Latvia: Spirits And Liqueurs Market 2024

Spirits And Liqueurs Market Size in Latvia

In 2022, the Latvian spirits and liqueurs market decreased by X% to $X, falling for the second year in a row after three years of growth. In general, consumption, however, showed a prominent increase. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Spirits And Liqueurs Production in Latvia

In value terms, spirits and liqueurs production amounted to $X in 2022 estimated in export price. Overall, production recorded a abrupt descent. The most prominent rate of growth was recorded in 2017 when the production volume increased by X% against the previous year. Spirits and liqueurs production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Spirits And Liqueurs Exports

Exports from Latvia

In 2022, spirits and liqueurs exports from Latvia fell to X litres, waning by X% against 2021. The total export volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, the exports reached the peak figure at X litres in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, spirits and liqueurs exports shrank to $X in 2022. Overall, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Russia (X litres), the United States (X litres) and Lithuania (X litres) were the main destinations of spirits and liqueurs exports from Latvia, together comprising X% of total exports. Ukraine, Kazakhstan, Canada, Estonia, Germany, the United Arab Emirates, Cyprus, Georgia, Spain and Italy lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Cyprus (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X) remains the key foreign market for spirits, liqueurs and other spirituous beverages exports from Latvia, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports. It was followed by Ukraine, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Russia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Ukraine (X% per year).

Export Prices by Country

The average spirits and liqueurs export price stood at $X per litre in 2022, waning by X% against the previous year. Over the period under review, the export price recorded a mild decline. The pace of growth appeared the most rapid in 2017 an increase of X%. Over the period under review, the average export prices hit record highs at $X per litre in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

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 Russia ($X per litre), while the average price for exports to Canada ($X per litre) was amongst the lowest.

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

Spirits And Liqueurs Imports

Imports into Latvia

In 2022, approx. X litres of spirits, liqueurs and other spirituous beverages were imported into Latvia; shrinking by X% on 2021. Overall, imports, however, posted a resilient expansion. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Imports peaked at X litres in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, spirits and liqueurs imports declined to $X in 2022. Over the period under review, imports, however, saw a resilient increase. The growth pace was the most rapid in 2017 when imports increased by X%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Estonia (X litres), Italy (X litres) and Ireland (X litres) were the main suppliers of spirits and liqueurs imports to Latvia, with a combined X% share of total imports. France, Germany, Sweden, the Netherlands, Spain, Finland, Lithuania, Cyprus, Belarus and Russia lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Cyprus (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, France ($X), Ireland ($X) and Estonia ($X) constituted the largest spirits and liqueurs suppliers to Latvia, with a combined X% share of total imports. The Netherlands, Cyprus, Russia, Germany, Spain, Italy, Sweden, Lithuania, Finland and Belarus lagged somewhat behind, together accounting for a further X%.

Cyprus, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average spirits and liqueurs import price amounted to $X per litre, leveling off at the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2014 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs at $X per litre in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

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

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

Source: IndexBox Platform