Latvia: Peanut Butter Market 2024

Peanut Butter Market Size in Latvia

The Latvian peanut butter market dropped to $X in 2022, waning by X% against the previous year. Overall, the total consumption indicated measured 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, consumption increased by X% against 2020 indices. Over the period under review, the market hit record highs at $X in 2021, and then fell in the following year.

Peanut Butter Production in Latvia

In value terms, peanut butter production reduced to $X in 2022 estimated in export price. In general, production recorded a slight contraction. The pace of growth appeared the most rapid in 2018 with an increase of X%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Peanut Butter Exports

Exports from Latvia

In 2022, peanut butter exports from Latvia soared to X tons, increasing by X% against 2021 figures. Overall, total exports indicated prominent growth from 2012 to 2022: its volume 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, exports decreased by X% against 2016 indices. The pace of growth was the most pronounced in 2016 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, peanut butter exports declined to $X in 2022. Over the period under review, total exports indicated a slight increase 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. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Estonia (X tons) was the main destination for peanut butter exports from Latvia, accounting for a X% share of total exports. Moreover, peanut butter exports to Estonia exceeded the volume sent to the second major destination, Norway (X tons), ninefold. The third position in this ranking was held by Lithuania (X tons), with a X% share.

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

In value terms, Estonia ($X) remains the key foreign market for peanut butter and prepared or preserved groundnuts exports from Latvia, comprising X% of total exports. The second position in the ranking was taken by Lithuania ($X), with a X% share of total exports. It was followed by Norway, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Estonia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (X% per year) and Norway (X% per year).

Export Prices by Country

In 2022, the average peanut butter export price amounted to $X per ton, reducing by X% against the previous year. Overall, the export price saw a deep downturn. The pace of growth was the most pronounced in 2017 when the average export price increased by X%. The export price peaked at $X per ton in 2013; however, from 2014 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 Lithuania ($X per ton), while the average price for exports to Croatia ($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 Sweden (X%), while the prices for the other major destinations experienced more modest paces of growth.

Peanut Butter Imports

Imports into Latvia

For the third consecutive year, Latvia recorded growth in purchases abroad of peanut butter and prepared or preserved groundnuts, which increased by X% to X tons in 2022. Overall, total imports indicated resilient growth from 2012 to 2022: its volume 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, imports increased by X% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, peanut butter imports expanded notably to $X in 2022. Over the period under review, total imports indicated buoyant 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, imports increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Lithuania (X tons), Poland (X tons) and Germany (X tons) were the main suppliers of peanut butter imports to Latvia, together comprising X% of total imports. Bulgaria, the Netherlands and Denmark lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Bulgaria (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest peanut butter suppliers to Latvia were Lithuania ($X), Germany ($X) and Poland ($X), with a combined X% share of total imports. The Netherlands, Denmark and Bulgaria lagged somewhat behind, together accounting for a further X%.

Bulgaria, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of 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 peanut butter import price stood at $X per ton in 2022, with a decrease of X% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Poland ($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 more modest paces of growth.

Source: IndexBox Platform