Latvia: Natural Cork Stopper Market 2025

Natural Cork Stopper Market Size in Latvia

In 2022, the Latvian natural cork stopper market increased by 4.8% to $X, rising for the second year in a row after four years of decline. In general, consumption, however, saw a deep downturn. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Natural Cork Stopper Production in Latvia

In value terms, natural cork stopper production fell modestly to $X in 2022 estimated in export price. Over the period under review, production showed a deep reduction. The pace of growth appeared the most rapid in 2013 when the production volume increased by 25%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Natural Cork Stopper Exports

Exports from Latvia

In 2022, overseas shipments of corks and stoppers of natural cork decreased by -51.7% to X kg, falling for the third consecutive year after two years of growth. In general, exports recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2013 with an increase of 3,860% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, natural cork stopper exports dropped markedly to $X in 2022. Over the period under review, exports recorded a slight reduction. The most prominent rate of growth was recorded in 2018 with an increase of 1,087% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Estonia (X kg) was the main destination for natural cork stopper exports from Latvia, accounting for a 64% share of total exports. Moreover, natural cork stopper exports to Estonia exceeded the volume sent to the second major destination, Lithuania (X kg), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Estonia stood at -1.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (-6.0% per year) and Russia (0.0% per year).

In value terms, Lithuania ($X) remains the key foreign market for corks and stoppers of natural cork exports from Latvia, comprising 55% of total exports. The second position in the ranking was taken by Russia ($X), with a 23% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Lithuania stood at +4.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+22.8% per year) and Estonia (+3.7% per year).

Export Prices by Country

In 2022, the average natural cork stopper export price amounted to $X per ton, dropping by -25.1% against the previous year. Overall, the export price, however, continues to indicate a resilient expansion. The pace of growth was the most pronounced in 2014 an increase of 323% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Estonia ($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 Ukraine (+29.0%), while the prices for the other major destinations experienced more modest paces of growth.

Natural Cork Stopper Imports

Imports into Latvia

In 2022, purchases abroad of corks and stoppers of natural cork increased by 55% to X tons, rising for the seventh year in a row after two years of decline. Overall, imports showed significant growth. The most prominent rate of growth was recorded in 2013 when imports increased by 1,340% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in years to come.

In value terms, natural cork stopper imports skyrocketed to $X in 2022. In general, imports saw a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 954%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

Lithuania (X tons), Poland (X tons) and Hungary (X tons) were the main suppliers of natural cork stopper imports to Latvia, with a combined 78% share of total imports. Germany, Portugal and Bulgaria lagged somewhat behind, together comprising a further 21%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +123.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Poland ($X) and Germany ($X) were the largest natural cork stopper suppliers to Latvia, with a combined 73% share of total imports.

Germany, with a CAGR of +92.0%, saw the highest rates of growth with regard to 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 natural cork stopper import price amounted to $X per ton, picking up by 26% against the previous year. Over the period under review, the import price, however, saw a deep reduction. The most prominent rate of growth was recorded in 2015 when the average import price increased by 28% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Bulgaria ($X per ton), while the price for Lithuania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bulgaria (+16.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform