Latvia: Frozen Fish Fillet Market 2024

Frozen Fish Fillet Market Size in Latvia

In 2022, the Latvian frozen fish fillet market decreased by -33.1% to $X, falling for the second year in a row after three years of growth. Over the period under review, consumption, however, saw prominent growth. Frozen fish fillet consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Frozen Fish Fillet Production in Latvia

In value terms, frozen fish fillet production rose modestly to $X in 2022 estimated in export price. Overall, production, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2016 when the production volume increased by 286%. Frozen fish fillet production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Frozen Fish Fillet Exports

Exports from Latvia

In 2022, overseas shipments of frozen fish fillet increased by 7.5% to X tons, rising for the second consecutive year after two years of decline. Overall, exports saw a remarkable increase. The most prominent rate of growth was recorded in 2016 when exports increased by 254%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, frozen fish fillet exports expanded significantly to $X in 2022. Over the period under review, exports saw a prominent expansion. The growth pace was the most rapid in 2016 with an increase of 428% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), Lithuania (X tons) and the Netherlands (X tons) were the main destinations of frozen fish fillet exports from Latvia, together comprising 50% of total exports.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +129.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for frozen fish fillet exported from Latvia were the United States ($X), Norway ($X) and Lithuania ($X), together comprising 65% of total exports. The UK, France, Poland, the Netherlands and Estonia lagged somewhat behind, together comprising a further 28%.

Among the main countries of destination, the Netherlands, with a CAGR of +119.7%, saw 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

In 2022, the average frozen fish fillet export price amounted to $X per ton, surging by 3.8% against the previous year. Overall, export price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, frozen fish fillet export price increased by +153.8% against 2015 indices. The most prominent rate of growth was recorded in 2016 when the average export price increased by 49%. The export price peaked 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 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 the UK (+14.5%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Fish Fillet Imports

Imports into Latvia

In 2022, supplies from abroad of frozen fish fillet decreased by -11.1% to X tons, falling for the second consecutive year after two years of growth. In general, total imports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -27.5% against 2020 indices. The growth pace was the most rapid in 2016 with an increase of 82%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, frozen fish fillet imports dropped to $X in 2022. Overall, imports, however, continue to indicate a mild increase. The most prominent rate of growth was recorded in 2016 when imports increased by 78%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Norway (X tons), Lithuania (X tons) and Sweden (X tons) were the main suppliers of frozen fish fillet imports to Latvia, with a combined 55% 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 Norway (with a CAGR of +65.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Norway ($X) and the Netherlands ($X) appeared to be the largest frozen fish fillet suppliers to Latvia, with a combined 43% share of total imports.

Among the main suppliers, Norway, with a CAGR of +50.3%, recorded 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 frozen fish fillet import price stood at $X per ton in 2022, remaining relatively unchanged against the previous year. Over the period under review, the import price saw a perceptible curtailment. The most prominent rate of growth was recorded in 2021 an increase of 28%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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 the Netherlands ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform