Latvia: Frozen Fish Market 2024

Frozen Fish Market Size in Latvia

The Latvian frozen fish market expanded markedly to $X in 2022, picking up by X% against the previous year. In general, consumption, however, continues to indicate a resilient expansion. Frozen fish consumption peaked in 2022 and is likely to see gradual growth in years to come.

Frozen Fish Production in Latvia

In value terms, frozen fish production amounted to $X in 2022 estimated in export price. Overall, production continues to indicate a resilient increase. The pace of growth appeared the most rapid in 2017 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Frozen Fish Exports

Exports from Latvia

In 2022, shipments abroad of frozen fish decreased by X% to X tons, falling for the fifth consecutive year after three years of growth. Over the period under review, total exports indicated moderate growth from 2012 to 2022: its volume 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 decreased by X% against 2017 indices. The pace of growth was the most pronounced in 2016 with an increase of X%. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, frozen fish exports rose markedly to $X in 2022. Overall, exports, however, saw strong growth. The most prominent rate of growth was recorded in 2017 with an increase of X%. The exports peaked at $X in 2018; afterwards, it flattened through to 2022.

Exports by Country

Ukraine (X tons) was the main destination for frozen fish exports from Latvia, with a X% share of total exports. Moreover, frozen fish exports to Ukraine exceeded the volume sent to the second major destination, Belarus (X tons), threefold. Lithuania (X tons) ranked third in terms of total exports with an X% share.

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

In value terms, the United States ($X), Lithuania ($X) and Ukraine ($X) were the largest markets for frozen fish exported from Latvia worldwide, with a combined X% share of total exports.

In terms of the main countries of destination, the United States, with a CAGR of X%, saw the highest rates of growth with regard to 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 frozen fish export price stood at $X per ton in 2022, picking up by X% against the previous year. In general, export price indicated a temperate 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 fish export price increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by X%. The export price peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: 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.

Frozen Fish Imports

Imports into Latvia

After two years of growth, purchases abroad of frozen fish decreased by X% to X tons in 2022. In general, imports, however, saw a strong increase. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then contracted in the following year.

In value terms, frozen fish imports amounted to $X in 2022. Over the period under review, imports, however, showed a resilient expansion. The pace of growth was the most pronounced in 2016 when imports increased by X%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Lithuania (X tons) constituted the largest supplier of frozen fish to Latvia, with a X% share of total imports. Moreover, frozen 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 growth rate 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 fish suppliers to Latvia were Sweden ($X), Lithuania ($X) and Norway ($X), together accounting for X% of total imports.

In terms of the main suppliers, Sweden, 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

In 2022, the average frozen fish import price amounted to $X per ton, growing by X% against the previous year. Overall, the import price, however, continues to indicate a slight setback. The most prominent rate of growth was recorded in 2017 when the average import price increased by X%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Sweden ($X per ton), while the price for Lithuania ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform