Sri Lanka: Canned Meat Market 2024

Canned Meat Market Size in Sri Lanka

The Sri Lankan canned meat market declined to $X in 2021, waning by -7.4% against the previous year. The market value increased at an average annual rate of +2.0% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Canned Meat Production in Sri Lanka

In value terms, canned meat production dropped to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.9% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2020 with an increase of 16%. Canned meat production peaked at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Canned Meat Exports

Exports from Sri Lanka

In 2021, after two years of decline, there was significant growth in overseas shipments of canned meat, when their volume increased by 71% to X tons. In general, exports saw a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 112%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, canned meat exports skyrocketed to $X in 2021. Over the period under review, exports continue to indicate strong growth. The pace of growth appeared the most rapid in 2013 with an increase of 111%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

India (X tons), Maldives (X tons) and Japan (X tons) were the main destinations of canned meat exports from Sri Lanka, together comprising 99% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Japan (with a CAGR of +46.0%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X), Maldives ($X) and Japan ($X) constituted the largest markets for canned meat exported from Sri Lanka worldwide, together comprising 99% of total exports.

In terms of the main countries of destination, Japan, with a CAGR of +46.4%, 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 2021, the average canned meat export price amounted to $X per ton, declining by -20.2% against the previous year. In general, the export price continues to indicate a noticeable curtailment. The growth pace was the most rapid in 2019 when the average export price increased by 5.9%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Maldives ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+0.3%), while the prices for the other major destinations experienced a decline.

Canned Meat Imports

Imports into Sri Lanka

For the third year in a row, Sri Lanka recorded decline in overseas purchases of canned meat, which decreased by -8.8% to X tons in 2021. In general, imports recorded a perceptible decline. The pace of growth appeared the most rapid in 2014 when imports increased by 41%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, canned meat imports soared to $X in 2021. Overall, total imports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when imports increased by 52% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest supplier of canned meat to Sri Lanka, with a 59% share of total imports. Moreover, canned meat imports from Malaysia exceeded the figures recorded by the second-largest supplier, Australia (X tons), fourfold. The third position in this ranking was taken by Saudi Arabia (X tons), with a 7.3% share.

From 2012 to 2021, the average annual growth rate of volume from Malaysia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+9.1% per year) and Saudi Arabia (+13.7% per year).

In value terms, Malaysia ($X), Saudi Arabia ($X) and Australia ($X) appeared to be the largest canned meat suppliers to Sri Lanka, with a combined 67% share of total imports.

Saudi Arabia, with a CAGR of +372.8%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average canned meat import price stood at $X per ton in 2021, growing by 66% against the previous year. In general, the import price saw prominent growth. 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 Saudi Arabia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+316.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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