Latvia: Whey Market 2024

Whey Market Size in Latvia

In 2022, the Latvian whey market decreased by X% to $X, falling for the second consecutive year after three years of growth. Over the period under review, consumption recorded noticeable growth. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Whey Production in Latvia

In value terms, whey production plummeted to $X in 2022 estimated in export price. Overall, production recorded a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of X%. Whey production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

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Whey Exports

Exports from Latvia

In 2022, the amount of whey exported from Latvia rose significantly to X tons, growing by X% on 2021. In general, exports saw a significant expansion. The growth pace was the most rapid in 2021 with an increase of X%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, whey exports reached $X in 2022. Over the period under review, exports recorded a remarkable increase. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Lithuania (X tons) was the main destination for whey exports from Latvia, with a X% share of total exports. Moreover, whey exports to Lithuania exceeded the volume sent to the second major destination, Poland (X tons), fivefold. Malaysia (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Lithuania amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (X% per year) and Malaysia (X% per year).

In value terms, Lithuania ($X) remains the key foreign market for whey exports from Latvia, comprising X% of total exports. The second position in the ranking was taken by Malaysia ($X), with a X% share of total exports. It was followed by South Korea, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Lithuania amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and South Korea (X% per year).

Export Prices by Country

In 2022, the average whey export price amounted to $X per ton, leveling off at the previous year. In general, the export price, however, continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2017 an increase of X%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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

Whey Imports

Imports into Latvia

After three years of growth, supplies from abroad of whey decreased by X% to X tons in 2022. In general, imports, however, posted a strong expansion. The growth pace was the most rapid in 2021 when imports increased by X%. As a result, imports attained the peak of X tons, and then reduced in the following year.

In value terms, whey imports expanded rapidly to $X in 2022. Overall, imports, however, saw a remarkable increase. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in the near future.

Imports by Country

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

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

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

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

Import Prices by Country

In 2022, the average whey import price amounted to $X per ton, growing by X% against the previous year. Overall, import price indicated a perceptible increase 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, whey import price increased by X% against 2018 indices. The growth pace was the most rapid in 2019 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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 Lithuania ($X per ton), while the price for Estonia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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