Latvia: Plastic Box Market 2024

Plastic Box Market Size in Latvia

In 2022, the Latvian plastic box market increased by 148% to $X for the first time since 2019, thus ending a two-year declining trend. In general, consumption enjoyed a prominent increase. Plastic box consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Plastic Box Production in Latvia

In value terms, plastic box production surged to $X in 2022 estimated in export price. In general, production showed measured growth. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Plastic Box Exports

Exports from Latvia

In 2022, overseas shipments of plastic boxes, cases, crates and similar packing articles decreased by -27.3% to X tons, falling for the third year in a row after four years of growth. Over the period under review, exports recorded a slight decline. The pace of growth was the most pronounced in 2013 when exports increased by 26%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, plastic box exports fell sharply to $X in 2022. Overall, total exports indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when exports increased by 57% against the previous year. The exports peaked at $X in 2021, and then fell significantly in the following year.

Exports by Country

Estonia (X tons) was the main destination for plastic box exports from Latvia, with a 65% share of total exports. Moreover, plastic box exports to Estonia exceeded the volume sent to the second major destination, Lithuania (X tons), fourfold. The third position in this ranking was taken by Sweden (X tons), with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Estonia amounted to -1.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (-1.5% per year) and Sweden (+15.8% per year).

In value terms, Estonia ($X) remains the key foreign market for plastic boxes, cases, crates and similar packing articles exports from Latvia, comprising 66% of total exports. The second position in the ranking was taken by Lithuania ($X), with a 12% share of total exports. It was followed by Sweden, with an 8.3% share.

From 2012 to 2022, the average annual growth rate of value to Estonia stood at +3.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (-1.4% per year) and Sweden (+17.7% per year).

Export Prices by Country

The average plastic box export price stood at $X per ton in 2022, which is down by -16.9% against the previous year. Over the last decade, it increased at an average annual rate of +3.3%. The growth pace was the most rapid in 2013 when the average export price increased by 24% against the previous year. The export price peaked at $X per ton in 2021, and then shrank sharply in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Lithuania ($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 Finland (+11.1%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Box Imports

Imports into Latvia

In 2022, after three years of growth, there was significant decline in supplies from abroad of plastic boxes, cases, crates and similar packing articles, when their volume decreased by -17.2% to X tons. The total import volume increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 39% against the previous year. Imports peaked at X tons in 2021, and then shrank notably in the following year.

In value terms, plastic box imports reduced rapidly to $X in 2022. In general, total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.0% 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 2013 when imports increased by 54% against the previous year. Imports peaked at $X in 2021, and then shrank significantly in the following year.

Imports by Country

In 2022, Estonia (X tons) constituted the largest supplier of plastic box to Latvia, accounting for a 61% share of total imports. Moreover, plastic box imports from Estonia exceeded the figures recorded by the second-largest supplier, Lithuania (X tons), fourfold. The third position in this ranking was taken by Poland (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Estonia amounted to +4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+7.0% per year) and Poland (+0.4% per year).

In value terms, Estonia ($X) constituted the largest supplier of plastic boxes, cases, crates and similar packing articles to Latvia, comprising 50% of total imports. The second position in the ranking was taken by Poland ($X), with a 15% share of total imports. It was followed by Lithuania, with a 14% share.

From 2012 to 2022, the average annual growth rate of value from Estonia amounted to +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+6.2% per year) and Lithuania (+4.9% per year).

Import Prices by Country

In 2022, the average plastic box import price amounted to $X per ton, dropping by -18.5% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 16% against the previous year. The import price peaked at $X per ton in 2021, and then shrank notably in the following year.

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 Germany ($X per ton), while the price for Estonia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform