Latvia: Whole Fresh Milk Market 2024

Whole Fresh Milk Market Size in Latvia

The Latvian whole fresh milk market declined modestly to $X in 2022, therefore, remained relatively stable against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. Whole fresh milk consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Whole Fresh Milk Production in Latvia

In value terms, whole fresh milk production stood at $X in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the production volume increased by 45%. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Whole Fresh Milk Exports

Exports from Latvia

In 2022, approx. X tons of whole fresh milk were exported from Latvia; growing by 4.4% on the year before. The total export volume increased at an average annual rate of +3.7% 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 14%. Over the period under review, the exports attained the peak figure in 2022 and are likely to see steady growth in the near future.

In value terms, whole fresh milk exports soared to $X in 2022. Overall, exports showed resilient growth. The pace of growth appeared the most rapid in 2017 when exports increased by 62%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Lithuania (X tons) was the main destination for whole fresh milk exports from Latvia, accounting for a 94% share of total exports. Moreover, whole fresh milk exports to Lithuania exceeded the volume sent to the second major destination, Estonia (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Lithuania amounted to +3.3%.

In value terms, Lithuania ($X) remains the key foreign market for whole fresh milk exports from Latvia, comprising 95% of total exports. The second position in the ranking was held by Estonia ($X), with a 5.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Lithuania stood at +7.0%.

Export Prices by Country

In 2022, the average whole fresh milk export price amounted to $X per ton, growing by 32% against the previous year. Over the period under review, export price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, whole fresh milk export price increased by +55.0% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of 42% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Lithuania ($X per ton), while the average price for exports to Estonia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lithuania (+3.6%).

Whole Fresh Milk Imports

Imports into Latvia

For the eighth year in a row, Latvia recorded growth in supplies from abroad of whole fresh milk, which increased by 6% to X tons in 2022. Overall, imports posted strong growth. The pace of growth appeared the most rapid in 2016 when imports increased by 53%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, whole fresh milk imports skyrocketed to $X in 2022. In general, imports showed buoyant growth. The pace of growth was the most pronounced in 2017 with an increase of 39% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, Estonia (X tons) constituted the largest supplier of whole fresh milk to Latvia, with a 60% share of total imports. Moreover, whole fresh milk imports from Estonia exceeded the figures recorded by the second-largest supplier, Lithuania (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Estonia totaled +7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+5.6% per year) and Poland (+77.9% per year).

In value terms, Estonia ($X) constituted the largest supplier of whole fresh milk to Latvia, comprising 56% of total imports. The second position in the ranking was taken by Lithuania ($X), with a 22% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Estonia amounted to +9.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+8.2% per year) and Poland (+73.7% per year).

Import Prices by Country

In 2022, the average whole fresh milk import price amounted to $X per ton, surging by 22% against the previous year. In general, import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, whole fresh milk import price increased by +35.5% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 34%. Over the period under review, average import prices reached the maximum in 2022 and is likely to see gradual growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Poland ($X per ton), while the price for Estonia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Estonia (+2.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform