Latvia: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Latvia

The Latvian refined coconut oil market contracted to $X in 2022, falling by -4.4% against the previous year. In general, consumption saw a abrupt decline. The most prominent rate of growth was recorded in 2021 when the market value increased by 7.5%. Refined coconut oil consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Refined Coconut Oil Production in Latvia

In value terms, refined coconut oil production shrank to $X in 2022 estimated in export price. In general, production recorded a abrupt slump. The most prominent rate of growth was recorded in 2014 with an increase of 9% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Refined Coconut Oil Exports

Exports from Latvia

In 2022, exports of refined coconut (copra) oil from Latvia soared to X tons, increasing by 871% on the previous year's figure. Overall, exports recorded significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 9,506%. 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, refined coconut oil exports soared to $X in 2022. Over the period under review, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 6,863% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the near future.

Exports by Country

Lithuania (X tons) was the main destination for refined coconut oil exports from Latvia, with a 85% share of total exports. Moreover, refined coconut oil exports to Lithuania exceeded the volume sent to the second major destination, Estonia (X tons), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Lithuania stood at +88.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+58.4% per year) and Russia (-27.8% per year).

In value terms, Lithuania ($X) emerged as the key foreign market for refined coconut (copra) oil exports from Latvia, comprising 71% of total exports. The second position in the ranking was taken by Estonia ($X), with a 17% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Lithuania amounted to +94.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+85.8% per year) and Russia (-3.9% per year).

Export Prices by Country

In 2022, the average refined coconut oil export price amounted to $X per ton, falling by -53.9% against the previous year. In general, the export price, however, recorded resilient growth. The most prominent rate of growth was recorded in 2020 an increase of 50% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then dropped significantly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Lithuania ($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 Russia (+33.0%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Coconut Oil Imports

Imports into Latvia

For the fourth consecutive year, Latvia recorded growth in overseas purchases of refined coconut (copra) oil, which increased by 9.8% to X tons in 2022. Overall, imports saw significant growth. The pace of growth appeared the most rapid in 2013 with an increase of 5,170% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, refined coconut oil imports rose sharply to $X in 2022. Over the period under review, imports enjoyed significant growth. The growth pace was the most rapid in 2013 when imports increased by 1,583%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Sweden (X tons) constituted the largest supplier of refined coconut oil to Latvia, with a 49% share of total imports. Moreover, refined coconut oil imports from Sweden exceeded the figures recorded by the second-largest supplier, Lithuania (X tons), threefold. Poland (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Sweden was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+83.8% per year) and Poland (+40.7% per year).

In value terms, Sweden ($X), Lithuania ($X) and Poland ($X) constituted the largest refined coconut oil suppliers to Latvia, with a combined 76% share of total imports. Sri Lanka and Slovenia lagged somewhat behind, together accounting for a further 15%.

In terms of the main suppliers, Sri Lanka, with a CAGR of +209.3%, recorded the highest rates of growth with regard to 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 refined coconut oil import price stood at $X per ton in 2022, increasing by 4.4% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible setback. The pace of growth was the most pronounced in 2014 an increase of 208%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Slovenia ($X per ton), while the price for Sri Lanka ($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 (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform