Potato Market Overview in Latvia
In value terms, potato production soared to $ in 2019 estimated in export prices. Over the period under review, production, however, continues to indicate a deep downturn. The growth pace was the most rapid in 2011 when the production volume increased by % against the previous year. As a result, production reached the peak level of $. From 2012 to 2019, production growth remained at a somewhat lower figure.
In 2019, the average yield of potatoes in Latvia totaled tonnes per ha, surging by % compared with the previous year's figure. The yield figure increased at an average annual rate of +% over the period from 2007 to 2019; the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2012 with an increase of % year-to-year. Over the period under review, the average potato yield attained the peak level in 2019 and is likely to see gradual growth in the immediate term. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.
In 2019, the potato harvested area in Latvia amounted to ha, approximately mirroring 2018 figures. In general, the harvested area, however, saw a abrupt downturn. Over the period under review, the harvested area dedicated to potato production attained the peak figure at ha in 2007; however, from 2008 to 2019, the harvested area remained at a lower figure.
The revenue of the potato market in Latvia soared to $ in 2019, increasing by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, recorded a abrupt descent. The pace of growth appeared the most rapid in 2011 when the market value increased by % against the previous year. As a result, consumption attained the peak level of $. From 2012 to 2019, the growth of the market remained at a lower figure.