Latvia: Cereal Market 2024

Cereal Market Size in Latvia

In 2022, the Latvian cereal market increased by X% to $X, rising for the second consecutive year after two years of decline. Over the period under review, the total consumption indicated a pronounced 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 2020 indices. Cereal consumption peaked in 2022 and is expected to retain growth in the near future.

Cereal Production in Latvia

In value terms, cereal production expanded to $X in 2022 estimated in export price. Overall, the total production indicated a measured 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, production decreased by X% against 2020 indices. The growth pace was the most rapid in 2019 when the production volume increased by X% against the previous year. Cereal production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

The average yield of cereals in Latvia expanded rapidly to X tons per ha in 2022, with an increase of X% against the previous year's figure. Over the period under review, the yield continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the yield increased by X% against the previous year. Over the period under review, the average cereal yield hit record highs at X tons per ha in 2015; however, from 2016 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The cereal harvested area in Latvia fell slightly to X ha in 2022, standing approx. at 2021. The harvested area increased at an average annual rate of X% 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 2018 when the harvested area increased by X% against the previous year. The cereal harvested area peaked at X ha in 2021, and then fell modestly in the following year.

Cereal Exports

Exports from Latvia

Cereal exports from Latvia rose notably to X tons in 2022, increasing by X% on the previous year's figure. Over the period under review, exports recorded buoyant growth. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, cereal exports surged to $X in 2022. Overall, exports showed a strong expansion. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Nigeria (X tons), Spain (X tons) and Saudi Arabia (X tons) were the main destinations of cereal exports from Latvia, together accounting for X% of total exports. The Netherlands, Mozambique, Angola, Lithuania, South Africa, Morocco, Tanzania, Israel, Norway and Ghana 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 Angola (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cereal exported from Latvia were Nigeria ($X), Spain ($X) and Saudi Arabia ($X), with a combined X% share of total exports. The Netherlands, Mozambique, Angola, Lithuania, South Africa, Morocco, Tanzania, Israel, Norway and Ghana lagged somewhat behind, together comprising a further X%.

Angola, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination 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 cereal export price amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, export price indicated perceptible growth from 2012 to 2022: its price 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, cereal export price increased by X% against 2016 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Saudi Arabia ($X per ton) and Morocco ($X per ton), while the average price for exports to Ghana ($X per ton) and Norway ($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 Angola (X%), while the prices for the other major destinations experienced more modest paces of growth.

Cereal Imports

Imports into Latvia

In 2022, approx. X tons of cereals were imported into Latvia; increasing by X% against 2021 figures. Over the period under review, imports saw a resilient expansion. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, cereal imports skyrocketed to $X in 2022. In general, imports showed a prominent expansion. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Lithuania (X tons) constituted the largest cereal supplier to Latvia, accounting for a X% share of total imports. Moreover, cereal imports from Lithuania exceeded the figures recorded by the second-largest supplier, Russia (X tons), twofold. The third position in this ranking was held by Estonia (X tons), with a X% share.

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

In value terms, Lithuania ($X), Russia ($X) and Estonia ($X) were the largest cereal suppliers to Latvia, with a combined X% share of total imports. The Netherlands and Ukraine lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, the Netherlands, 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 cereal import price stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by X%. Over the period under review, average import prices reached the peak figure in 2022 and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Estonia ($X per ton) and the Netherlands ($X per ton), while the price for Ukraine ($X per ton) and Lithuania ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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