Latvia: Powdered Milk Market 2024

Powdered Milk Market Size in Latvia

In 2022, after three years of growth, there was decline in the Latvian powdered milk market, when its value decreased by -3.2% to $X. Over the period under review, consumption, however, recorded a strong expansion. Over the period under review, the market hit record highs at $X in 2021, and then fell slightly in the following year.

Powdered Milk Production in Latvia

In value terms, powdered milk production stood at $X in 2022 estimated in export price. Overall, production continues to indicate a pronounced slump. The pace of growth appeared the most rapid in 2019 when the production volume increased by 94%. Powdered milk production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Powdered Milk Exports

Exports from Latvia

In 2022, shipments abroad of powdered milk decreased by -28.5% to X tons, falling for the third consecutive year after two years of growth. Over the period under review, exports recorded a abrupt shrinkage. The growth pace was the most rapid in 2018 with an increase of 68% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, powdered milk exports shrank rapidly to $X in 2022. In general, exports recorded a deep downturn. The most prominent rate of growth was recorded in 2019 with an increase of 60%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Poland (X tons), Estonia (X tons) and Denmark (X tons) were the main destinations of powdered milk exports from Latvia, with a combined 72% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +48.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X), Estonia ($X) and Denmark ($X) were the largest markets for powdered milk exported from Latvia worldwide, together comprising 69% of total exports.

Among the main countries of destination, Poland, with a CAGR of +55.6%, recorded 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 powdered milk export price stood at $X per ton in 2022, growing by 6.9% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 37% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Kazakhstan ($X per ton), while the average price for exports to Bulgaria ($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 Romania (+9.7%), while the prices for the other major destinations experienced more modest paces of growth.

Powdered Milk Imports

Imports into Latvia

In 2022, overseas purchases of powdered milk decreased by -28.1% to X tons, falling for the second consecutive year after two years of growth. In general, imports, however, enjoyed a prominent expansion. The pace of growth was the most pronounced in 2020 when imports increased by 93%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, powdered milk imports fell rapidly to $X in 2022. Overall, imports, however, recorded prominent growth. The growth pace was the most rapid in 2020 with an increase of 117%. Imports peaked at $X in 2021, and then contracted notably in the following year.

Imports by Country

Lithuania (X tons), Estonia (X tons) and Germany (X tons) were the main suppliers of powdered milk imports to Latvia, together comprising 89% of total imports. Poland, France, the Czech Republic and the Netherlands lagged somewhat behind, together accounting for a further 9.7%.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +29.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest powdered milk suppliers to Latvia were Estonia ($X), Lithuania ($X) and Germany ($X), with a combined 90% share of total imports. Poland, France, the Czech Republic and the Netherlands lagged somewhat behind, together accounting for a further 8.5%.

Poland, with a CAGR of +27.2%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average powdered milk import price stood at $X per ton in 2022, surging by 4.7% against the previous year. Over the period under review, import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, powdered milk import price increased by +75.8% against 2016 indices. The pace of growth appeared the most rapid in 2013 an increase of 34%. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+16.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform