Latvia: Market for Fish Fillets and Other Fish Meat 2024

Market Size for Fish Fillets and Other Fish Meat in Latvia

The Latvian market for fish fillets and other fish meat surged to $X in 2022, picking up by 18% against the previous year. Over the period under review, consumption recorded resilient growth. Consumption of peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Fish Fillets and Other Fish Meat in Latvia

In value terms, production of fish fillets and other fish meat stood at $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the production volume decreased by 99.9%. Over the period under review, production of reached the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Fish Fillets and Other Fish Meat

Exports from Latvia

In 2022, overseas shipments of fish fillets and other fish meat increased by 2.7% to X tons, rising for the second year in a row after three years of decline. In general, exports enjoyed moderate growth. The most prominent rate of growth was recorded in 2016 with an increase of 141% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of fish fillets and other fish meat rose notably to $X in 2022. Overall, exports showed a resilient expansion. The pace of growth was the most pronounced in 2016 with an increase of 193%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Lithuania (X tons), the United States (X tons) and Estonia (X tons) were the main destinations of exports of fish fillets and other fish meat from Latvia, with a combined 49% share of total exports. The UK, Poland, the Netherlands, Norway and France lagged somewhat behind, together accounting for a further 41%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Norway (with a CAGR of +214.5%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Lithuania ($X) and Norway ($X) appeared to be the largest markets for fish fillets and other fish meat exported from Latvia worldwide, with a combined 63% share of total exports.

Norway, with a CAGR of +228.5%, saw the highest rates of growth with regard to 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 export price for fish fillets and other fish meat amounted to $X per ton, increasing by 11% against the previous year. Over the period under review, export price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for fish fillets and other fish meat increased by +7.4% against 2018 indices. The pace of growth was the most pronounced in 2018 when the average export price increased by 32%. The export price peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Norway ($X per ton), while the average price for exports to the Netherlands ($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 Lithuania (+12.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fillets and Other Fish Meat

Imports into Latvia

Imports of fish fillets and other fish meat into Latvia rose rapidly to X tons in 2022, picking up by 6.6% compared with 2021. In general, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +35.5% against 2016 indices. The most prominent rate of growth was recorded in 2013 with an increase of 47%. Imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, imports of fish fillets and other fish meat expanded to $X in 2022. Over the period under review, imports saw a strong expansion. The growth pace was the most rapid in 2013 when imports increased by 81%. Over the period under review, imports of hit record highs in 2022 and are likely to continue growth in the near future.

Imports by Country

Lithuania (X tons), Norway (X tons) and the UK (X tons) were the main suppliers of imports of fish fillets and other fish meat to Latvia, with a combined 54% share of total imports. Estonia, Vietnam, India, Sweden, Iceland, Poland, the United States, the Netherlands, Faroe Islands and Denmark lagged somewhat behind, together comprising a further 38%.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +2,457.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Estonia ($X) and Norway ($X) constituted the largest fish fillets and other fish meat suppliers to Latvia, together comprising 57% of total imports. Poland, the Netherlands, the UK, Sweden, Vietnam, Denmark, the United States, India, Iceland and Faroe Islands lagged somewhat behind, together accounting for a further 32%.

Among the main suppliers, India, with a CAGR of +2,158.5%, saw 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

The average import price for fish fillets and other fish meat stood at $X per ton in 2022, reducing by -1.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.6%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 23%. The import price peaked at $X per ton in 2021, and then declined modestly in the following year.

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 Estonia ($X per ton), while the price for the UK ($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 (+9.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform