Latvia: Frozen Crustaceans Market 2024

Frozen Crustaceans Market Size in Latvia

The Latvian frozen crustaceans market expanded significantly to $X in 2022, surging by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, recorded a perceptible decrease. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Frozen Crustaceans Exports

Exports from Latvia

In 2022, frozen crustaceans exports from Latvia soared to X tons, rising by X% compared with 2021 figures. Overall, exports enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in the immediate term.

In value terms, frozen crustaceans exports expanded remarkably to $X in 2022. Over the period under review, exports enjoyed a resilient increase. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. The exports peaked in 2022 and are likely to see steady growth in years to come.

Exports by Country

Lithuania (X tons), Denmark (X tons) and Estonia (X tons) were the main destinations of frozen crustaceans exports from Latvia, together comprising X% of total exports.

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

In value terms, Lithuania ($X) remains the key foreign market for frozen crustaceans exports from Latvia, comprising X% of total exports. The second position in the ranking was taken by Estonia ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Lithuania amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (X% per year) and Denmark (X% per year).

Export Prices by Country

The average frozen crustaceans export price stood at $X per ton in 2022, shrinking by X% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lithuania ($X per ton), while the average price for exports to Denmark ($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 (X%), while the prices for the other major destinations experienced mixed trend patterns.

Frozen Crustaceans Imports

Imports into Latvia

In 2022, purchases abroad of frozen crustaceans increased by X% to X tons, rising for the third consecutive year after six years of decline. Over the period under review, imports, however, saw a slight shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, frozen crustaceans imports rose remarkably to $X in 2022. In general, total imports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2019 indices. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

Lithuania (X tons), India (X tons) and the Netherlands (X tons) were the main suppliers of frozen crustaceans imports to Latvia, with a combined X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), the Netherlands ($X) and India ($X) constituted the largest frozen crustaceans suppliers to Latvia, together comprising X% of total imports. Belgium, Denmark, Estonia and Vietnam lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Vietnam, with a CAGR of X%, recorded the highest growth rate of 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 frozen crustaceans import price stood at $X per ton in 2022, increasing by X% against the previous year. In general, import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, frozen crustaceans import price increased by X% against 2013 indices. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is likely to see steady growth in the immediate term.

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 Vietnam ($X per ton), while the price for Denmark ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform