Latvia: Molasse Market 2024

Molasse Market Size in Latvia

The Latvian molasse market fell dramatically to $X in 2022, dropping by -36.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption showed a abrupt decrease. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Molasse Exports

Exports from Latvia

For the third year in a row, Latvia recorded growth in overseas shipments of molasses, which increased by 17% to X tons in 2022. Over the period under review, exports posted a significant expansion. The pace of growth was the most pronounced in 2014 with an increase of 2,453% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, molasse exports surged to $X in 2022. In general, exports enjoyed significant growth. The growth pace was the most rapid in 2014 when exports increased by 1,596% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in years to come.

Exports by Country

The UK (X tons) was the main destination for molasse exports from Latvia, accounting for a 71% share of total exports. Moreover, molasse exports to the UK exceeded the volume sent to the second major destination, Norway (X tons), fourfold. The Netherlands (X tons) ranked third in terms of total exports with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the UK stood at +87.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Norway (+17.7% per year) and the Netherlands (+710.9% per year).

In value terms, the UK ($X) remains the key foreign market for molasses exports from Latvia, comprising 58% of total exports. The second position in the ranking was taken by Norway ($X), with a 28% share of total exports. It was followed by the Netherlands, with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the UK amounted to +83.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Norway (+52.6% per year) and the Netherlands (+504.0% per year).

Export Prices by Country

The average molasse export price stood at $X per ton in 2022, growing by 7.6% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt descent. The pace of growth appeared the most rapid in 2016 when the average export price increased by 21% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lithuania ($X per ton), while the average price for exports to the Netherlands ($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 Norway (+29.5%), while the prices for the other major destinations experienced more modest paces of growth.

Molasse Imports

Imports into Latvia

In 2022, the amount of molasses imported into Latvia contracted modestly to X tons, waning by -3.5% against the previous year's figure. In general, imports, however, recorded a remarkable increase. The growth pace was the most rapid in 2021 when imports increased by 71%. As a result, imports reached the peak of X tons, and then shrank in the following year.

In value terms, molasse imports soared to $X in 2022. Over the period under review, imports, however, showed a remarkable increase. The pace of growth appeared the most rapid in 2013 when imports increased by 108% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

Russia (X tons), Belarus (X tons) and Lithuania (X tons) were the main suppliers of molasse imports to Latvia, together accounting for 94% of total imports. Poland lagged somewhat behind, accounting for a further 6.2%.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +56.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Belarus ($X), Russia ($X) and Lithuania ($X) were the largest molasse suppliers to Latvia, together accounting for 92% of total imports. These countries were followed by Poland, which accounted for a further 8%.

Poland, with a CAGR of +52.3%, 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 molasse import price amounted to $X per ton, picking up by 33% against the previous year. Over the last decade, it increased at an average annual rate of +3.7%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 46%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a 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 Lithuania ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+8.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform