Latvia: Odoriferous Substance Mixture Market 2024

Odoriferous Substance Mixture Market Size in Latvia

The Latvian odoriferous substance mixture market contracted to $X in 2022, dropping by -7.7% against the previous year. In general, consumption, however, continues to indicate a deep downturn. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Odoriferous Substance Mixture Production in Latvia

In value terms, odoriferous substance mixture production expanded markedly to $X in 2022 estimated in export price. Overall, production, however, saw a mild downturn. The most prominent rate of growth was recorded in 2013 when the production volume increased by 58% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Odoriferous Substance Mixture Exports

Exports from Latvia

After two years of growth, overseas shipments of mixtures of odoriferous substances and their preparations decreased by -1% to X tons in 2022. Overall, exports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 82%. Over the period under review, the exports reached the maximum at X tons in 2021, and then fell in the following year.

In value terms, odoriferous substance mixture exports fell remarkably to $X in 2022. Over the period under review, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 227%. The exports peaked at $X in 2021, and then reduced sharply in the following year.

Exports by Country

Russia (X tons) was the main destination for odoriferous substance mixture exports from Latvia, with a 47% share of total exports. Moreover, odoriferous substance mixture exports to Russia exceeded the volume sent to the second major destination, Uzbekistan (X tons), fourfold. The third position in this ranking was taken by Estonia (X tons), with a 9.2% share.

From 2012 to 2022, the average annual growth rate of volume to Russia totaled +8.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uzbekistan (+42.8% per year) and Estonia (+36.2% per year).

In value terms, the largest markets for odoriferous substance mixture exported from Latvia were Russia ($X), Germany ($X) and Estonia ($X), together comprising 57% of total exports.

Germany, with a CAGR of +113.2%, recorded the highest rates of growth with regard to 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 odoriferous substance mixture export price stood at $X per ton in 2022, with a decrease of -19.2% against the previous year. In general, the export price, however, saw buoyant growth. The most prominent rate of growth was recorded in 2013 when the average export price increased by 199% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 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 Germany ($X per ton), while the average price for exports to Kyrgyzstan ($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 Germany (+9.5%), while the prices for the other major destinations experienced more modest paces of growth.

Odoriferous Substance Mixture Imports

Imports into Latvia

In 2022, purchases abroad of mixtures of odoriferous substances and their preparations decreased by -6% to X tons for the first time since 2015, thus ending a six-year rising trend. Over the period under review, imports, however, saw a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 25% against the previous year. As a result, imports reached the peak of X tons, and then declined in the following year.

In value terms, odoriferous substance mixture imports fell remarkably to $X in 2022. Overall, imports, however, recorded a prominent expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 33%. Imports peaked at $X in 2021, and then fell notably in the following year.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of odoriferous substance mixture to Latvia, with a 36% share of total imports. Moreover, odoriferous substance mixture imports from Germany exceeded the figures recorded by the second-largest supplier, Lithuania (X tons), threefold. France (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from Germany stood at +4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+5.2% per year) and France (+14.8% per year).

In value terms, Ireland ($X), Germany ($X) and Lithuania ($X) constituted the largest odoriferous substance mixture suppliers to Latvia, with a combined 65% share of total imports.

Ireland, with a CAGR of +81.9%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average odoriferous substance mixture import price stood at $X per ton in 2022, shrinking by -12% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the average import price increased by 27%. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Ireland ($X per ton), while the price for Hungary ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ireland (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform