Latvia: Mattress Market 2024

Mattress Market Size in Latvia

In 2022, after six years of decline, there was significant growth in the Latvian mattress market, when its value increased by 1,200% to $X. Overall, consumption, however, saw a perceptible decrease. Mattress consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Mattress Production in Latvia

In value terms, mattress production expanded remarkably to $X in 2022 estimated in export price. Overall, production posted a slight expansion. The most prominent rate of growth was recorded in 2019 with an increase of 266% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Mattress Exports

Exports from Latvia

In 2022, overseas shipments of mattresses decreased by -13.6% to X units, falling for the second consecutive year after three years of growth. Over the period under review, exports, however, continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 133%. As a result, the exports attained the peak of X units. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, mattress exports fell to $X in 2022. Overall, exports, however, enjoyed a resilient expansion. The pace of growth was the most pronounced in 2020 when exports increased by 147% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Estonia (X units), Germany (X units) and Lithuania (X units) were the main destinations of mattress exports from Latvia, with a combined 55% share of total exports. The Czech Republic, Poland, Spain, Denmark, France, Russia, Luxembourg and Romania lagged somewhat behind, together accounting for a further 38%.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +173.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Estonia ($X), Germany ($X) and Lithuania ($X) constituted the largest markets for mattress exported from Latvia worldwide, together comprising 53% of total exports. The Czech Republic, Poland, Spain, Denmark, Russia, France, Luxembourg and Romania lagged somewhat behind, together accounting for a further 40%.

Spain, with a CAGR of +177.6%, recorded the highest growth rate of the value of exports, in terms of 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 mattress export price stood at $X per unit in 2022, picking up by 14% against the previous year. In general, export price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, mattress export price increased by +26.6% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by 52%. As a result, the export price reached the peak level of $X per unit. From 2018 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Romania ($X per unit) and Luxembourg ($X per unit), while the average price for exports to Estonia ($X per unit) and Lithuania ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Luxembourg (+6.4%), while the prices for the other major destinations experienced more modest paces of growth.

Mattress Imports

Imports into Latvia

In 2022, approx. X units of mattresses were imported into Latvia; with a decrease of -30.6% against 2021 figures. Overall, imports, however, saw perceptible growth. The pace of growth appeared the most rapid in 2020 with an increase of 61%. As a result, imports reached the peak of X units. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, mattress imports shrank to $X in 2022. In general, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when imports increased by 32%. Imports peaked at $X in 2021, and then fell slightly in the following year.

Imports by Country

In 2022, Poland (X units) constituted the largest mattress supplier to Latvia, accounting for a 58% share of total imports. Moreover, mattress imports from Poland exceeded the figures recorded by the second-largest supplier, Russia (X units), ninefold. Romania (X units) ranked third in terms of total imports with a 6.3% share.

From 2012 to 2022, the average annual growth rate of volume from Poland amounted to +6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+46.3% per year) and Romania (+260.4% per year).

In value terms, Poland ($X) constituted the largest supplier of mattresses to Latvia, comprising 58% of total imports. The second position in the ranking was held by Romania ($X), with a 6.3% share of total imports. It was followed by Russia, with a 6.3% share.

From 2012 to 2022, the average annual growth rate of value from Poland stood at +7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+279.5% per year) and Russia (+48.4% per year).

Import Prices by Country

In 2022, the average mattress import price amounted to $X per unit, growing by 37% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were China ($X per unit) and Denmark ($X per unit), while the price for Russia ($X per unit) and Belarus ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform