Sri Lanka: Frozen Pork Cut Market 2024

Frozen Pork Cut Market Size in Sri Lanka

The Sri Lankan frozen pork cut market amounted to $X in 2022, approximately mirroring the previous year. Overall, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -1.1% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Frozen Pork Cut Production in Sri Lanka

In value terms, frozen pork cut production totaled $X in 2022 estimated in export price. Overall, the total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.0% against 2018 indices. The most prominent rate of growth was recorded in 2018 with an increase of 45% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

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Frozen Pork Cut Exports

Exports from Sri Lanka

In 2022, the amount of frozen hams, shoulders and cuts of pig meat exported from Sri Lanka surged to X tons, increasing by 63% against 2021. Overall, exports enjoyed a significant expansion. The growth pace was the most rapid in 2019 when exports increased by 480% against the previous year. The exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, frozen pork cut exports soared to $X in 2022. Over the period under review, exports saw significant growth. The pace of growth was the most pronounced in 2019 when exports increased by 515% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Maldives (X tons) was the main destination for frozen pork cut exports from Sri Lanka, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Maldives amounted to +54.0%.

In value terms, Maldives ($X) also remains the key foreign market for frozen hams, shoulders and cuts of pig meat exports from Sri Lanka.

From 2012 to 2022, the average annual rate of growth in terms of value to Maldives totaled +51.5%.

Export Prices by Country

The average frozen pork cut export price stood at $X per ton in 2022, remaining stable against the previous year. Overall, export price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, frozen pork cut export price increased by +11.8% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the average export price increased by 52% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Maldives.

From 2012 to 2022, the rate of growth in terms of prices for India amounted to +13.3% per year.

Frozen Pork Cut Imports

Imports into Sri Lanka

In 2022, purchases abroad of frozen hams, shoulders and cuts of pig meat decreased by -31.8% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 752% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then contracted remarkably in the following year.

In value terms, frozen pork cut imports rose to $X in 2022. Over the period under review, imports, however, recorded a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 887% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in years to come.

Imports by Country

Italy (X tons), the United Arab Emirates (X tons) and Spain (X tons) were the main suppliers of frozen pork cut imports to Sri Lanka, together accounting for 98% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +66.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Spain ($X) and the United Arab Emirates ($X) constituted the largest frozen pork cut suppliers to Sri Lanka, with a combined 98% share of total imports.

Italy, with a CAGR of +94.5%, saw the highest rates of growth with regard to 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 frozen pork cut import price stood at $X per ton in 2022, picking up by 52% against the previous year. Overall, the import price saw a prominent increase. The pace of growth appeared the most rapid in 2015 when the average import price increased by 79% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+57.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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