Sri Lanka: Chocolate And Confectionery Market 2024

Chocolate And Confectionery Market Size in Sri Lanka

The Sri Lankan chocolate and confectionery market expanded slightly to $X in 2022, growing by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Chocolate And Confectionery Production in Sri Lanka

In value terms, chocolate and confectionery production expanded slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

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Chocolate And Confectionery Exports

Exports from Sri Lanka

In 2022, shipments abroad of chocolate and confectionery increased by X% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of X%. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, chocolate and confectionery exports surged to $X in 2022. Over the period under review, exports showed a strong expansion. The pace of growth appeared the most rapid in 2017 with an increase of X%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The United Arab Emirates (X tons) was the main destination for chocolate and confectionery exports from Sri Lanka, accounting for a X% share of total exports. Moreover, chocolate and confectionery exports to the United Arab Emirates exceeded the volume sent to the second major destination, Bangladesh (X tons), threefold. 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 largest markets for chocolate and confectionery exported from Sri Lanka were the United Arab Emirates ($X), Hong Kong SAR ($X) and Bangladesh ($X), together accounting for X% of total exports. Saudi Arabia, Israel, Turkey, Pakistan, Maldives, the Philippines, the UK, Australia and the Netherlands lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, Turkey, with a CAGR of X.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average chocolate and confectionery export price stood at $X per ton in 2022, dropping by X% against the previous year. Overall, the export price, however, posted buoyant growth. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then fell modestly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Israel ($X per ton), while the average price for exports to Australia ($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 And Confectionery Imports

Imports into Sri Lanka

Chocolate and confectionery imports into Sri Lanka dropped to X tons in 2022, with a decrease of X% on 2021. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, chocolate and confectionery imports declined to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

Malaysia (X tons), Singapore (X tons) and Indonesia (X tons) were the main suppliers of chocolate and confectionery imports to Sri Lanka, together comprising X% of total imports. Turkey, India, Poland, Switzerland, the Netherlands, the United Arab Emirates, the United States and the UK 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 Turkey (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate and confectionery suppliers to Sri Lanka were Singapore ($X), Malaysia ($X) and India ($X), with a combined X% share of total imports. Indonesia, Switzerland, the Netherlands, Poland, Turkey, the United Arab Emirates, the UK and the United States lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Turkey, with a CAGR of X%, saw the highest rates of growth with regard to 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

The average chocolate and confectionery import price stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the import price, however, continues to indicate a slight setback. The pace of growth was the most pronounced in 2021 an increase of X%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Switzerland ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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