Latvia: Cocoa Powder Market 2024

Cocoa Powder Market Size in Latvia

After two years of growth, the Latvian cocoa powder market decreased by -15.5% to $X in 2022. Over the period under review, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Cocoa Powder Production in Latvia

In value terms, cocoa powder production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 111% against the previous year. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Cocoa Powder Exports

Exports from Latvia

Cocoa powder exports from Latvia soared to X tons in 2022, growing by 32% on the previous year's figure. Over the period under review, exports saw a significant expansion. The pace of growth was the most pronounced in 2013 when exports increased by 340% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, cocoa powder exports skyrocketed to $X in 2022. In general, exports enjoyed a significant expansion. The pace of growth was the most pronounced in 2013 with an increase of 175%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Kazakhstan (X tons), Belarus (X tons) and Lithuania (X tons) were the main destinations of cocoa powder exports from Latvia, together comprising 83% of total exports.

From 2012 to 2022, the biggest increases were recorded for Belarus (with a CAGR of +67.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Kazakhstan ($X), Belarus ($X) and Lithuania ($X) appeared to be the largest markets for cocoa powder exported from Latvia worldwide, together comprising 84% of total exports.

Belarus, with a CAGR of +70.8%, recorded the highest growth rate of the value of exports, among 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 cocoa powder export price stood at $X per ton in 2022, flattening at the previous year. In general, the export price, however, showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2021 when the average export price increased by 25% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Lithuania ($X per ton) and Estonia ($X per ton), while the average price for exports to Russia ($X per ton) and Belarus ($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 Turkmenistan (+11.3%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Powder Imports

Imports into Latvia

In 2022, approx. X tons of cocoa powder (not sweetened) were imported into Latvia; picking up by 3.4% compared with 2021. Overall, imports recorded a prominent increase. The most prominent rate of growth was recorded in 2016 when imports increased by 147%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, cocoa powder imports contracted to $X in 2022. Over the period under review, imports posted a prominent expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 129%. Over the period under review, imports reached the maximum at $X in 2021, and then contracted in the following year.

Imports by Country

The Netherlands (X tons), Germany (X tons) and Lithuania (X tons) were the main suppliers of cocoa powder imports to Latvia, with a combined 88% share of total imports. Spain, France, Poland and Estonia lagged somewhat behind, together accounting for a further 11%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +63.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) constituted the largest supplier of cocoa powder (not sweetened) to Latvia, comprising 58% of total imports. The second position in the ranking was taken by Germany ($X), with a 19% share of total imports. It was followed by Lithuania, with a 6.5% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands totaled +39.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+18.7% per year) and Lithuania (-5.0% per year).

Import Prices by Country

The average cocoa powder import price stood at $X per ton in 2022, dropping by -8.2% against the previous year. In general, the import price continues to indicate a deep slump. The most prominent rate of growth was recorded in 2020 an increase of 25% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Poland ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+0.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform