Latvia: Medical Gel Preparations Market 2024

Medical Gel Preparations Market Size in Latvia

In 2022, the Latvian medical gel preparations market increased by 16% to $X, rising for the third year in a row after three years of decline. Over the period under review, consumption continues to indicate a modest increase. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Medical Gel Preparations Production in Latvia

In value terms, medical gel preparations production rose remarkably to $X in 2022 estimated in export price. Overall, production, however, recorded a abrupt downturn. The pace of growth appeared the most rapid in 2020 with an increase of 73% against the previous year. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Medical Gel Preparations Exports

Exports from Latvia

In 2022, overseas shipments of gel preparations for human or veterinary medicine decreased by -27.8% to X tons, falling for the second year in a row after two years of growth. In general, exports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 585%. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, medical gel preparations exports contracted to $X in 2022. Over the period under review, exports, however, enjoyed a significant increase. The pace of growth appeared the most rapid in 2014 when exports increased by 1,353% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2021, and then declined in the following year.

Exports by Country

Lithuania (X tons), Belarus (X tons) and the UK (X tons) were the main destinations of medical gel preparations exports from Latvia, together accounting for 71% of total exports. Estonia, Vietnam, Moldova and Italy lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2022, the biggest increases were recorded for Moldova (with a CAGR of +143.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X) remains the key foreign market for gel preparations for human or veterinary medicine exports from Latvia, comprising 66% of total exports. The second position in the ranking was taken by Estonia ($X), with a 15% share of total exports. It was followed by Belarus, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Lithuania amounted to +121.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+36.9% per year) and Belarus (+72.6% per year).

Export Prices by Country

In 2022, the average medical gel preparations export price amounted to $X per ton, increasing by 22% against the previous year. Over the period under review, the export price continues to indicate a prominent expansion. The growth pace was the most rapid in 2021 when the average export price increased by 591%. The export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Lithuania ($X per ton), while the average price for exports to Moldova ($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 (+34.0%), while the prices for the other major destinations experienced more modest paces of growth.

Medical Gel Preparations Imports

Imports into Latvia

In 2022, purchases abroad of gel preparations for human or veterinary medicine increased by 4.8% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports saw a resilient increase. The growth pace was the most rapid in 2014 with an increase of 121%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, medical gel preparations imports amounted to $X in 2022. Overall, imports recorded a significant increase. The pace of growth was the most pronounced in 2016 when imports increased by 117% against the previous year. Imports peaked at $X in 2018; afterwards, it flattened through to 2022.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of medical gel preparations to Latvia, accounting for a 69% share of total imports. Moreover, medical gel preparations imports from Germany exceeded the figures recorded by the second-largest supplier, Lithuania (X tons), eightfold. The Netherlands (X tons) ranked third in terms of total imports with an 8% share.

From 2012 to 2022, the average annual growth rate of volume from Germany totaled +47.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+5.7% per year) and the Netherlands (+31.5% per year).

In value terms, Germany ($X) constituted the largest supplier of gel preparations for human or veterinary medicine to Latvia, comprising 76% of total imports. The second position in the ranking was held by Lithuania ($X), with a 7.3% share of total imports. It was followed by the Netherlands, with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany amounted to +57.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+15.0% per year) and the Netherlands (+28.7% per year).

Import Prices by Country

The average medical gel preparations import price stood at $X per ton in 2022, increasing by 3.7% against the previous year. Over the period under review, the import price enjoyed a strong expansion. The pace of growth appeared the most rapid in 2016 when the average import price increased by 94% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 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 Italy ($X per ton), while the price for the Czech Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+34.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform