Latvia: Roasted Malt Market 2024

Roasted Malt Market Size in Latvia

After two years of growth, the Latvian roasted malt market decreased by -25.6% to $X in 2022. Overall, consumption continues to indicate a slight curtailment. Roasted malt consumption peaked at $X in 2021, and then reduced dramatically in the following year.

Roasted Malt Production in Latvia

In value terms, roasted malt production contracted to $X in 2022 estimated in export price. In general, production, however, saw a resilient increase. The growth pace was the most rapid in 2019 when the production volume increased by 260%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Roasted Malt Exports

Exports from Latvia

After two years of decline, shipments abroad of roasted malt increased by 14% to X tons in 2022. In general, exports, however, saw a noticeable contraction. The most prominent rate of growth was recorded in 2019 when exports increased by 1,380% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, roasted malt exports surged to $X in 2022. Over the period under review, exports, however, saw a slight decline. The pace of growth appeared the most rapid in 2019 with an increase of 924%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for roasted malt exports from Latvia, with a 69% share of total exports. Moreover, roasted malt exports to the United States exceeded the volume sent to the second major destination, Lithuania (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (-10.6% per year) and Estonia (+7.6% per year).

In value terms, the United States ($X) emerged as the key foreign market for roasted malt exports from Latvia, comprising 77% of total exports. The second position in the ranking was taken by Lithuania ($X), with a 19% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (-8.3% per year) and Estonia (+3.2% per year).

Export Prices by Country

The average roasted malt export price stood at $X per ton in 2022, with an increase of 20% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 54%. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in years to come.

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 the United States ($X per ton), while the average price for exports to Estonia ($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 (+68.2%), while the prices for the other major destinations experienced mixed trend patterns.

Roasted Malt Imports

Imports into Latvia

For the third year in a row, Latvia recorded decline in supplies from abroad of roasted malt, which decreased by -77.2% to X tons in 2022. Overall, imports recorded a deep contraction. The most prominent rate of growth was recorded in 2013 with an increase of 22% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, roasted malt imports fell significantly to $X in 2022. In general, imports faced a drastic downturn. The pace of growth was the most pronounced in 2013 when imports increased by 32%. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Germany (X tons), Lithuania (X tons) and Russia (X tons) were the main suppliers of roasted malt imports to Latvia, together comprising 81% of total imports. Austria, Finland, Estonia and Poland lagged somewhat behind, together comprising a further 19%.

From 2012 to 2022, the biggest increases were recorded for Finland (with a CAGR of +8.9%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest roasted malt suppliers to Latvia were Germany ($X), Lithuania ($X) and Russia ($X), with a combined 77% share of total imports. Austria, Finland, Estonia and Poland lagged somewhat behind, together accounting for a further 22%.

Finland, with a CAGR of +7.6%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average roasted malt import price amounted to $X per ton, surging by 26% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.9%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Austria ($X per ton), while the price for Russia ($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 (+4.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform