Latvia: Cheese And Curd Market 2024

Cheese And Curd Market Size in Latvia

The Latvian cheese and curd market skyrocketed to $X in 2022, increasing by 52% against the previous year. The market value increased at an average annual rate of +4.1% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Cheese And Curd Production in Latvia

In value terms, cheese and curd production surged to $X in 2022 estimated in export price. Over the period under review, production enjoyed a resilient increase. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Cheese And Curd Exports

Exports from Latvia

In 2022, overseas shipments of cheese and curd increased by 1.1% to X tons, rising for the eighth year in a row after two years of decline. In general, exports saw resilient growth. The growth pace was the most rapid in 2017 with an increase of 24% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, cheese and curd exports surged to $X in 2022. Over the period under review, exports showed a buoyant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 56%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Germany (X tons) was the main destination for cheese and curd exports from Latvia, accounting for a 51% share of total exports. Moreover, cheese and curd exports to Germany exceeded the volume sent to the second major destination, the Netherlands (X tons), fivefold. Estonia (X tons) ranked third in terms of total exports with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Germany totaled +17.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+2.9% per year) and Estonia (+8.1% per year).

In value terms, Germany ($X) remains the key foreign market for cheese and curd exports from Latvia, comprising 49% of total exports. The second position in the ranking was taken by the Netherlands ($X), with an 11% share of total exports. It was followed by Estonia, with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Germany amounted to +21.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+5.4% per year) and Estonia (+9.3% per year).

Export Prices by Country

The average cheese and curd export price stood at $X per ton in 2022, jumping by 24% against the previous year. Over the last decade, it increased at an average annual rate of +2.4%. The growth pace was the most rapid in 2017 an increase of 26% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Lithuania ($X per ton) and Poland ($X per ton), while the average price for exports to Germany ($X per ton) and Estonia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+40.1%), while the prices for the other major destinations experienced more modest paces of growth.

Cheese And Curd Imports

Imports into Latvia

Cheese and curd imports into Latvia soared to X tons in 2022, surging by 21% against 2021. The total import volume increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, cheese and curd imports soared to $X in 2022. Overall, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.0% 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 +104.2% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Poland (X tons), Lithuania (X tons) and Germany (X tons) were the main suppliers of cheese and curd imports to Latvia, with a combined 79% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +7.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cheese and curd suppliers to Latvia were Poland ($X), Lithuania ($X) and Germany ($X), together accounting for 77% of total imports.

In terms of the main suppliers, Poland, with a CAGR of +9.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average cheese and curd import price stood at $X per ton in 2022, surging by 9.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.5%. The most prominent rate of growth was recorded in 2017 when the average import price increased by 14% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

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 Italy ($X per ton), while the price for Estonia ($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 Netherlands (+6.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform