Latvia: Market for Fresh Or Chilled Pig Meat Other Than Cuts Or Carcases 2024

Market Size for Fresh Or Chilled Pig Meat Other Than Cuts Or Carcases in Latvia

In 2022, the Latvian market for fresh or chilled pig meat other than cuts or carcases increased by 28% to $X, rising for the second year in a row after two years of decline. In general, the total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +76.6% against 2020 indices. Consumption of peaked in 2022 and is expected to retain growth in the near future.

Production of Fresh Or Chilled Pig Meat Other Than Cuts Or Carcases in Latvia

In value terms, production of fresh or chilled pig meat other than cuts or carcases skyrocketed to $X in 2022 estimated in export price. Over the period under review, production recorded buoyant growth. The most prominent rate of growth was recorded in 2018 with an increase of 93% against the previous year. Over the period under review, production of attained the peak level in 2022 and is likely to see steady growth in the near future.

Exports of Fresh Or Chilled Pig Meat Other Than Cuts Or Carcases

Exports from Latvia

Exports of fresh or chilled pig meat other than cuts or carcases from Latvia expanded sharply to X tons in 2022, increasing by 5.2% against the previous year. Overall, total exports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +83.0% against 2018 indices. The pace of growth appeared the most rapid in 2016 with an increase of 61% against the previous year. The exports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, exports of fresh or chilled pig meat other than cuts or carcases skyrocketed to $X in 2022. In general, exports showed tangible growth. The pace of growth was the most pronounced in 2016 with an increase of 67% against the previous year. Over the period under review, the exports of hit record highs in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Estonia (X tons) and Lithuania (X tons) were the main destinations of exports of fresh or chilled pig meat other than cuts or carcases from Latvia.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Estonia (with a CAGR of +23.4%).

In value terms, Estonia ($X) and Lithuania ($X) constituted the largest markets for fresh pork other than cuts or carcases exported from Latvia worldwide.

Estonia, with a CAGR of +26.1%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review.

Export Prices by Country

The average export price for fresh or chilled pig meat other than cuts or carcases stood at $X per ton in 2022, increasing by 20% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 20% against the previous year. The export price peaked at $X per ton in 2012; afterwards, it flattened through to 2022.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Estonia ($X per ton), while the average price for exports to Lithuania totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Estonia (+2.2%).

Imports of Fresh Or Chilled Pig Meat Other Than Cuts Or Carcases

Imports into Latvia

In 2022, after two years of growth, there was significant decline in purchases abroad of fresh or chilled pig meat other than cuts or carcases, when their volume decreased by -5.5% to X tons. The total import volume increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 32%. As a result, imports reached the peak of X tons, and then fell in the following year.

In value terms, imports of fresh or chilled pig meat other than cuts or carcases expanded notably to $X in 2022. The total import value increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 26%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

Denmark (X tons), Poland (X tons) and Estonia (X tons) were the main suppliers of imports of fresh or chilled pig meat other than cuts or carcases to Latvia, with a combined 86% share of total imports. Germany, Lithuania and Spain lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +16.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest fresh pork other than cuts or carcases suppliers to Latvia were Poland ($X), Denmark ($X) and Estonia ($X), with a combined 87% share of total imports. Lithuania, Germany and Spain lagged somewhat behind, together accounting for a further 13%.

Spain, with a CAGR of +17.6%, recorded 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 import price for fresh or chilled pig meat other than cuts or carcases stood at $X per ton in 2022, with an increase of 14% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 15% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Poland ($X per ton), while the price for Denmark ($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 (+1.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform