Latvia: Vaccine Market 2025

Vaccine Market Size in Latvia

The Latvian vaccine market declined notably to less than $X in 2022, which is down by 99.9% against the previous year. In general, consumption posted moderate growth. As a result, consumption attained the peak level of $X, and then dropped significantly in the following year.

Vaccine Production in Latvia

In value terms, vaccine production amounted to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. Over the period under review, production attained the peak level in 2022 and is expected to retain growth in the near future.

Vaccine Exports

Exports from Latvia

In 2022, approx. X tons of vaccines for human medicine were exported from Latvia; falling by -69.2% on the previous year's figure. Over the period under review, exports, however, enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 406% against the previous year. The exports peaked at X tons in 2021, and then reduced rapidly in the following year.

In value terms, vaccine exports reduced to $X in 2022. Overall, exports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 195% against the previous year. The exports peaked at $X in 2021, and then shrank in the following year.

Exports by Country

Moldova (X tons) was the main destination for vaccine exports from Latvia, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Moldova was relatively modest.

In value terms, Moldova ($X) emerged as the key foreign market for vaccines for human medicine exports from Latvia.

From 2012 to 2022, the average annual rate of growth in terms of value to Moldova was relatively modest.

Export Prices by Country

The average vaccine export price stood at $X per ton in 2022, rising by 187% against the previous year. In general, the export price recorded a strong expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Moldova.

From 2012 to 2022, the rate of growth in terms of prices for Estonia amounted to +14.7% per year.

Vaccine Imports

Imports into Latvia

Vaccine imports into Latvia skyrocketed to X tons in 2021, picking up by 16% compared with 2020 figures. In general, total imports indicated a temperate increase from 2012 to 2021: its volume increased at an average annual rate of +3.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +49.6% against 2017 indices. The pace of growth was the most pronounced in 2014 with an increase of 51%. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, vaccine imports surged to $X in 2021. Over the period under review, imports recorded a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Belgium (X tons) constituted the largest vaccine supplier to Latvia, accounting for a 65% share of total imports. Moreover, vaccine imports from Belgium exceeded the figures recorded by the second-largest supplier, Poland (X tons), fourfold. The third position in this ranking was taken by France (X tons), with a 9.2% share.

From 2012 to 2021, the average annual growth rate of volume from Belgium amounted to +48.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (-10.1% per year) and France (+1.4% per year).

In value terms, Belgium ($X) constituted the largest supplier of vaccines for human medicine to Latvia, comprising 85% of total imports. The second position in the ranking was held by Poland ($X), with a 5.7% share of total imports. It was followed by Lithuania, with a 4.1% share.

From 2012 to 2021, the average annual growth rate of value from Belgium amounted to +63.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (-15.7% per year) and Lithuania (+67.5% per year).

Import Prices by Country

In 2021, the average vaccine import price amounted to $X per kg, with an increase of 130% against the previous year. In general, the import price continues to indicate strong growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+10.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform