Report Update Nov 1, 2024

Latvia - Crude Soybean Oil - Market Analysis, Forecast, Size, Trends and Insights

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Latvia: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Latvia

The Latvian crude soybean oil market contracted dramatically to $X in 2022, which is down by -39.7% against the previous year. Over the period under review, consumption recorded a deep contraction. Crude soybean oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Crude Soybean Oil Production in Latvia

In value terms, crude soybean oil production stood at $X in 2022 estimated in export price. In general, production saw a deep downturn. The pace of growth was the most pronounced in 2017 with an increase of 322%. Crude soybean oil production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Crude Soybean Oil Exports

Exports from Latvia

In 2022, approx. X tons of crude soybean oil were exported from Latvia; growing by 14% on 2021. Overall, exports showed notable growth. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, crude soybean oil exports soared to $X in 2022. In general, exports showed a strong increase. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Estonia (X tons) was the main destination for crude soybean oil exports from Latvia, accounting for a approx. 100% share of total exports.

From 2013 to 2022, the average annual growth rate of volume to Estonia stood at -25.7%.

In value terms, Estonia ($X) also remains the key foreign market for crude soybean oil exports from Latvia.

From 2013 to 2022, the average annual rate of growth in terms of value to Estonia stood at +8.3%.

Export Prices by Country

In 2022, the average crude soybean oil export price amounted to $X per ton, growing by 27% against the previous year. Overall, the export price recorded prominent growth. The pace of growth was the most pronounced in 2014 an increase of 95%. The export price peaked in 2022 and is expected to retain growth in years to come.

As there is only one major export destination, the average price level is determined by prices for Estonia.

From 2013 to 2022, the rate of growth in terms of prices for Estonia amounted to +45.8% per year.

Crude Soybean Oil Imports

Imports into Latvia

In 2022, overseas purchases of crude soybean oil decreased by -80.1% to X tons, falling for the second year in a row after three years of growth. In general, imports continue to indicate a slight downturn. The pace of growth was the most pronounced in 2015 when imports increased by 1,381%. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, crude soybean oil imports contracted significantly to $X in 2022. Overall, imports, however, continue to indicate tangible growth. The growth pace was the most rapid in 2015 when imports increased by 1,041% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then declined notably in the following year.

Imports by Country

In 2022, Lithuania (X tons) constituted the largest supplier of crude soybean oil to Latvia, with a 71% share of total imports. Moreover, crude soybean oil imports from Lithuania exceeded the figures recorded by the second-largest supplier, Ukraine (X tons), fourfold.

From 2012 to 2022, the average annual growth rate of volume from Lithuania stood at +24.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (-2.5% per year) and Estonia (0.0% per year).

In value terms, Lithuania ($X) constituted the largest supplier of crude soybean oil to Latvia, comprising 74% of total imports. The second position in the ranking was held by Ukraine ($X), with a 16% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Lithuania stood at +31.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (+0.4% per year) and Estonia (0.0% per year).

Import Prices by Country

In 2022, the average crude soybean oil import price amounted to $X per ton, picking up by 29% against the previous year. Overall, the import price recorded a notable expansion. The most prominent rate of growth was recorded in 2017 an increase of 66% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in years to come.

Average prices varied noticeably 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 Russia (+28.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

This report provides an in-depth analysis of the crude soybean oil market in Latvia. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 237 - Oil of Soybeans

Country coverage:

Latvia

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Latvia
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023