Sri Lanka: Processed Meat Market 2024

Processed Meat Market Size in Sri Lanka

The Sri Lankan processed meat market declined slightly to $X in 2022, flattening at the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Processed meat consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Processed Meat Production in Sri Lanka

In value terms, processed meat production contracted 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; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 with an increase of X%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Processed Meat Exports

Exports from Sri Lanka

In 2022, the amount of processed meat exported from Sri Lanka expanded rapidly to X tons, surging by X% against 2021 figures. Overall, exports, however, showed a pronounced setback. The pace of growth appeared the most rapid in 2016 when exports increased by X% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, processed meat exports surged to $X in 2022. Over the period under review, total exports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

India (X tons), Maldives (X tons) and the United Arab Emirates (X tons) were the main destinations of processed meat exports from Sri Lanka, together accounting for X% of total exports. Japan, Australia and Qatar lagged somewhat behind, together accounting for a further X%.

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

In value terms, the largest markets for processed meat exported from Sri Lanka were Maldives ($X), India ($X) and Japan ($X), with a combined X% share of total exports.

In terms of the main countries of destination, Japan, with a CAGR of X%, 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

In 2022, the average processed meat export price amounted to $X per ton, surging by X% against the previous year. In general, export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, processed meat export price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2015 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in the immediate term.

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

Processed Meat Imports

Imports into Sri Lanka

In 2022, imports of processed meat into Sri Lanka contracted notably to X tons, declining by X% on the previous year's figure. Over the period under review, imports recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2021 when imports increased by X%. As a result, imports reached the peak of X tons, and then dropped markedly in the following year.

In value terms, processed meat imports shrank markedly to $X in 2022. Overall, imports showed a perceptible slump. The growth pace was the most rapid in 2021 with an increase of X%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest processed meat supplier to Sri Lanka, with a X% share of total imports. Moreover, processed meat imports from Malaysia exceeded the figures recorded by the second-largest supplier, Australia (X tons), twofold. The United States (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (X% per year) and the United States (X% per year).

In value terms, Malaysia ($X) constituted the largest supplier of processed meat to Sri Lanka, comprising X% of total imports. The second position in the ranking was taken by the United States ($X), with a X% share of total imports. It was followed by Australia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Australia (X% per year).

Import Prices by Country

In 2022, the average processed meat import price amounted to $X per ton, growing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. Over the period under review, average import prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

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

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

Source: IndexBox Platform

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