Latvia: Honey Market 2024

Honey Market Size in Latvia

The Latvian honey market shrank modestly to $X in 2022, declining by -4.5% against the previous year. Over the period under review, the total consumption indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -37.4% against 2018 indices. Honey consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Honey Production in Latvia

In value terms, honey production declined modestly to $X in 2022 estimated in export price. In general, the total production indicated a moderate expansion from 2012 to 2022: its value 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, production increased by +1.9% against 2020 indices. The pace of growth appeared the most rapid in 2013 when the production volume increased by 53% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Honey Exports

Exports from Latvia

In 2022, after three years of growth, there was significant decline in overseas shipments of honey, when their volume decreased by -5.4% to X tons. Over the period under review, exports, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 103% against the previous year. As a result, the exports reached the peak of X tons, and then dropped in the following year.

In value terms, honey exports shrank to $X in 2022. In general, exports, however, posted a strong increase. The growth pace was the most rapid in 2021 when exports increased by 116%. As a result, the exports attained the peak of $X, and then shrank in the following year.

Exports by Country

Poland (X tons), Germany (X tons) and Estonia (X tons) were the main destinations of honey exports from Latvia, together comprising 83% of total exports.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +146.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X), Germany ($X) and Estonia ($X) were the largest markets for honey exported from Latvia worldwide, with a combined 73% share of total exports.

In terms of the main countries of destination, Germany, with a CAGR of +113.4%, 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 honey export price amounted to $X per ton, increasing by 3% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average export price increased by 25%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Poland ($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 Netherlands (+8.5%), while the prices for the other major destinations experienced more modest paces of growth.

Honey Imports

Imports into Latvia

In 2022, supplies from abroad of honey increased by 8.6% to X tons, rising for the third consecutive year after two years of decline. Overall, total imports indicated a slight expansion from 2012 to 2022: its volume increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +37.6% against 2019 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 32%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, honey imports skyrocketed to $X in 2022. Over the period under review, total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +98.8% against 2019 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 36%. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

Lithuania (X tons), China (X tons) and Belgium (X tons) were the main suppliers of honey imports to Latvia, with a combined 69% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +205.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest honey suppliers to Latvia were Lithuania ($X), Germany ($X) and China ($X), together accounting for 64% of total imports. Belgium, Poland, Sweden and Ukraine lagged somewhat behind, together accounting for a further 27%.

Belgium, with a CAGR of +158.8%, saw the highest growth rate of the value of imports, among the main suppliers 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 honey import price amounted to $X per ton, growing by 14% against the previous year. Overall, import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, honey import price increased by +58.3% against 2016 indices. The pace of growth was the most pronounced in 2013 an increase of 25%. The import price peaked in 2022 and is expected to retain growth in the near future.

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 Sweden ($X per ton), while the price for China ($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 (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform