Latvia: Refrigerated Show-Cases Market 2024

Refrigerated Show-Cases Market Size in Latvia

The Latvian refrigerated show-cases market declined to $X in 2022, which is down by -6.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, recorded a significant expansion. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Refrigerated Show-Cases Exports

Exports from Latvia

In 2022, after four years of growth, there was significant decline in shipments abroad of refrigerated show-caseses, when their volume decreased by -35.7% to X units. Overall, exports showed a abrupt contraction. The most prominent rate of growth was recorded in 2021 when exports increased by 49%. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, refrigerated show-cases exports contracted rapidly to $X in 2022. In general, exports saw a deep setback. The most prominent rate of growth was recorded in 2021 when exports increased by 68%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Lithuania (X units) was the main destination for refrigerated show-cases exports from Latvia, accounting for a 46% share of total exports. Moreover, refrigerated show-cases exports to Lithuania exceeded the volume sent to the second major destination, Russia (X units), fivefold. The third position in this ranking was taken by Estonia (X units), with a 9% share.

From 2012 to 2022, the average annual growth rate of volume to Lithuania stood at -4.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-4.2% per year) and Estonia (+8.5% per year).

In value terms, Lithuania ($X), Russia ($X) and Estonia ($X) appeared to be the largest markets for refrigerated show-cases exported from Latvia worldwide, with a combined 52% share of total exports. Poland, Denmark, Norway, Sweden, the United Arab Emirates, Saudi Arabia, Georgia and Germany lagged somewhat behind, together comprising a further 34%.

In terms of the main countries of destination, Saudi Arabia, with a CAGR of +90.4%, 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

The average refrigerated show-cases export price stood at $X per unit in 2022, picking up by 3.9% against the previous year. Over the period under review, the export price saw strong growth. The most prominent rate of growth was recorded in 2013 when the average export price increased by 229%. As a result, the export price reached the peak level of $X per unit. From 2014 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Norway ($X per unit), while the average price for exports to Lithuania ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+39.4%), while the prices for the other major destinations experienced more modest paces of growth.

Refrigerated Show-Cases Imports

Imports into Latvia

Refrigerated show-cases imports into Latvia reduced to X units in 2022, which is down by -11.8% on 2021. Over the period under review, imports, however, continue to indicate temperate growth. The growth pace was the most rapid in 2017 when imports increased by 83%. Imports peaked at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, refrigerated show-cases imports reduced markedly to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 47% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then reduced remarkably in the following year.

Imports by Country

Denmark (X units), Poland (X units) and Italy (X units) were the main suppliers of refrigerated show-cases imports to Latvia, with a combined 37% share of total imports. Austria, Russia, Lithuania, China, Ukraine, Germany, Finland, the Netherlands, Sweden and Estonia lagged somewhat behind, together comprising a further 54%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Austria (with a CAGR of +73.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) constituted the largest supplier of refrigerated show-caseses to Latvia, comprising 25% of total imports. The second position in the ranking was taken by Lithuania ($X), with an 11% share of total imports. It was followed by Austria, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Italy stood at +15.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+10.0% per year) and Austria (+76.6% per year).

Import Prices by Country

In 2022, the average refrigerated show-cases import price amounted to $X per unit, shrinking by -4.6% against the previous year. Overall, the import price showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2019 when the average import price increased by 42% against the previous year. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+5.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform