Sri Lanka: Whisky Market 2024

Whisky Market Size in Sri Lanka

In 2022, the Sri Lankan whisky market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. In general, consumption, however, recorded a slight shrinkage. Whisky consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Whisky Exports

Exports from Sri Lanka

In 2022, exports of whisky from Sri Lanka contracted significantly to X litres, shrinking by X% against 2021 figures. Overall, exports, however, continue to indicate strong growth. The most prominent rate of growth was recorded in 2014 when exports increased by X%. Over the period under review, the exports hit record highs at X litres in 2021, and then contracted sharply in the following year.

In value terms, whisky exports contracted notably to $X in 2022. Over the period under review, exports, however, recorded a buoyant expansion. The growth pace was the most rapid in 2021 with an increase of X%. As a result, the exports attained the peak of $X, and then contracted significantly in the following year.

Exports by Country

The United Arab Emirates (X litres) was the main destination for whisky exports from Sri Lanka, with a X% share of total exports. Moreover, whisky exports to the United Arab Emirates exceeded the volume sent to the second major destination, the Netherlands (X litres), fourfold. Singapore (X litres) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual growth rate of volume to the United Arab Emirates stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and Singapore (X% per year).

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for whisky exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was held by the Netherlands ($X), with a X% share of total exports. It was followed by Singapore, with a X% share.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and Singapore (X% per year).

Export Prices by Country

In 2022, the average whisky export price amounted to $X per litre, with an increase of X% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of X%. The export price peaked in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per litre), while the average price for exports to the UK ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Panama (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Whisky Imports

Imports into Sri Lanka

In 2022, overseas purchases of whisky increased by X% to X litres for the first time since 2018, thus ending a three-year declining trend. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at X litres in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, whisky imports soared to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by X%. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the UK (X litres) constituted the largest supplier of whisky to Sri Lanka, with a X% share of total imports. Moreover, whisky imports from the UK exceeded the figures recorded by the second-largest supplier, the United States (X litres), more than tenfold. Italy (X litres) ranked third in terms of total imports with a X% share.

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

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

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

Import Prices by Country

In 2022, the average whisky import price amounted to $X per litre, surging by X% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 an increase of X%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the near future.

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 the United States ($X per litre), while the price for Italy ($X per litre) 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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