Latvia: Fresh Beef Carcase Market 2024

Fresh Beef Carcase Market Size in Latvia

In 2022, the Latvian fresh beef carcase market decreased by -13.8% to $X, falling for the second year in a row after five years of growth. Over the period under review, consumption saw a deep slump. Fresh beef carcase consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Fresh Beef Carcase Production in Latvia

In value terms, fresh beef carcase production surged to $X in 2022 estimated in export price. Overall, the total production indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +114.2% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the production volume increased by 81%. Over the period under review, production attained the peak level in 2022 and is likely to continue growth in the immediate term.

Fresh Beef Carcase Exports

Exports from Latvia

In 2022, after two years of growth, there was significant decline in shipments abroad of fresh or chilled carcases of beef and veal, when their volume decreased by -15.6% to X tons. In general, exports showed a mild slump. The growth pace was the most rapid in 2015 when exports increased by 19% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, fresh beef carcase exports declined to $X in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by 29%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for fresh beef carcase exports from Latvia, accounting for a 83% share of total exports. Moreover, fresh beef carcase exports to the Netherlands exceeded the volume sent to the second major destination, Germany (X tons), more than tenfold. The third position in this ranking was taken by Finland (X tons), with a 6.1% share.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands stood at +1.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+8.5% per year) and Finland (+34.9% per year).

In value terms, the Netherlands ($X) remains the key foreign market for fresh or chilled carcases of beef and veal exports from Latvia, comprising 82% of total exports. The second position in the ranking was held by Finland ($X), with a 6.8% share of total exports. It was followed by Germany, with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands stood at +3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (+37.5% per year) and Germany (+10.0% per year).

Export Prices by Country

The average fresh beef carcase export price stood at $X per ton in 2022, increasing by 15% against the previous year. In general, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fresh beef carcase export price increased by +43.0% against 2020 indices. The pace of growth was the most pronounced in 2021 an increase of 25% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Lithuania ($X per ton) and Estonia ($X per ton), while the average price for exports to Germany ($X per ton) and Poland ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lithuania (+4.0%), while the prices for the other major destinations experienced more modest paces of growth.

Fresh Beef Carcase Imports

Imports into Latvia

Fresh beef carcase imports into Latvia declined notably to X tons in 2022, which is down by -73.9% against the previous year's figure. In general, imports recorded a deep contraction. The most prominent rate of growth was recorded in 2020 with an increase of 428% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, fresh beef carcase imports reduced rapidly to $X in 2022. Over the period under review, imports, however, posted temperate growth. The most prominent rate of growth was recorded in 2020 with an increase of 249% against the previous year. Over the period under review, imports attained the maximum at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Lithuania (X tons) constituted the largest supplier of fresh beef carcase to Latvia, with a 66% share of total imports. Moreover, fresh beef carcase imports from Lithuania exceeded the figures recorded by the second-largest supplier, Poland (X tons), threefold. The third position in this ranking was held by Estonia (X tons), with a 6.6% share.

From 2012 to 2022, the average annual growth rate of volume from Lithuania amounted to -4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+4.1% per year) and Estonia (-20.6% per year).

In value terms, Lithuania ($X) constituted the largest supplier of fresh or chilled carcases of beef and veal to Latvia, comprising 65% of total imports. The second position in the ranking was held by Poland ($X), with a 17% share of total imports. It was followed by Germany, with an 8.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Lithuania totaled +9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+3.6% per year) and Germany (+3.3% per year).

Import Prices by Country

In 2022, the average fresh beef carcase import price amounted to $X per ton, rising by 62% against the previous year. Over the period under review, the import price enjoyed prominent growth. The pace of growth was the most pronounced in 2017 when the average import price increased by 102% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in years to come.

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 Germany ($X per ton), while the price for Estonia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+14.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform