Latvia: Market for Salted, Dried or Smoked Meat, and Offal 2024

Market Size for Salted, Dried or Smoked Meat, and Offal in Latvia

In 2022, the Latvian market for salted, dried or smoked meat, and offal decreased by -1.7% to $X, falling for the fifth year in a row after two years of growth. In general, consumption saw a noticeable reduction. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Salted, Dried or Smoked Meat, and Offal in Latvia

In value terms, production of salted, dried or smoked meat, and offal contracted to $X in 2022 estimated in export price. In general, production saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2017 when the production volume increased by 28%. As a result, production reached the peak level of $X. From 2018 to 2022, production of growth failed to regain momentum.

Exports of Salted, Dried or Smoked Meat, and Offal

Exports from Latvia

In 2022, exports of salted, dried or smoked meat, and offal from Latvia skyrocketed to X tons, jumping by 73% against the previous year's figure. Overall, exports saw mild growth. The pace of growth was the most pronounced in 2020 with an increase of 75% against the previous year. Over the period under review, the exports of attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, exports of salted, dried or smoked meat, and offal soared to $X in 2022. In general, exports continue to indicate a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Estonia (X tons) was the main destination for exports of salted, dried or smoked meat, and offal from Latvia, accounting for a 60% share of total exports. Moreover, exports of salted, dried or smoked meat, and offal to Estonia exceeded the volume sent to the second major destination, Lithuania (X tons), threefold. The third position in this ranking was held by Sweden (X tons), with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Estonia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (-0.0% per year) and Sweden (+160.8% per year).

In value terms, the largest markets for salted, dried or smoked meat, and offal exported from Latvia were Estonia ($X), Lithuania ($X) and Ireland ($X), with a combined 91% share of total exports. Germany, Sweden and the UK lagged somewhat behind, together comprising a further 7.4%.

Sweden, with a CAGR of +158.1%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for salted, dried or smoked meat, and offal stood at $X per ton in 2022, with a decrease of -19.1% against the previous year. Over the period under review, the export price, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2016 an increase of 73%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lithuania ($X per ton), while the average price for exports to the UK ($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 Lithuania (+8.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Salted, Dried or Smoked Meat, and Offal

Imports into Latvia

In 2022, supplies from abroad of salted, dried or smoked meat, and offal increased by 80% to X tons, rising for the second year in a row after three years of decline. Overall, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +95.3% against 2020 indices. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of salted, dried or smoked meat, and offal skyrocketed to $X in 2022. Over the period under review, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +66.4% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Lithuania (X tons) constituted the largest supplier of salted, dried or smoked meat, and offal to Latvia, accounting for a 38% share of total imports. Moreover, imports of salted, dried or smoked meat, and offal from Lithuania exceeded the figures recorded by the second-largest supplier, Poland (X tons), threefold. The third position in this ranking was taken by Estonia (X tons), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from Lithuania totaled +5.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (-3.9% per year) and Estonia (+9.6% per year).

In value terms, the largest salted, dried or smoked meat, and offal suppliers to Latvia were Lithuania ($X), Spain ($X) and Estonia ($X), with a combined 61% share of total imports. Italy, Poland, Germany and Denmark lagged somewhat behind, together accounting for a further 38%.

Among the main suppliers, Denmark, with a CAGR of +45.0%, 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 import price for salted, dried or smoked meat, and offal stood at $X per ton in 2022, waning by -19.2% against the previous year. Overall, import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 an increase of 29% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then shrank notably in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform