Latvia: Market for Mixed Condiments, Sauses and Seasonings 2024

Market Size for Mixed Condiments, Sauses and Seasonings in Latvia

After two years of growth, the Latvian market for mixed condiments, sauses and seasonings decreased by -1.7% to $X in 2022. Overall, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Production of Mixed Condiments, Sauses and Seasonings in Latvia

In value terms, mixed condiment, sause and seasoning production expanded modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 21% against the previous year. Mixed condiment, sause and seasoning production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Mixed Condiments, Sauses and Seasonings

Exports from Latvia

In 2022, shipments abroad of mixed condiments, sauses and seasonings decreased by -1.9% to X tons for the first time since 2016, thus ending a five-year rising trend. In general, exports, however, recorded a buoyant increase. The pace of growth appeared the most rapid in 2017 when exports increased by 82%. Over the period under review, the exports reached the maximum at X tons in 2021, and then declined in the following year.

In value terms, mixed condiment, sause and seasoning exports amounted to $X in 2022. Over the period under review, exports, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 59% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

Estonia (X tons), Finland (X tons) and Lithuania (X tons) were the main destinations of mixed condiment, sause and seasoning exports from Latvia, with a combined 80% share of total exports. Uzbekistan, Germany, Sweden, the UK and Russia lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2022, the biggest increases were recorded for Uzbekistan (with a CAGR of +101.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Estonia ($X), Lithuania ($X) and Finland ($X) appeared to be the largest markets for mixed condiment, sause and seasoning exported from Latvia worldwide, together accounting for 72% of total exports. Uzbekistan, Germany, Sweden, Russia and the UK lagged somewhat behind, together comprising a further 22%.

Uzbekistan, with a CAGR of +155.5%, saw the highest rates of growth with regard to 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 export price for mixed condiments, sauses and seasonings stood at $X per ton in 2022, surging by 2.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The pace of growth appeared the most rapid in 2021 an increase of 11% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Uzbekistan ($X per ton), while the average price for exports to Finland ($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 Uzbekistan (+27.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Mixed Condiments, Sauses and Seasonings

Imports into Latvia

In 2022, supplies from abroad of mixed condiments, sauses and seasonings decreased by -5.1% to X tons for the first time since 2017, thus ending a four-year rising trend. In general, total imports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +4.3% 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 +60.0% against 2013 indices. The pace of growth was the most pronounced in 2018 with an increase of 20% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then dropped in the following year.

In value terms, mixed condiment, sause and seasoning imports dropped to $X in 2022. Over the period under review, total imports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +3.7% 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 +57.8% against 2017 indices. The pace of growth appeared the most rapid in 2018 with an increase of 19% against the previous year. Imports peaked at $X in 2021, and then fell in the following year.

Imports by Country

Poland (X tons), Estonia (X tons) and Lithuania (X tons) were the main suppliers of mixed condiment, sause and seasoning imports to Latvia, with a combined 47% share of total imports. Germany, Sweden, Russia, the Netherlands, Thailand, Croatia, Italy, the UK, Ukraine and Belgium lagged somewhat behind, together accounting for a further 47%.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +130.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Estonia ($X), Germany ($X) and Poland ($X) were the largest mixed condiment, sause and seasoning suppliers to Latvia, with a combined 51% share of total imports. Lithuania, Sweden, Russia, Italy, the Netherlands, Croatia, the UK, Thailand, Belgium and Ukraine lagged somewhat behind, together accounting for a further 43%.

Belgium, with a CAGR of +106.0%, saw the highest rates of growth with regard to 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 import price for mixed condiments, sauses and seasonings amounted to $X per ton, leveling off at the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 9.1%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices remained 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 Estonia ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+2.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform