Latvia: Market for Chocolate Bars with Cereals, Fruit or Nuts 2024

Market Size for Chocolate Bars with Cereals, Fruit or Nuts in Latvia

After two years of growth, the Latvian market for chocolate bars with cereals, fruit or nuts decreased by -4.4% to $X in 2022. Over the period under review, the total consumption indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.6% 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 +55.1% against 2016 indices. Over the period under review, the market attained the maximum level at $X in 2021, and then declined slightly in the following year.

Production of Chocolate Bars with Cereals, Fruit or Nuts in Latvia

In value terms, production of chocolate bars with cereals, fruit or nuts dropped sharply to $X in 2022 estimated in export price. In general, production saw a precipitous contraction. The most prominent rate of growth was recorded in 2017 with an increase of 20% against the previous year. Over the period under review, production of reached the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Chocolate Bars with Cereals, Fruit or Nuts

Exports from Latvia

For the fourth consecutive year, Latvia recorded growth in shipments abroad of chocolate bars with cereals, fruit or nuts, which increased by 42% to X tons in 2022. In general, exports saw a prominent increase. The pace of growth appeared the most rapid in 2013 with an increase of 44% against the previous year. Over the period under review, the exports of hit record highs in 2022 and are likely to continue growth in the near future.

In value terms, exports of chocolate bars with cereals, fruit or nuts soared to $X in 2022. Over the period under review, exports showed a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Russia (X tons), Estonia (X tons) and Lithuania (X tons) were the main destinations of exports of chocolate bars with cereals, fruit or nuts from Latvia, together accounting for 82% of total exports. The United States and Poland lagged somewhat behind, together accounting for a further 8.9%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +26.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X) remains the key foreign market for chocolate bars with cereals, fruit or nuts exports from Latvia, comprising 48% of total exports. The second position in the ranking was held by Estonia ($X), with a 19% share of total exports. It was followed by Lithuania, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Russia stood at +24.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (-2.0% per year) and Lithuania (+2.5% per year).

Export Prices by Country

The average export price for chocolate bars with cereals, fruit or nuts stood at $X per ton in 2022, growing by 8.6% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the average export price increased by 14%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Estonia ($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 (+15.7%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Chocolate Bars with Cereals, Fruit or Nuts

Imports into Latvia

In 2022, supplies from abroad of chocolate bars with cereals, fruit or nuts increased by 13% to X tons, rising for the sixth consecutive year after two years of decline. Over the period under review, imports showed strong growth. The growth pace was the most rapid in 2020 with an increase of 48% against the previous year. Over the period under review, imports of attained the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, imports of chocolate bars with cereals, fruit or nuts expanded rapidly to $X in 2022. Overall, imports saw resilient growth. The most prominent rate of growth was recorded in 2020 when imports increased by 37%. Over the period under review, imports of hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

Lithuania (X tons), Germany (X tons) and Estonia (X tons) were the main suppliers of imports of chocolate bars with cereals, fruit or nuts to Latvia, with a combined 73% share of total imports. Poland, Finland, Belgium and Sweden lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2022, the biggest increases were recorded for Finland (with a CAGR of +62.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Germany ($X) and Estonia ($X) constituted the largest cereal, fruit or nut chocolate bar suppliers to Latvia, with a combined 75% share of total imports. Poland, Finland, Belgium and Sweden lagged somewhat behind, together accounting for a further 21%.

Finland, with a CAGR of +50.7%, recorded the highest growth rate of the value of imports, in terms of the main suppliers 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 import price for chocolate bars with cereals, fruit or nuts amounted to $X per ton, approximately equating the previous year. In general, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of 14%. Over the period under review, average import prices attained the peak figure at $X per ton in 2018; however, from 2019 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 Belgium ($X per ton), while the price for Finland ($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 (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform