Latvia: Market for Cereal Grain Products (Including Corn Flakes) 2024

Market Size for Cereal Grain Products (Including Corn Flakes) in Latvia

In 2022, the Latvian market for cereal grain products (including corn flakes) decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, the total consumption indicated a resilient expansion 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, consumption increased by X% against 2019 indices. Corn flakes and cereal products consumption peaked at $X in 2021, and then fell markedly in the following year.

Production of Cereal Grain Products (Including Corn Flakes) in Latvia

In value terms, corn flakes and cereal products production dropped slightly to $X in 2022 estimated in export price. In general, production recorded a abrupt setback. The pace of growth was the most pronounced in 2021 with an increase of X%. 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.

Exports of Cereal Grain Products (Including Corn Flakes)

Exports from Latvia

In 2022, shipments abroad of cereal grain products (including corn flakes) decreased by X% to X tons for the first time since 2013, thus ending a eight-year rising trend. Over the period under review, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The exports peaked at X tons in 2021, and then dropped slightly in the following year.

In value terms, corn flakes and cereal products exports rose modestly to $X in 2022. Overall, exports, however, recorded a significant increase. The pace of growth was the most pronounced in 2017 when exports increased by X% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Germany (X tons), Poland (X tons) and Estonia (X tons) were the main destinations of corn flakes and cereal products exports from Latvia, together accounting for X% of total exports.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Estonia ($X), Germany ($X) and Poland ($X) appeared to be the largest markets for corn flakes and cereal products exported from Latvia worldwide, together accounting for X% of total exports.

In terms of the main countries of destination, Poland, with a CAGR of X%, 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 export price for cereal grain products (including corn flakes) amounted to $X per ton, increasing by X% against the previous year. Overall, the export price, however, showed a pronounced curtailment. The most prominent rate of growth was recorded in 2013 an increase of X%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

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

Imports of Cereal Grain Products (Including Corn Flakes)

Imports into Latvia

After two years of decline, purchases abroad of cereal grain products (including corn flakes) increased by X% to X tons in 2022. Over the period under review, imports continue to indicate a buoyant increase. The pace of growth was the most pronounced in 2019 when imports increased by X%. Imports peaked in 2022 and are likely to continue growth in the near future.

In value terms, corn flakes and cereal products imports skyrocketed to $X in 2022. In general, imports posted a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Lithuania (X tons) constituted the largest supplier of corn flakes and cereal products to Latvia, with a X% share of total imports. Moreover, corn flakes and cereal products imports from Lithuania exceeded the figures recorded by the second-largest supplier, Estonia (X tons), threefold. Poland (X tons) ranked third in terms of total imports with an X% share.

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

In value terms, the largest corn flakes and cereal products suppliers to Latvia were Lithuania ($X), Poland ($X) and Estonia ($X), with a combined X% share of total imports. Kazakhstan, the Czech Republic, Ukraine and Russia lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, the Czech Republic, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for cereal grain products (including corn flakes) stood at $X per ton in 2022, which is down by X% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of X% against the previous year. The import price peaked at $X per ton in 2021, and then fell notably 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 Czech Republic ($X per ton), while the price for Estonia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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