Latvia: Manuka Market 2024

Manuka Market Size in Latvia

The Latvian manuka market dropped to $X in 2022, reducing by -4.5% against the previous year. In general, the total consumption indicated a mild increase 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. Manuka consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Manuka Production in Latvia

In value terms, manuka production contracted modestly to $X in 2022 estimated in export price. Overall, the total production indicated pronounced growth 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 most prominent rate of growth was recorded in 2013 with an increase of 53%. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Manuka Exports

Exports from Latvia

In 2022, after three years of growth, there was significant decline in overseas shipments of manuka, when their volume decreased by -5.4% to X tons. Overall, exports, however, continue to indicate strong growth. The most prominent rate of growth was recorded in 2021 when exports increased by 103%. As a result, the exports reached the peak of X tons, and then declined in the following year.

In value terms, manuka exports shrank to $X in 2022. Over the period under review, exports, however, enjoyed a resilient increase. The pace of growth appeared the most rapid in 2021 when exports increased by 116% against the previous year. As a result, the exports reached 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 manuka exports from Latvia, together accounting for 83% 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 +146.7%), while the other leaders experienced more modest paces of growth.

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

Germany, with a CAGR of +113.4%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average manuka export price stood at $X per ton in 2022, growing by 3% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 25%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, 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.

Manuka Imports

Imports into Latvia

In 2022, purchases abroad of manuka increased by 8.6% to X tons, rising for the third consecutive year after two years of decline. Overall, total imports indicated a modest 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 pace of growth was the most pronounced 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, manuka imports skyrocketed to $X in 2022. Over the period under review, total imports indicated a buoyant expansion 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 most prominent rate of growth was recorded in 2021 when imports increased by 36%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

Lithuania (X tons), China (X tons) and Belgium (X tons) were the main suppliers of manuka imports to Latvia, together comprising 69% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of +205.6%), while imports for the other leaders experienced more modest paces of growth.

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

Among the main suppliers, Belgium, with a CAGR of +158.8%, 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

The average manuka import price stood at $X per ton in 2022, growing by 14% against the previous year. Overall, import price indicated tangible growth 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, manuka import price increased by +58.3% against 2016 indices. The most prominent rate of growth was recorded in 2013 an increase of 25%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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