Latvia: Processed Meat Market 2024

Processed Meat Market Size in Latvia

In 2022, the Latvian processed meat market increased by X% to $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption, however, showed a drastic downturn. Processed meat consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Processed Meat Production in Latvia

In value terms, processed meat production totaled $X in 2022 estimated in export price. In general, production, however, showed a abrupt descent. The growth pace was the most rapid in 2017 when the production volume increased by X%. Processed meat production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Processed Meat Exports

Exports from Latvia

In 2022, overseas shipments of processed meat increased by X% to X tons, rising for the seventh consecutive year after two years of decline. Overall, exports recorded a strong expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, processed meat exports skyrocketed to $X in 2022. In general, exports continue to indicate a remarkable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Estonia (X tons), Germany (X tons) and Lithuania (X tons) were the main destinations of processed meat exports from Latvia, with a combined X% share of total exports. Sweden, the UK and Russia lagged somewhat behind, together comprising a further X%.

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 X%), while the other leaders experienced more modest paces of growth.

In value terms, Estonia ($X) emerged as the key foreign market for processed meat exports from Latvia, comprising X% of total exports. The second position in the ranking was held by Lithuania ($X), with a X% share of total exports. It was followed by Sweden, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Estonia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (X% per year) and Sweden (X% per year).

Export Prices by Country

The average processed meat export price stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in years to come.

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

Processed Meat Imports

Imports into Latvia

For the third consecutive year, Latvia recorded growth in supplies from abroad of processed meat, which increased by X% to X tons in 2022. Over the period under review, total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, processed meat imports skyrocketed to $X in 2022. Overall, imports enjoyed a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Estonia (X tons), Lithuania (X tons) and Poland (X tons) were the main suppliers of processed meat imports to Latvia, with a combined X% share of total imports. Germany, Spain, Hungary, the Czech Republic and Sweden lagged somewhat behind, together accounting for a further X%.

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

In value terms, Estonia ($X), Poland ($X) and Lithuania ($X) appeared to be the largest processed meat suppliers to Latvia, with a combined X% share of total imports. Spain, Germany, Hungary, Sweden and the Czech Republic lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Hungary, with a CAGR of X%, saw 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 processed meat import price stood at $X per ton in 2022, growing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2019 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

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

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

Source: IndexBox Platform