Latvia: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Latvia

The Latvian fish fat and oil market skyrocketed to $X in 2022, picking up by X% against the previous year. Overall, consumption, however, continues to indicate a abrupt decrease. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Production of Fish Fats And Oils in Latvia

In value terms, fish fat and oil production rose sharply to $X in 2022 estimated in export price. Overall, the total production indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Fish fat and oil production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Fish Fats And Oils

Exports from Latvia

In 2022, overseas shipments of fish fats and oils increased by X% to X tons, rising for the fourth consecutive year after three years of decline. Over the period under review, exports showed a significant expansion. The pace of growth was the most pronounced in 2013 with an increase of X%. The exports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, fish fat and oil exports surged to $X in 2022. Overall, exports saw a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of X%. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in years to come.

Exports by Country

Lithuania (X tons), France (X tons) and Denmark (X tons) were the main destinations of fish fat and oil exports from Latvia, with a combined X% share of total exports. Spain, Germany, Poland, the Czech Republic, the Netherlands, Nigeria, Greece and Italy lagged somewhat behind, together accounting for a further X%.

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

In value terms, Lithuania ($X), Spain ($X) and France ($X) constituted the largest markets for fish fat and oil exported from Latvia worldwide, with a combined X% share of total exports. Denmark, Poland, the Czech Republic, Nigeria, the Netherlands, Germany, Greece and Italy lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, Nigeria, with a CAGR of X%, 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 fish fat and oil export price amounted to $X per ton, rising by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2013 when the average export price increased by X% against the previous year. The export price peaked in 2022 and is likely to see steady growth in the near future.

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

Imports of Fish Fats And Oils

Imports into Latvia

In 2022, the amount of fish fats and oils imported into Latvia skyrocketed to X tons, picking up by X% against the year before. Over the period under review, imports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2020 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, fish fat and oil imports reduced to $X in 2022. In general, imports recorded a buoyant expansion. The pace of growth was the most pronounced in 2020 when imports increased by X%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, the UK (X tons) constituted the largest supplier of fish fat and oil to Latvia, with a X% share of total imports. Moreover, fish fat and oil imports from the UK exceeded the figures recorded by the second-largest supplier, Lithuania (X tons), sevenfold. The third position in this ranking was taken by the Netherlands (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the UK stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (X% per year) and the Netherlands (X% per year).

In value terms, Lithuania ($X), the Netherlands ($X) and the UK ($X) were the largest fish fat and oil suppliers to Latvia, with a combined X% share of total imports.

The Netherlands, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average fish fat and oil import price stood at $X per ton in 2022, declining by X% against the previous year. In general, the import price faced a abrupt curtailment. The most prominent rate of growth was recorded in 2021 an increase of X%. As a result, import price attained the peak level of $X per ton, and then dropped markedly 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 the Netherlands ($X per ton), while the price for the UK ($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 (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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