rapidly to X tons, with a decrease of -32.8% on the year before. Overall, exports, however, saw resilient growth. The most prominent rate of growth was recorded in 2016 when exports increased by 132%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, buckwheat exports shrank to $X in 2022. In general, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2016 with an increase of 93%. The exports peaked at $X in 2021, and then fell in the following year.

Exports by Country

France (X tons), Lithuania (X tons) and Estonia (X tons) were the main destinations of buckwheat exports from Latvia, with a combined 85% share of total exports. Poland, Ukraine, Italy and Denmark lagged somewhat behind, together comprising a further 11%.

From 2012 to 2022, the biggest increases were recorded for Ukraine (with a CAGR of +138.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, France ($X), Lithuania ($X) and Estonia ($X) constituted the largest markets for buckwheat exported from Latvia worldwide, with a combined 81% share of total exports. Poland, Ukraine, Italy and Denmark lagged somewhat behind, together accounting for a further 13%.

Ukraine, with a CAGR of +280.1%, saw the highest rates of growth with regard to 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 buckwheat export price stood at $X per ton in 2022, growing by 37% against the previous year. Over the period under review, the export price continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2020 when the average export price increased by 62%. The export price peaked in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Denmark ($X per ton), while the average price for exports to France ($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 Ukraine (+59.7%), while the prices for the other major destinations experienced more modest paces of growth.

Buckwheat Imports

Imports into Latvia

In 2022, supplies from abroad of buckwheat increased by 57% to X tons, rising for the third consecutive year after three years of decline. Over the period under review, imports saw a significant increase. The most prominent rate of growth was recorded in 2020 when imports increased by 339% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, buckwheat imports skyrocketed to $X in 2022. Overall, imports continue to indicate a significant increase. The growth pace was the most rapid in 2020 when imports increased by 270% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, Russia (X tons) constituted the largest supplier of buckwheat to Latvia, with a 76% share of total imports. Moreover, buckwheat imports from Russia exceeded the figures recorded by the second-largest supplier, Lithuania (X tons), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Russia amounted to +106.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+7.7% per year) and Estonia (+12.6% per year).

In value terms, Russia ($X) constituted the largest supplier of buckwheat to Latvia, comprising 63% of total imports. The second position in the ranking was taken by Lithuania ($X), with a 27% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Russia amounted to +125.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+13.5% per year) and Estonia (+14.2% per year).

Import Prices by Country

The average buckwheat import price stood at $X per ton in 2022, increasing by 31% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 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 Lithuania ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+9.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform