Latvia: Chocolate Market 2024

Chocolate Market Size in Latvia

In 2022, the Latvian chocolate market was finally on the rise to reach $X for the first time since 2017, thus ending a four-year declining trend. Overall, consumption, however, recorded a perceptible decrease. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Chocolate Production in Latvia

In value terms, chocolate production surged to $X in 2022 estimated in export price. In general, production, however, continues to indicate a abrupt downturn. Chocolate production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports from Latvia

In 2022, the amount of chocolate and cocoa products exported from Latvia amounted to X tons, approximately equating the previous year's figure. Overall, exports enjoyed strong growth. The most prominent rate of growth was recorded in 2018 with an increase of 46% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, chocolate exports rose sharply to $X in 2022. Over the period under review, total exports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +94.8% against 2015 indices. The pace of growth was the most pronounced in 2016 with an increase of 26% against the previous year. The exports peaked in 2022 and are likely to continue growth in the near future.

Exports by Country

Lithuania (X tons), Estonia (X tons) and Russia (X tons) were the main destinations of chocolate exports from Latvia, with a combined 78% share of total exports. Germany, Poland, the United States, Israel and the Netherlands lagged somewhat behind, together accounting for a further 12%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +86.2%), while the other leaders experienced more modest paces of growth.

In value terms, Estonia ($X), Lithuania ($X) and Russia ($X) were the largest markets for chocolate exported from Latvia worldwide, with a combined 69% share of total exports. Germany, the United States, Poland, Israel and the Netherlands lagged somewhat behind, together comprising a further 16%.

In terms of the main countries of destination, the Netherlands, with a CAGR of +84.8%, saw the highest rates of growth with regard to 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

The average chocolate export price stood at $X per ton in 2022, rising by 3.9% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 25% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

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 the United States ($X per ton), while the average price for exports to Lithuania ($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 Poland (+3.5%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Latvia

In 2022, chocolate imports into Latvia expanded rapidly to X tons, with an increase of 6.3% against the year before. Overall, total imports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +7.3% 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 +101.7% against 2012 indices. The most prominent rate of growth was recorded in 2018 with an increase of 13%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, chocolate imports rose significantly to $X in 2022. Over the period under review, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +6.6% 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 +91.0% against 2015 indices. The most prominent rate of growth was recorded in 2016 with an increase of 20%. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in the near future.

Imports by Country

Lithuania (X tons), Poland (X tons) and Estonia (X tons) were the main suppliers of chocolate imports to Latvia, together comprising 53% of total imports. Germany, the Netherlands, Ukraine, Belgium and Russia lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +24.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Poland ($X) and Germany ($X) appeared to be the largest chocolate suppliers to Latvia, together comprising 58% of total imports. Estonia, the Netherlands, Belgium, Ukraine and Russia lagged somewhat behind, together comprising a further 32%.

In terms of the main suppliers, the Netherlands, with a CAGR of +17.5%, saw the highest growth rate of 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

In 2022, the average chocolate import price amounted to $X per ton, remaining stable against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average import price increased by 8.7% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 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 Germany ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform