Latvia: Market for Frozen Vegetables other than Potato and Corn 2024

Market Size for Frozen Vegetables other than Potato and Corn in Latvia

The Latvian market for frozen vegetables other than potato and corn expanded rapidly to $X in 2022, rising by 13% against the previous year. In general, consumption continues to indicate a prominent increase. Consumption of peaked in 2022 and is likely to see steady growth in the near future.

Production of Frozen Vegetables other than Potato and Corn in Latvia

In value terms, production of frozen vegetables other than potato and corn surged to $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Exports of Frozen Vegetables other than Potato and Corn

Exports from Latvia

In 2022, approx. X tons of frozen vegetables other than potato and corn were exported from Latvia; with a decrease of -53.1% compared with the previous year's figure. Over the period under review, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 2,713%. As a result, the exports reached the peak of X tons, and then reduced remarkably in the following year.

In value terms, exports of frozen vegetables other than potato and corn declined dramatically to $X in 2022. Overall, exports, however, showed a significant expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 771%. As a result, the exports attained the peak of $X, and then shrank rapidly in the following year.

Exports by Country

Germany (X tons), Denmark (X tons) and Lithuania (X tons) were the main destinations of exports of frozen vegetables other than potato and corn from Latvia, with a combined 92% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Germany (with a CAGR of +377.7%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Lithuania ($X) and Denmark ($X) were the largest markets for frozen vegetables other than potato and corn exported from Latvia worldwide, with a combined 79% share of total exports.

Among the main countries of destination, Germany, with a CAGR of +304.0%, 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

The average export price for frozen vegetables other than potato and corn stood at $X per ton in 2022, picking up by 27% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt setback. The most prominent rate of growth was recorded in 2020 an increase of 253% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to Denmark ($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 Belgium (+66.1%), while the prices for the other major destinations experienced a decline.

Imports of Frozen Vegetables other than Potato and Corn

Imports into Latvia

In 2022, supplies from abroad of frozen vegetables other than potato and corn decreased by -16.5% to X tons, falling for the second consecutive year after nine years of growth. In general, imports, however, recorded a buoyant expansion. The growth pace was the most rapid in 2019 when imports increased by 80%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, imports of frozen vegetables other than potato and corn fell slightly to $X in 2022. Overall, imports, however, enjoyed prominent growth. The growth pace was the most rapid in 2019 with an increase of 31% against the previous year. Over the period under review, imports of reached the peak figure at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

Lithuania (X tons), Poland (X tons) and Estonia (X tons) were the main suppliers of imports of frozen vegetables other than potato and corn to Latvia, with a combined 82% share of total imports. Belgium, the Netherlands and Germany lagged somewhat behind, together comprising a further 14%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +28.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Poland ($X) and Belgium ($X) were the largest frozen vegetables other than potato and corn suppliers to Latvia, together comprising 78% of total imports. Estonia, the Netherlands and Germany lagged somewhat behind, together comprising a further 17%.

Among the main suppliers, Germany, with a CAGR of +21.9%, saw 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 import price for frozen vegetables other than potato and corn stood at $X per ton in 2022, picking up by 18% against the previous year. Over the period under review, the import price, however, showed a noticeable contraction. The most prominent rate of growth was recorded in 2021 when the average import price increased by 46%. Over the period under review, average import prices attained the maximum at $X per ton in 2014; however, from 2015 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 Germany ($X per ton), while the price for Estonia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+2.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform