Latvia: Market for Frozen, Dried And Smoked Fish 2024

Market Size for Frozen, Dried And Smoked Fish in Latvia

In 2022, the Latvian market for frozen, dried and smoked fish decreased by X% to $X, falling for the second consecutive year after three years of growth. Over the period under review, the total consumption indicated prominent 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, consumption decreased by X% against 2020 indices. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Production of Frozen, Dried And Smoked Fish in Latvia

In value terms, frozen, dried and smoked fish production stood at $X in 2022 estimated in export price. Over the period under review, production, however, saw buoyant growth. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Frozen, Dried And Smoked Fish

Exports from Latvia

In 2022, shipments abroad of frozen, dried and smoked fish decreased by X% to X tons, falling for the fourth consecutive year after four years of growth. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 when exports increased by X%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, frozen, dried and smoked fish exports expanded to $X in 2022. In general, total exports indicated a temperate increase 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, exports increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Ukraine (X tons) was the main destination for frozen, dried and smoked fish exports from Latvia, with a X% share of total exports. Moreover, frozen, dried and smoked fish exports to Ukraine exceeded the volume sent to the second major destination, Lithuania (X tons), threefold. The third position in this ranking was taken by Belarus (X tons), with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ukraine amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (X% per year) and Belarus (X% per year).

In value terms, the largest markets for frozen, dried and smoked fish exported from Latvia were Denmark ($X), the United States ($X) and Lithuania ($X), together accounting for X% of total exports.

Among the main countries of destination, the United States, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for frozen, dried and smoked fish stood at $X per ton in 2022, rising by X% against the previous year. Overall, export price indicated a modest expansion 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, dried and smoked fish export price increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in the immediate term.

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 the United States ($X per ton), while the average price for exports to Ghana ($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 the UK (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen, Dried And Smoked Fish

Imports into Latvia

After two years of growth, overseas purchases of frozen, dried and smoked fish decreased by X% to X tons in 2022. In general, imports, however, recorded a buoyant increase. The growth pace was the most rapid in 2020 with an increase of X%. Imports peaked at X tons in 2021, and then shrank in the following year.

In value terms, frozen, dried and smoked fish imports expanded to $X in 2022. Over the period under review, total imports indicated perceptible 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 2015 indices. The most prominent rate of growth was recorded in 2020 with an increase of X%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Lithuania (X tons) constituted the largest frozen, dried and smoked fish supplier to Latvia, with a X% share of total imports. Moreover, frozen, dried and smoked fish imports from Lithuania exceeded the figures recorded by the second-largest supplier, Norway (X tons), fourfold. The third position in this ranking was held by Sweden (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Lithuania stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (X% per year) and Sweden (X% per year).

In value terms, the largest frozen, dried and smoked fish suppliers to Latvia were Lithuania ($X), Sweden ($X) and Norway ($X), with a combined X% share of total imports. The UK, Estonia, the Netherlands, Spain, Iceland, Poland, Faroe Islands and Morocco lagged somewhat behind, together comprising a further X%.

Faroe Islands, with a CAGR of X%, recorded the highest growth rate of 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

In 2022, the average import price for frozen, dried and smoked fish amounted to $X per ton, growing by X% against the previous year. Over the period under review, the import price, however, saw a perceptible reduction. The growth pace was the most rapid in 2017 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Poland ($X per ton), while the price for Lithuania ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform