Latvia: Vegetable Tanning Extracts Market 2024

Vegetable Tanning Extracts Market Size in Latvia

The Latvian vegetable tanning extracts market reduced sharply to $X in 2022, which is down by -73.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a abrupt contraction. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Vegetable Tanning Extracts Exports

Exports from Latvia

In 2022, overseas shipments of tanning extracts of vegetable origin, tannins and their salts other derivatives decreased by -51.4% to X kg, falling for the third year in a row after two years of growth. In general, exports, however, showed a modest expansion. The growth pace was the most rapid in 2018 when exports increased by 4,446%. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, vegetable tanning extracts exports stood at $X in 2022. Over the period under review, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2018 when exports increased by 1,522% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Finland (X kg) was the main destination for vegetable tanning extracts exports from Latvia, with a 71% share of total exports. Moreover, vegetable tanning extracts exports to Finland exceeded the volume sent to the second major destination, Bosnia and Herzegovina (X kg), fourfold. The third position in this ranking was taken by Sweden (X kg), with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Finland amounted to -53.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bosnia and Herzegovina (-86.5% per year) and Sweden (0.0% per year).

In value terms, Finland ($X) remains the key foreign market for tanning extracts of vegetable origin, tannins and their salts other derivatives exports from Latvia, comprising 86% of total exports. The second position in the ranking was held by Sweden ($X), with an 8.4% share of total exports. It was followed by Bosnia and Herzegovina, with a 3.9% share.

From 2012 to 2022, the average annual growth rate of value to Finland stood at +15.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (0.0% per year) and Bosnia and Herzegovina (-83.3% per year).

Export Prices by Country

In 2022, the average vegetable tanning extracts export price amounted to $X per ton, picking up by 134% against the previous year. Overall, the export price recorded significant growth. The pace of growth appeared the most rapid in 2020 an increase of 305%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Finland ($X per ton), while the average price for exports to Lithuania ($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 Finland (+148.0%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Tanning Extracts Imports

Imports into Latvia

Vegetable tanning extracts imports into Latvia reduced remarkably to X tons in 2022, falling by -74.2% against 2021 figures. In general, imports, however, saw a perceptible expansion. The pace of growth was the most pronounced in 2014 with an increase of 419% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, vegetable tanning extracts imports contracted remarkably to $X in 2022. Over the period under review, imports saw a deep downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 168%. Imports peaked at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Lithuania (X tons) constituted the largest supplier of vegetable tanning extracts to Latvia, accounting for a 66% share of total imports. Moreover, vegetable tanning extracts imports from Lithuania exceeded the figures recorded by the second-largest supplier, Brazil (X tons), threefold. The third position in this ranking was taken by the Netherlands (X tons), with a 3.9% share.

From 2012 to 2022, the average annual growth rate of volume from Lithuania amounted to +17.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+23.2% per year) and the Netherlands (0.0% per year).

In value terms, Lithuania ($X) constituted the largest supplier of tanning extracts of vegetable origin, tannins and their salts other derivatives to Latvia, comprising 47% of total imports. The second position in the ranking was held by Brazil ($X), with a 21% share of total imports. It was followed by Germany, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from Lithuania stood at +9.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+24.6% per year) and Germany (+5.8% per year).

Import Prices by Country

In 2022, the average vegetable tanning extracts import price amounted to $X per ton, growing by 7% against the previous year. Over the period under review, the import price, however, faced a deep reduction. The most prominent rate of growth was recorded in 2018 when the average import price increased by 11% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+7.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform