Latvia: Plastic Closure Market 2024

Plastic Closure Market Size in Latvia

The Latvian plastic closure market dropped slightly to $X in 2022, with a decrease of -3.1% against the previous year. Overall, consumption, however, showed a relatively flat trend pattern. Plastic closure consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Plastic Closure Production in Latvia

In value terms, plastic closure production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the production volume increased by 41%. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Plastic Closure Exports

Exports from Latvia

In 2022, the amount of plastic stoppers, caps and closures exported from Latvia fell dramatically to X tons, dropping by -25.6% against the previous year. Overall, exports, however, saw notable growth. The pace of growth appeared the most rapid in 2013 when exports increased by 296% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, plastic closure exports dropped sharply to $X in 2022. In general, exports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2013 with an increase of 293%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Lithuania (X tons), Germany (X tons) and Russia (X tons) were the main destinations of plastic closure exports from Latvia, together comprising 52% of total exports. Estonia, the Netherlands, Poland, China, the United States and Cyprus lagged somewhat behind, together accounting for a further 38%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +247.9%), while the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Russia ($X) and Estonia ($X) were the largest markets for plastic closure exported from Latvia worldwide, together comprising 50% of total exports. China, the Netherlands, Germany, the United States, Poland and Cyprus lagged somewhat behind, together comprising a further 31%.

Among the main countries of destination, China, with a CAGR of +286.7%, saw the highest growth rate of 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

The average plastic closure export price stood at $X per ton in 2022, growing by 11% against the previous year. Over the period under review, export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, plastic closure export price increased by +86.8% against 2015 indices. The pace of growth was the most pronounced in 2020 when the average export price increased by 26%. The export price peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cyprus ($X per ton), while the average price for exports to Germany ($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 Cyprus (+14.3%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Closure Imports

Imports into Latvia

In 2022, after two years of growth, there was significant decline in supplies from abroad of plastic stoppers, caps and closures, when their volume decreased by -16.9% to X tons. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when imports increased by 38%. Imports peaked at X tons in 2021, and then shrank remarkably in the following year.

In value terms, plastic closure imports declined rapidly to $X in 2022. In general, imports, however, posted buoyant growth. The pace of growth appeared the most rapid in 2020 with an increase of 31%. Imports peaked at $X in 2021, and then declined markedly in the following year.

Imports by Country

Poland (X tons), Germany (X tons) and Lithuania (X tons) were the main suppliers of plastic closure imports to Latvia, with a combined 53% share of total imports. Ukraine, Estonia, Belarus, Switzerland, Russia, China, the UK, Italy, France and Sweden lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the biggest increases were recorded for Switzerland (with a CAGR of +243.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Poland ($X) and Ukraine ($X) were the largest plastic closure suppliers to Latvia, with a combined 48% share of total imports. Switzerland, China, Lithuania, Estonia, Italy, the UK, France, Sweden, Belarus and Russia lagged somewhat behind, together accounting for a further 41%.

Among the main suppliers, Switzerland, with a CAGR of +249.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average plastic closure import price stood at $X per ton in 2022, falling by -7.4% against the previous year. In general, import price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +7.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, plastic closure import price increased by +53.9% against 2018 indices. The pace of growth was the most pronounced in 2014 when the average import price increased by 45% against the previous year. The import price peaked at $X per ton in 2021, and then contracted 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 Switzerland ($X per ton), while the price for Belarus ($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 (+11.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform