Latvia: Temporarily Preserved Vegetable Market 2024

Temporarily Preserved Vegetable Market Size in Latvia

The Latvian temporarily preserved vegetable market fell slightly to $X in 2022, dropping by -2.2% 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 enjoyed slight growth. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Temporarily Preserved Vegetable Exports

Exports from Latvia

In 2022, exports of vegetables (temporarily preserved) from Latvia shrank dramatically to X tons, declining by -41% on 2021 figures. Over the period under review, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 when exports increased by 133%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, temporarily preserved vegetable exports shrank sharply to $X in 2022. Overall, exports continue to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2013 when exports increased by 39% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Estonia (X tons) was the main destination for temporarily preserved vegetable exports from Latvia, accounting for a 62% share of total exports. Moreover, temporarily preserved vegetable exports to Estonia exceeded the volume sent to the second major destination, Sweden (X tons), twofold. The third position in this ranking was held by the UK (X kg), with a 2.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Estonia totaled +22.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (-4.0% per year) and the UK (+53.6% per year).

In value terms, the largest markets for temporarily preserved vegetable exported from Latvia were Sweden ($X), Estonia ($X) and the UK ($X), with a combined 96% share of total exports.

In terms of the main countries of destination, the UK, with a CAGR of +61.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average temporarily preserved vegetable export price amounted to $X per ton, waning by -15.8% against the previous year. Overall, the export price showed a noticeable shrinkage. The pace of growth was the most pronounced in 2015 when the average export price increased by 148%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Sweden ($X per ton), while the average price for exports to Estonia ($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 Finland (+35.5%), while the prices for the other major destinations experienced more modest paces of growth.

Temporarily Preserved Vegetable Imports

Imports into Latvia

In 2022, temporarily preserved vegetable imports into Latvia shrank slightly to X tons, leveling off at 2021 figures. In general, imports recorded a slight descent. The pace of growth was the most pronounced in 2020 with an increase of 67% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, temporarily preserved vegetable imports reduced to $X in 2022. Overall, imports, however, recorded buoyant growth. The pace of growth was the most pronounced in 2020 when imports increased by 69%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Estonia (X tons), Poland (X tons) and Germany (X tons) were the main suppliers of temporarily preserved vegetable imports to Latvia, together accounting for 71% of total imports.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +64.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest temporarily preserved vegetable suppliers to Latvia were Germany ($X), Estonia ($X) and Poland ($X), with a combined 68% share of total imports.

Germany, with a CAGR of +51.0%, recorded the highest rates of growth with regard to 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 temporarily preserved vegetable import price amounted to $X per ton, declining by -11.3% against the previous year. Overall, the import price, however, recorded a resilient increase. The pace of growth appeared the most rapid in 2019 when the average import price increased by 70% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2021, and then declined in the following year.

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 Sweden ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+20.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform