Latvia: Chocolate Market 2024

Chocolate Market Size in Latvia

In 2023, the Latvian chocolate market increased by X% to $X, rising for the second consecutive year after three years of decline. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2023, consumption stood at a somewhat lower figure.

Chocolate Production in Latvia

In value terms, chocolate production skyrocketed to $X in 2023 estimated in export price. In general, production saw a abrupt descent. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2023, production stood at a somewhat lower figure.

Chocolate Exports

Exports from Latvia

In 2023, shipments abroad of chocolate and cocoa products decreased by X% to X tons for the first time since 2019, thus ending a three-year rising trend. In general, total exports indicated a resilient increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. The exports peaked at X tons in 2022, and then contracted in the following year.

In value terms, chocolate exports reached $X in 2023. Over the period under review, exports, however, posted a buoyant expansion. The growth pace was the most rapid in 2016 with an increase of X%. The exports peaked in 2023 and are expected to retain growth in years to come.

Exports by Country

Lithuania (X tons), Estonia (X tons) and Russia (X tons) were the main destinations of chocolate exports from Latvia, together accounting for X% of total exports. The United States, Germany, Poland, the Netherlands, Israel and the UK lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the biggest increases were recorded for the Netherlands (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Estonia ($X), Lithuania ($X) and Russia ($X) constituted the largest markets for chocolate exported from Latvia worldwide, with a combined X% share of total exports. The United States, Poland, Germany, the Netherlands, Israel and the UK lagged somewhat behind, together accounting for a further X%.

The Netherlands, with a CAGR of X%, saw the highest growth rate of the value of exports, among 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

The average chocolate export price stood at $X per ton in 2023, rising by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Lithuania ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Poland (X%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Latvia

For the tenth consecutive year, Latvia recorded growth in purchases abroad of chocolate and cocoa products, which increased by X% to X tons in 2023. In general, total imports indicated a buoyant expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2013 indices. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2023 and are expected to retain growth in years to come.

In value terms, chocolate imports soared to $X in 2023. Overall, imports posted prominent growth. The growth pace was the most rapid in 2016 with an increase of X%. Imports peaked in 2023 and are expected to retain growth in years to come.

Imports by Country

Lithuania (X tons), Poland (X tons) and Estonia (X tons) were the main suppliers of chocolate imports to Latvia, with a combined X% share of total imports. Germany, Ukraine, the Netherlands, Belgium and Russia lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the biggest increases were recorded for the Netherlands (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Poland ($X) and Germany ($X) were the largest chocolate suppliers to Latvia, together comprising X% of total imports. Estonia, the Netherlands, Ukraine, Belgium and Russia lagged somewhat behind, together comprising a further X%.

Among the main suppliers, the Netherlands, with a CAGR of X%, recorded the highest growth rate of 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

In 2023, the average chocolate import price amounted to $X per ton, with an increase of X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Belgium (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform