Latvia: Market for Rape Or Colza Seed 2024

Market Size for Rape Or Colza Seed in Latvia

The Latvian rape and colza seed market skyrocketed to $X in 2022, surging by 52% against the previous year. Over the period under review, consumption recorded a resilient expansion. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Production of Rape Or Colza Seed in Latvia

In value terms, rape and colza seed production expanded notably to $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the production volume increased by 68% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

In 2022, the average yield of rape or colza seed in Latvia reached X tons per ha, increasing by 3.1% compared with 2021 figures. Overall, the yield indicated modest growth from 2012 to 2022: its figure increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rape and colza seed yield decreased by -2.9% against 2020 indices. The growth pace was the most rapid in 2015 with an increase of 70%. As a result, the yield attained the peak level of X tons per ha. From 2016 to 2022, the growth of the average rape and colza seed yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of rape or colza seed production in Latvia totaled X ha, flattening at the previous year. In general, the total harvested area indicated a pronounced expansion from 2012 to 2022: its figure increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rape and colza seed harvested area decreased by -0.1% against 2020 indices. The most prominent rate of growth was recorded in 2019 when the harvested area increased by 14% against the previous year. Over the period under review, the harvested area dedicated to rape and colza seed production attained the peak figure at X ha in 2020; however, from 2021 to 2022, the harvested area remained at a lower figure.

Exports of Rape Or Colza Seed

Exports from Latvia

In 2022, shipments abroad of rape or colza seed decreased by -14.6% to X tons, falling for the second consecutive year after two years of growth. Overall, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when exports increased by 113% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, rape and colza seed exports reached $X in 2022. Over the period under review, exports, however, saw a measured expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 103%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in years to come.

Exports by Country

The Netherlands (X tons), Germany (X tons) and the UK (X tons) were the main destinations of rape and colza seed exports from Latvia, with a combined 67% share of total exports. Finland, Denmark, Sweden, Belgium and Lithuania lagged somewhat behind, together comprising a further 31%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Sweden (with a CAGR of +24.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for rape and colza seed exported from Latvia were the Netherlands ($X), Germany ($X) and the UK ($X), together accounting for 65% of total exports. Finland, Denmark, Sweden, Belgium and Lithuania lagged somewhat behind, together accounting for a further 33%.

Among the main countries of destination, Sweden, with a CAGR of +29.1%, 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

In 2022, the average rape and colza seed export price amounted to $X per ton, with an increase of 19% against the previous year. Over the period under review, export price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rape and colza seed export price increased by +72.4% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 31% against the previous year. The export price peaked in 2022 and is likely to continue growth in the near future.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Sweden ($X per ton) and Finland ($X per ton), while the average price for exports to Belgium ($X per ton) and Lithuania ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+4.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Rape Or Colza Seed

Imports into Latvia

After three years of growth, supplies from abroad of rape or colza seed decreased by -15% to X tons in 2022. In general, imports, however, enjoyed a noticeable increase. The growth pace was the most rapid in 2019 when imports increased by 40%. Imports peaked at X tons in 2021, and then reduced markedly in the following year.

In value terms, rape and colza seed imports expanded modestly to $X in 2022. Overall, imports, however, continue to indicate a tangible increase. The most prominent rate of growth was recorded in 2019 with an increase of 39%. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

Lithuania (X tons), Ukraine (X tons) and Kazakhstan (X tons) were the main suppliers of rape and colza seed imports to Latvia, together accounting for 94% of total imports.

From 2012 to 2022, the biggest increases were recorded for Ukraine (with a CAGR of +36.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Ukraine ($X) and Kazakhstan ($X) appeared to be the largest rape and colza seed suppliers to Latvia, together accounting for 86% of total imports.

Ukraine, with a CAGR of +41.0%, 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

The average rape and colza seed import price stood at $X per ton in 2022, jumping by 22% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, 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 Kazakhstan ($X per ton), while the price for Estonia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform