Sri Lanka: Spice Market 2024

Spice Market Size in Sri Lanka

The Sri Lankan spice market expanded to $X in 2022, growing by X% against the previous year. Over the period under review, consumption, however, enjoyed a prominent expansion. Spice consumption peaked at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Spice Production in Sri Lanka

In value terms, spice production stood at $X in 2022 estimated in export price. Overall, the total production indicated a strong expansion 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, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Spice production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

In 2022, the average yield of spices in Sri Lanka shrank to X tons per ha, with a decrease of X% on the previous year. Over the period under review, the yield indicated a perceptible increase from 2012 to 2022: its figure 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, spice yield increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2016 when the yield increased by X%. Over the period under review, the average spice yield attained the maximum level at X tons per ha in 2021, and then dropped in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the spice harvested area in Sri Lanka declined slightly to X ha, therefore, remained relatively stable against the year before. The harvested area increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, the harvested area dedicated to spice production attained the maximum at X ha in 2021, and then fell slightly in the following year.

Spice Exports

Exports from Sri Lanka

In 2022, after two years of growth, there was significant decline in shipments abroad of spices, when their volume decreased by X% to X tons. Over the period under review, exports, however, continue to indicate a mild increase. The growth pace was the most rapid in 2018 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, spice exports shrank significantly to $X in 2022. Overall, total exports indicated a noticeable expansion 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 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. The exports peaked at $X in 2021, and then fell notably in the following year.

Exports by Country

India (X tons), Mexico (X tons) and the United States (X tons) were the main destinations of spice exports from Sri Lanka, with a combined X% share of total exports. Peru, Germany, Ecuador, Colombia, Guatemala and the United Arab Emirates lagged somewhat behind, together comprising a further X%.

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

In value terms, the largest markets for spice exported from Sri Lanka were Mexico ($X), India ($X) and the United States ($X), together comprising X% of total exports. Peru, Germany, Ecuador, Colombia, Guatemala and the United Arab Emirates lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, Peru, with a CAGR of X%, saw 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 spice export price amounted to $X per ton, picking up by X% against the previous year. Overall, export price indicated measured growth 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, spice export price increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2019 when the average export price increased by X%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to India ($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 the United Arab Emirates (X%), while the prices for the other major destinations experienced more modest paces of growth.

Spice Imports

Imports into Sri Lanka

In 2022, approx. X tons of spices were imported into Sri Lanka; shrinking by X% against 2021 figures. The total import volume 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. The pace of growth was the most pronounced in 2013 with an increase of X%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, spice imports reached $X in 2022. Overall, total imports indicated strong 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, imports increased by X% against 2017 indices. The pace of growth appeared the most rapid in 2014 when imports increased by X%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, India (X tons) constituted the largest spice supplier to Sri Lanka, with a X% share of total imports. Moreover, spice imports from India exceeded the figures recorded by the second-largest supplier, Russia (X tons), more than tenfold. Argentina (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from India amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (X% per year) and Argentina (X% per year).

In value terms, India ($X) constituted the largest supplier of spices to Sri Lanka, comprising X% of total imports. The second position in the ranking was taken by Argentina ($X), with a X% share of total imports. It was followed by Russia, with a X% share.

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

Import Prices by Country

The average spice import price stood at $X per ton in 2022, rising by X% against the previous year. Overall, import 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, spice import price increased by X% against 2017 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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