Sri Lanka: Chocolate Market 2024

Chocolate Market Size in Sri Lanka

The Sri Lankan chocolate market reduced notably to $X in 2022, which is down by X% against the previous year. Over the period under review, consumption continues to indicate a abrupt decrease. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Chocolate Production in Sri Lanka

In value terms, chocolate production declined to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a slight curtailment. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Chocolate Exports

Exports from Sri Lanka

In 2022, overseas shipments of chocolate and cocoa products were finally on the rise to reach X tons for the first time since 2017, thus ending a four-year declining trend. Over the period under review, exports saw a prominent increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, chocolate exports skyrocketed to $X in 2022. Overall, exports posted a resilient increase. The growth pace was the most rapid in 2017 when exports increased by X%. Over the period under review, the exports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

Exports by Country

The United Arab Emirates (X tons) was the main destination for chocolate exports from Sri Lanka, with a X% share of total exports. Moreover, chocolate exports to the United Arab Emirates exceeded the volume sent to the second major destination, Bangladesh (X tons), eightfold. Hong Kong SAR (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (X% per year) and Hong Kong SAR (X% per year).

In value terms, the United Arab Emirates ($X), Hong Kong SAR ($X) and Bangladesh ($X) were the largest markets for chocolate exported from Sri Lanka worldwide, with a combined X% share of total exports.

Bangladesh, 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 2022, which is down by X% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average export price increased by X%. Over the period under review, the average export prices attained the maximum at $X per ton in 2021, and then shrank sharply in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to the United Arab Emirates ($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 Saudi Arabia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Sri Lanka

Chocolate imports into Sri Lanka totaled X tons in 2022, flattening at the year before. In general, imports, however, showed a slight setback. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, chocolate imports expanded remarkably to $X in 2022. Overall, imports, however, saw a pronounced downturn. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Turkey (X tons), the Netherlands (X tons) and India (X tons) were the main suppliers of chocolate imports to Sri Lanka, with a combined X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constituted the largest supplier of chocolate and cocoa products to Sri Lanka, comprising X% of total imports. The second position in the ranking was held by Switzerland ($X), with a X% share of total imports. It was followed by the Netherlands, with a X% share.

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

Import Prices by Country

In 2022, the average chocolate import price amounted to $X per ton, increasing by X% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable decrease. The pace of growth was the most pronounced in 2017 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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