Latvia: Pig Fat Market 2024

Pig Fat Market Size in Latvia

The Latvian pig fat market soared to $X in 2022, surging by 27% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the near future.

Pig Fat Production in Latvia

In value terms, pig fat production reduced dramatically to $X in 2022 estimated in export price. In general, production saw a pronounced decline. The pace of growth appeared the most rapid in 2021 when the production volume increased by 98% against the previous year. Pig fat production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Pig Fat Exports

Exports from Latvia

In 2022, exports of pig fat from Latvia stood at X tons, surging by 10% against 2021. Over the period under review, exports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 313%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, pig fat exports skyrocketed to $X in 2022. Overall, exports showed a buoyant increase. The pace of growth was the most pronounced in 2021 with an increase of 753% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Lithuania (X tons) was the main destination for pig fat exports from Latvia, with a 49% share of total exports. Moreover, pig fat exports to Lithuania exceeded the volume sent to the second major destination, Germany (X tons), threefold. The third position in this ranking was held by Poland (X tons), with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Lithuania totaled +8.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+227.3% per year) and Poland (+17.7% per year).

In value terms, the largest markets for pig fat exported from Latvia were Germany ($X), Lithuania ($X) and Estonia ($X), with a combined 84% share of total exports.

Among the main countries of destination, Germany, with a CAGR of +264.4%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average pig fat export price amounted to $X per ton, increasing by 25% against the previous year. Overall, the export price enjoyed a resilient increase. The pace of growth was the most pronounced in 2021 an increase of 179% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Poland ($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 Germany (+11.3%), while the prices for the other major destinations experienced more modest paces of growth.

Pig Fat Imports

Imports into Latvia

In 2022, imports of pig fat into Latvia expanded notably to X tons, surging by 5.6% on the year before. Overall, total imports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -2.1% against 2020 indices. The pace of growth was the most pronounced in 2015 when imports increased by 48%. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, pig fat imports surged to $X in 2022. In general, imports recorded noticeable growth. The pace of growth was the most pronounced in 2017 when imports increased by 56% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Poland (X tons) constituted the largest pig fat supplier to Latvia, accounting for a 39% share of total imports. Moreover, pig fat imports from Poland exceeded the figures recorded by the second-largest supplier, Estonia (X tons), twofold. Lithuania (X tons) ranked third in terms of total imports with a 16% share.

From 2012 to 2022, the average annual growth rate of volume from Poland totaled +6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Estonia (+13.7% per year) and Lithuania (+2.2% per year).

In value terms, the largest pig fat suppliers to Latvia were Poland ($X), Estonia ($X) and Lithuania ($X), together accounting for 74% of total imports. Spain, the Netherlands, Germany and Denmark lagged somewhat behind, together comprising a further 23%.

Germany, with a CAGR of +23.4%, recorded the highest rates of growth with regard to 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

In 2022, the average pig fat import price amounted to $X per ton, jumping by 30% 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 reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the Netherlands ($X per ton) and Denmark ($X per ton), while the price for Poland ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+4.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform