Latvia: Market for Vegetables (Preserved, Frozen) 2024

Market Size for Vegetables (Preserved, Frozen) in Latvia

The Latvian preserved and frozen vegetable market expanded sharply to $X in 2022, rising by 7.7% 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). In general, consumption posted strong growth. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the near future.

Exports of Vegetables (Preserved, Frozen)

Exports from Latvia

For the ninth year in a row, Latvia recorded growth in shipments abroad of vegetables (preserved, frozen), which increased by 52% to X tons in 2022. Overall, exports enjoyed a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, preserved and frozen vegetable exports soared to $X in 2022. Over the period under review, exports enjoyed a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Lithuania (X tons), Estonia (X tons) and Russia (X tons) were the main destinations of preserved and frozen vegetable exports from Latvia, together accounting for 84% of total exports. Belarus and Kyrgyzstan lagged somewhat behind, together comprising a further 14%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belarus (with a CAGR of +6,619.3%), while the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Estonia ($X) and Russia ($X) were the largest markets for preserved and frozen vegetable exported from Latvia worldwide, together comprising 82% of total exports. Belarus and Kyrgyzstan lagged somewhat behind, together comprising a further 16%.

In terms of the main countries of destination, Belarus, with a CAGR of +7,784.3%, saw 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 preserved and frozen vegetable export price amounted to $X per ton, with an increase of 14% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2013 when the average export price increased by 18% against the previous year. As a result, the export price reached the peak level of $X per ton; afterwards, it flattened through to 2022.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Russia ($X per ton) and Belarus ($X per ton), while the average price for exports to Estonia ($X per ton) and Lithuania ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kyrgyzstan (+40.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Vegetables (Preserved, Frozen)

Imports into Latvia

In 2022, preserved and frozen vegetable imports into Latvia skyrocketed to X tons, picking up by 17% on the previous year's figure. Over the period under review, imports posted resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, preserved and frozen vegetable imports surged to $X in 2022. In general, imports enjoyed a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Poland (X tons) constituted the largest preserved and frozen vegetable supplier to Latvia, with a 62% share of total imports. Moreover, preserved and frozen vegetable imports from Poland exceeded the figures recorded by the second-largest supplier, Belgium (X tons), threefold. Lithuania (X tons) ranked third in terms of total imports with a 7.9% share.

From 2012 to 2022, the average annual growth rate of volume from Poland totaled +7.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+39.1% per year) and Lithuania (+9.8% per year).

In value terms, Poland ($X) constituted the largest supplier of vegetables (preserved, frozen) to Latvia, comprising 60% of total imports. The second position in the ranking was held by Belgium ($X), with a 20% share of total imports. It was followed by Lithuania, with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Poland amounted to +9.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+39.6% per year) and Lithuania (+11.6% per year).

Import Prices by Country

The average preserved and frozen vegetable import price stood at $X per ton in 2022, picking up by 5.8% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The growth pace was the most rapid in 2013 when the average import price increased by 9.4% against the previous year. The import price peaked in 2022 and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform