Sri Lanka: Banana And Plantain Market 2024

Banana And Plantain Market Size in Sri Lanka

The Sri Lankan banana and plantain market stood at $X in 2022, increasing by 2.4% against the previous year. Overall, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.9% 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 -1.7% 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.

Banana And Plantain Production in Sri Lanka

In value terms, banana and plantain production rose sharply to $X in 2022 estimated in export price. Over the period under review, the total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.2% 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 -4.9% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 47%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

The average yield of bananas and plantains in Sri Lanka declined to X tons per ha in 2022, with a decrease of -10.1% on the previous year. The yield figure increased at an average annual rate of +2.4% over the period 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 2018 with an increase of 25%. The banana and plantain yield peaked at X tons per ha in 2021, and then shrank 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 harvested area of bananas and plantains in Sri Lanka expanded to X ha, picking up by 2.6% on 2021. Over the period under review, the harvested area, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 12% against the previous year. Over the period under review, the harvested area dedicated to banana and plantain production attained the peak figure at X ha in 2014; however, from 2015 to 2022, the harvested area failed to regain momentum.

Banana And Plantain Exports

Exports from Sri Lanka

Banana and plantain exports from Sri Lanka reduced remarkably to X tons in 2022, declining by -16.6% on 2021 figures. Overall, exports showed a deep setback. The pace of growth appeared the most rapid in 2014 when exports increased by 83%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, banana and plantain exports dropped significantly to $X in 2022. In general, exports showed a pronounced slump. The growth pace was the most rapid in 2014 when exports increased by 95%. Over the period under review, the exports attained the maximum at $X in 2021, and then declined dramatically in the following year.

Exports by Country

Saudi Arabia (X tons) was the main destination for banana and plantain exports from Sri Lanka, accounting for a 47% share of total exports. Moreover, banana and plantain exports to Saudi Arabia exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), twofold. Qatar (X tons) ranked third in terms of total exports with a 19% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Saudi Arabia amounted to -9.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+5.0% per year) and Qatar (+5.1% per year).

In value terms, Saudi Arabia ($X) remains the key foreign market for bananas and plantains exports from Sri Lanka, comprising 43% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 21% share of total exports. It was followed by Qatar, with a 16% share.

From 2012 to 2022, the average annual growth rate of value to Saudi Arabia amounted to -9.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+7.2% per year) and Qatar (+8.2% per year).

Export Prices by Country

The average banana and plantain export price stood at $X per ton in 2022, reducing by -46.8% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 43%. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then contracted notably in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while the average price for exports to Qatar ($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 Kuwait (+8.0%), while the prices for the other major destinations experienced more modest paces of growth.

Banana And Plantain Imports

Imports into Sri Lanka

In 2022, supplies from abroad of bananas and plantains decreased by -98.6% to X kg, falling for the second year in a row after two years of growth. In general, imports saw a significant curtailment. The most prominent rate of growth was recorded in 2016 when imports increased by 415% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, banana and plantain imports reduced dramatically to $X in 2022. Overall, imports faced a sharp decrease. The pace of growth appeared the most rapid in 2016 with an increase of 376% against the previous year. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, India (X kg) was the main supplier of banana and plantain to Sri Lanka, with a 90% share of total imports. Moreover, banana and plantain imports from India exceeded the figures recorded by the second-largest supplier, Spain (X kg), ninefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from India totaled -11.0%.

In value terms, Spain ($X) constituted the largest supplier of bananas and plantains to Sri Lanka, comprising 92% of total imports. The second position in the ranking was held by India ($X), with an 8.3% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain was relatively modest.

Import Prices by Country

The average banana and plantain import price stood at $X per ton in 2022, growing by 536% against the previous year. In general, the import price continues to indicate a resilient increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Spain ($X per ton), while the price for India amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+20.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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