Latvia: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Latvia

The Latvian fish fat and oil market rose sharply to $X in 2022, with an increase of 13% against the previous year. Overall, consumption, however, showed a noticeable downturn. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Fish Fats And Oils in Latvia

In value terms, fish fat and oil production amounted to $X in 2022 estimated in export price. In general, production recorded buoyant growth. The most prominent rate of growth was recorded in 2013 when the production volume increased by 68% against the previous year. Fish fat and oil production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Fish Fats And Oils

Exports from Latvia

In 2022, overseas shipments of fish fats and oils increased by 14% to X tons, rising for the fourth consecutive year after three years of decline. Overall, exports saw a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 82%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, fish fat and oil exports skyrocketed to $X in 2022. Over the period under review, exports posted a significant expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 120% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

Lithuania (X tons), France (X tons) and Denmark (X tons) were the main destinations of fish fat and oil exports from Latvia, together accounting for 48% of total exports. Spain, Germany, Poland, the Czech Republic, the Netherlands, Nigeria, Greece and Italy lagged somewhat behind, together accounting for a further 47%.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +200.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for fish fat and oil exported from Latvia were Lithuania ($X), Spain ($X) and France ($X), together accounting for 43% of total exports. Denmark, Poland, the Czech Republic, Nigeria, the Netherlands, Germany, Greece and Italy lagged somewhat behind, together accounting for a further 50%.

Nigeria, with a CAGR of +374.4%, recorded the highest growth rate of the value of exports, in terms of 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

In 2022, the average fish fat and oil export price amounted to $X per ton, rising by 21% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.7%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while the average price for exports to Italy ($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 Nigeria (+57.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports into Latvia

In 2022, imports of fish fats and oils into Latvia soared to X tons, rising by 186% against 2021 figures. Overall, imports showed a significant increase. The pace of growth was the most pronounced in 2020 when imports increased by 2,747% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, fish fat and oil imports dropped to $X in 2022. In general, imports enjoyed a resilient increase. The growth pace was the most rapid in 2020 when imports increased by 472% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, the UK (X tons) constituted the largest fish fat and oil supplier to Latvia, accounting for a 76% share of total imports. Moreover, fish fat and oil imports from the UK exceeded the figures recorded by the second-largest supplier, Lithuania (X tons), sevenfold. The third position in this ranking was held by the Netherlands (X tons), with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the UK amounted to +214.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+25.9% per year) and the Netherlands (+70.8% per year).

In value terms, Lithuania ($X), the Netherlands ($X) and the UK ($X) constituted the largest fish fat and oil suppliers to Latvia, with a combined 92% share of total imports.

Among the main suppliers, the Netherlands, with a CAGR of +139.1%, recorded the highest rates of growth with regard to the value of imports, 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 fish fat and oil import price amounted to $X per ton, declining by -68.6% against the previous year. Overall, the import price continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2021 an increase of 1,047%. As a result, import price reached the peak level of $X per ton, and then shrank sharply in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+40.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform