Sri Lanka: Market for Bone Glues and Gelatin 2024

Market Size for Bone Glues and Gelatin in Sri Lanka

After three years of growth, the Sri Lankan bone glue and gelatin market decreased by -44.3% to $X in 2022. In general, consumption showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2021, and then contracted dramatically in the following year.

Exports of Bone Glues and Gelatin

Exports from Sri Lanka

In 2022, after three years of growth, there was decline in shipments abroad of bone glues and gelatin, when their volume decreased by -2.5% to X tons. Over the period under review, exports, however, showed significant growth. The pace of growth was the most pronounced in 2019 with an increase of 775%. The exports peaked at X tons in 2021, and then contracted slightly in the following year.

In value terms, bone glue and gelatin exports amounted to $X in 2022. Overall, exports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2019 when exports increased by 1,078%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

The United States (X tons) was the main destination for bone glue and gelatin exports from Sri Lanka, with a 84% share of total exports. Moreover, bone glue and gelatin exports to the United States exceeded the volume sent to the second major destination, China (X kg), more than tenfold. The third position in this ranking was taken by Maldives (X kg), with a 7.1% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +89.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+331.6% per year) and Maldives (-6.3% per year).

In value terms, the United States ($X) remains the key foreign market for bone glues and gelatin exports from Sri Lanka, comprising 85% of total exports. The second position in the ranking was taken by China ($X), with an 8.4% share of total exports. It was followed by Maldives, with a 5.2% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +93.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+267.3% per year) and Maldives (-5.2% per year).

Export Prices by Country

The average bone glue and gelatin export price stood at $X per ton in 2022, with an increase of 18% against the previous year. In general, export price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, bone glue and gelatin export price increased by +110.8% against 2016 indices. The pace of growth was the most pronounced in 2017 an increase of 38%. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in years to come.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Canada ($X per ton) and China ($X per ton), while the average price for exports to Maldives ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+3.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Bone Glues and Gelatin

Imports into Sri Lanka

In 2022, after three years of growth, there was significant decline in purchases abroad of bone glues and gelatin, when their volume decreased by -50.7% to X tons. In general, imports showed a mild shrinkage. The pace of growth appeared the most rapid in 2015 when imports increased by 21% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then dropped markedly in the following year.

In value terms, bone glue and gelatin imports reduced markedly to $X in 2022. Overall, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when imports increased by 26%. Imports peaked at $X in 2021, and then dropped rapidly in the following year.

Imports by Country

Turkey (X tons), Pakistan (X tons) and Thailand (X tons) were the main suppliers of bone glue and gelatin imports to Sri Lanka, together comprising 64% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Pakistan (with a CAGR of +33.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Thailand ($X) and Pakistan ($X) constituted the largest bone glue and gelatin suppliers to Sri Lanka, together comprising 67% of total imports.

Among the main suppliers, Pakistan, with a CAGR of +40.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average bone glue and gelatin import price amounted to $X per ton, picking up by 17% against the previous year. Overall, the import price showed modest growth. As a result, import price reached 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 ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+8.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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