Latvia: Smoked Salmon Market 2024

Smoked Salmon Market Size in Latvia

The Latvian smoked salmon market dropped rapidly to $X in 2022, with a decrease of -15% against the previous year. Overall, consumption continues to indicate a abrupt setback. Smoked salmon consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Smoked Salmon Production in Latvia

In value terms, smoked salmon production dropped to $X in 2022 estimated in export price. Over the period under review, production showed a deep slump. The most prominent rate of growth was recorded in 2017 with an increase of 22%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Smoked Salmon Exports

Exports from Latvia

In 2022, shipments abroad of smoked pacific, atlantic and danube salmon increased by 0.7% to X tons, rising for the second consecutive year after two years of decline. Overall, exports, however, showed a mild decrease. The most prominent rate of growth was recorded in 2018 when exports increased by 17% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, smoked salmon exports amounted to $X in 2022. Over the period under review, exports, however, saw a slight shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 32%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Denmark (X tons) was the main destination for smoked salmon exports from Latvia, with a 84% share of total exports. Moreover, smoked salmon exports to Denmark exceeded the volume sent to the second major destination, Austria (X tons), more than tenfold. The third position in this ranking was held by Estonia (X tons), with a 3.1% share.

From 2012 to 2022, the average annual growth rate of volume to Denmark stood at +4.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Austria (+38.3% per year) and Estonia (-25.1% per year).

In value terms, Denmark ($X) remains the key foreign market for smoked pacific, atlantic and danube salmon exports from Latvia, comprising 85% of total exports. The second position in the ranking was held by Austria ($X), with a 6.2% share of total exports. It was followed by Lithuania, with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Denmark amounted to +11.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Austria (+39.9% per year) and Lithuania (+30.9% per year).

Export Prices by Country

In 2022, the average smoked salmon export price amounted to $X per ton, picking up by 1.5% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 47% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Lithuania ($X per ton), while the average price for exports to Estonia ($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 Denmark (+7.0%), while the prices for the other major destinations experienced more modest paces of growth.

Smoked Salmon Imports

Imports into Latvia

In 2022, after three years of growth, there was decline in purchases abroad of smoked pacific, atlantic and danube salmon, when their volume decreased by -4.4% to X tons. Over the period under review, imports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2021 when imports increased by 51% against the previous year. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, smoked salmon imports expanded significantly to $X in 2022. Overall, imports continue to indicate a abrupt contraction. The pace of growth was the most pronounced in 2021 when imports increased by 67%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Lithuania (X tons) constituted the largest supplier of smoked salmon to Latvia, accounting for a 76% share of total imports. Moreover, smoked salmon imports from Lithuania exceeded the figures recorded by the second-largest supplier, Norway (X tons), fivefold. Germany (X tons) ranked third in terms of total imports with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume from Lithuania stood at +12.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (+276.6% per year) and Germany (+44.4% per year).

In value terms, Lithuania ($X) constituted the largest supplier of smoked pacific, atlantic and danube salmon to Latvia, comprising 67% of total imports. The second position in the ranking was taken by Norway ($X), with a 21% share of total imports. It was followed by Germany, with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Lithuania amounted to +12.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (+296.1% per year) and Germany (+39.2% per year).

Import Prices by Country

The average smoked salmon import price stood at $X per ton in 2022, growing by 13% against the previous year. Overall, the import price, however, continues to indicate a abrupt contraction. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Germany ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Estonia (+7.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform