Latvia: Chocolate And Confectionery Market 2024

Chocolate And Confectionery Market Size in Latvia

The Latvian chocolate and confectionery market shrank to $X in 2022, declining by -4.8% against the previous year. Over the period under review, consumption continues to indicate a deep downturn. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Chocolate And Confectionery Production in Latvia

In value terms, chocolate and confectionery production shrank remarkably to $X in 2022 estimated in export price. Over the period under review, production, however, showed a dramatic descent. The most prominent rate of growth was recorded in 2018 when the production volume increased by 102% against the previous year. Chocolate and confectionery production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Chocolate And Confectionery Exports

Exports from Latvia

For the third year in a row, Latvia recorded growth in overseas shipments of chocolate and confectionery, which increased by 7.4% to X tons in 2022. Overall, exports posted strong growth. The pace of growth appeared the most rapid in 2018 with an increase of 46% against the previous year. The exports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, chocolate and confectionery exports expanded sharply to $X in 2022. In general, total exports indicated a strong increase 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, exports increased by +112.5% against 2015 indices. The most prominent rate of growth was recorded in 2016 with an increase of 25% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Lithuania (X tons), Estonia (X tons) and Russia (X tons) were the main destinations of chocolate and confectionery exports from Latvia, with a combined 70% share of total exports. Belarus, Kazakhstan, Germany and Poland lagged somewhat behind, together comprising a further 16%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kazakhstan (with a CAGR of +90.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for chocolate and confectionery exported from Latvia were Estonia ($X), Lithuania ($X) and Russia ($X), with a combined 64% share of total exports. Belarus, Germany, Kazakhstan and Poland lagged somewhat behind, together accounting for a further 14%.

In terms of the main countries of destination, Kazakhstan, with a CAGR of +78.5%, 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 and confectionery export price stood at $X per ton in 2022, growing by 2.7% against the previous year. In general, the export price, however, recorded a slight slump. The pace of growth appeared the most rapid in 2019 an increase of 23% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Kazakhstan ($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 And Confectionery Imports

Imports into Latvia

For the eleventh year in a row, Latvia recorded growth in purchases abroad of chocolate and confectionery, which increased by 1.3% to X tons in 2022. In general, imports saw a buoyant increase. The pace of growth was the most pronounced in 2016 when imports increased by 26%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, chocolate and confectionery imports stood at $X in 2022. Over the period under review, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.8% 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 +98.2% against 2015 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 31%. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

Lithuania (X tons), the Netherlands (X tons) and Germany (X tons) were the main suppliers of chocolate and confectionery imports to Latvia, together comprising 52% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +20.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate and confectionery suppliers to Latvia were Lithuania ($X), Poland ($X) and Germany ($X), together accounting for 55% of total imports. Estonia, the Netherlands, Belgium, Ukraine and Russia lagged somewhat behind, together comprising a further 34%.

Among the main suppliers, the Netherlands, with a CAGR of +16.0%, 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 and confectionery import price amounted to $X per ton, remaining relatively unchanged against the previous year. Overall, the import price continues to indicate a mild downturn. The most prominent rate of growth was recorded in 2020 when the average import price increased by 9.4% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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 Lithuania ($X per ton), while the price for Ukraine ($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