Latvia: Gingerbread Market 2024

Gingerbread Market Size in Latvia

In 2022, the Latvian gingerbread market increased by 20% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Gingerbread consumption peaked in 2022 and is likely to continue growth in the immediate term.

Gingerbread Production in Latvia

In value terms, gingerbread production expanded notably to $X in 2022 estimated in export price. Over the period under review, the total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +11.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +40.9% against 2019 indices. The pace of growth was the most pronounced in 2013 when the production volume increased by 121% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Gingerbread Exports

Exports from Latvia

In 2022, overseas shipments of gingerbread decreased by -33.5% to X tons, falling for the second year in a row after two years of growth. Overall, exports recorded a abrupt contraction. The pace of growth was the most pronounced in 2020 with an increase of 28% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, gingerbread exports fell to $X in 2022. Over the period under review, exports saw a perceptible reduction. The growth pace was the most rapid in 2020 when exports increased by 38% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Estonia (X tons), Lithuania (X tons) and Germany (X tons) were the main destinations of gingerbread exports from Latvia, together comprising 81% of total exports. Spain, Israel, Ireland and the United States lagged somewhat behind, together comprising a further 13%.

From 2012 to 2022, the biggest increases were recorded for Israel (with a CAGR of +45.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Estonia ($X), Lithuania ($X) and Germany ($X) constituted the largest markets for gingerbread exported from Latvia worldwide, with a combined 79% share of total exports. Spain, Israel, Ireland and the United States lagged somewhat behind, together comprising a further 14%.

Among the main countries of destination, Israel, with a CAGR of +45.8%, 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

In 2022, the average gingerbread export price amounted to $X per ton, rising by 40% against the previous year. In general, export price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, gingerbread export price increased by +71.7% against 2015 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Spain ($X per ton) and the United States ($X per ton), while the average price for exports to Germany ($X per ton) and Israel ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lithuania (+4.2%), while the prices for the other major destinations experienced more modest paces of growth.

Gingerbread Imports

Imports into Latvia

In 2022, overseas purchases of gingerbread decreased by -2.2% to X tons, falling for the second consecutive year after six years of growth. In general, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 65%. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, gingerbread imports soared to $X in 2022. Over the period under review, imports, however, continue to indicate a notable increase. The growth pace was the most rapid in 2016 when imports increased by 30%. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, Ukraine (X tons) constituted the largest supplier of gingerbread to Latvia, with a 55% share of total imports. Moreover, gingerbread imports from Ukraine exceeded the figures recorded by the second-largest supplier, Poland (X tons), fourfold. The third position in this ranking was held by Estonia (X tons), with a 9.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Ukraine stood at +48.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+2.6% per year) and Estonia (+13.1% per year).

In value terms, Ukraine ($X), Poland ($X) and Estonia ($X) appeared to be the largest gingerbread suppliers to Latvia, together comprising 73% of total imports.

Among the main suppliers, Ukraine, with a CAGR of +50.4%, saw 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 gingerbread import price stood at $X per ton in 2022, growing by 18% against the previous year. Over the period under review, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, gingerbread import price increased by +51.7% against 2016 indices. The most prominent rate of growth was recorded in 2013 when the average import price increased by 25%. The import price peaked in 2022 and is likely to continue growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+9.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform