Lithuania: Lard Market 2024

Lard Market Size in Lithuania

In 2022, the Lithuanian lard market increased by 23% to $X, rising for the second consecutive year after four years of decline. Over the period under review, consumption, however, recorded a abrupt contraction. Lard consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Lard Production in Lithuania

In value terms, lard production expanded rapidly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a drastic downturn. The pace of growth was the most pronounced in 2017 with an increase of 39% against the previous year. Lard production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Lard Exports

Exports from Lithuania

In 2022, the amount of lard exported from Lithuania declined significantly to X tons, shrinking by -75.4% compared with the previous year's figure. Overall, exports showed a abrupt downturn. The pace of growth appeared the most rapid in 2020 with an increase of 1,283%. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, lard exports contracted notably to $X in 2022. Over the period under review, exports saw a perceptible slump. The pace of growth appeared the most rapid in 2020 when exports increased by 1,698%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Latvia (X tons) was the main destination for lard exports from Lithuania, accounting for a 56% share of total exports. Moreover, lard exports to Latvia exceeded the volume sent to the second major destination, Poland (X tons), threefold. The Czech Republic (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Latvia amounted to -1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (-20.1% per year) and the Czech Republic (-17.3% per year).

In value terms, Latvia ($X) emerged as the key foreign market for lard exports from Lithuania, comprising 62% of total exports. The second position in the ranking was taken by the Czech Republic ($X), with a 13% share of total exports. It was followed by Germany, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Latvia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Czech Republic (-19.9% per year) and Germany (-35.6% per year).

Export Prices by Country

The average lard export price stood at $X per ton in 2022, surging by 39% against the previous year. Overall, the export price recorded a prominent expansion. The most prominent rate of growth was recorded in 2021 an increase of 149% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Estonia ($X per ton), while the average price for exports to Poland ($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 Estonia (+11.3%), while the prices for the other major destinations experienced more modest paces of growth.

Lard Imports

Imports into Lithuania

After five years of decline, overseas purchases of lard increased by 11% to X tons in 2022. In general, imports, however, showed a abrupt slump. The pace of growth appeared the most rapid in 2014 when imports increased by 15% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, lard imports soared to $X in 2022. Overall, imports, however, showed a pronounced decline. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Latvia (X tons) constituted the largest lard supplier to Lithuania, with a 71% share of total imports. Moreover, lard imports from Latvia exceeded the figures recorded by the second-largest supplier, Poland (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Latvia totaled -7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (-1.3% per year) and Belgium (+7.1% per year).

In value terms, Latvia ($X) constituted the largest supplier of lard to Lithuania, comprising 70% of total imports. The second position in the ranking was taken by Poland ($X), with a 22% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Latvia totaled -4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+3.9% per year) and Belgium (+10.3% per year).

Import Prices by Country

The average lard import price stood at $X per ton in 2022, picking up by 20% against the previous year. Over the period under review, import price indicated a tangible increase 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, lard import price increased by +79.0% against 2019 indices. The pace of growth was the most pronounced in 2017 an increase of 38% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform