Sri Lanka: Cheese And Curd Market 2024

Cheese And Curd Market Size in Sri Lanka

The Sri Lankan cheese and curd market rose rapidly to $X in 2022, picking up by 7.1% against the previous year. The market value increased at an average annual rate of +4.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Cheese And Curd Production in Sri Lanka

In value terms, cheese and curd production expanded significantly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.2% 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 -7.8% against 2020 indices. The pace of growth appeared the most rapid in 2020 when the production volume increased by 45% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Cheese And Curd Exports

Exports from Sri Lanka

In 2022, shipments abroad of cheese and curd increased by 23% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports saw a notable expansion. The pace of growth was the most pronounced in 2018 with an increase of 304% 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, cheese and curd exports skyrocketed to $X in 2022. In general, exports showed a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of 182%. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Maldives (X tons) was the main destination for cheese and curd exports from Sri Lanka, with a approx. 99% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Maldives totaled +3.6%.

In value terms, Maldives ($X) also remains the key foreign market for cheese and curd exports from Sri Lanka.

From 2012 to 2022, the average annual rate of growth in terms of value to Maldives amounted to +8.5%.

Export Prices by Country

The average cheese and curd export price stood at $X per ton in 2022, picking up by 20% against the previous year. In general, export price indicated a measured expansion 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, cheese and curd export price increased by +124.5% against 2018 indices. The pace of growth appeared the most rapid in 2020 when the average export price increased by 73%. The export price peaked in 2022 and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Maldives.

From 2012 to 2022, the rate of growth in terms of prices for Maldives amounted to +4.7% per year.

Cheese And Curd Imports

Imports into Sri Lanka

After two years of growth, overseas purchases of cheese and curd decreased by -25.5% to X tons in 2022. In general, total imports indicated pronounced growth from 2012 to 2022: its volume increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when imports increased by 42%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, cheese and curd imports shrank markedly to $X in 2022. Overall, total imports indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 34% against the previous year. Imports peaked at $X in 2021, and then fell sharply in the following year.

Imports by Country

Austria (X tons), New Zealand (X tons) and India (X tons) were the main suppliers of cheese and curd imports to Sri Lanka, together comprising 83% of total imports. Australia, Denmark and the UK lagged somewhat behind, together accounting for a further 13%.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +20.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cheese and curd suppliers to Sri Lanka were Austria ($X), New Zealand ($X) and India ($X), together comprising 80% of total imports. Denmark, Australia and the UK lagged somewhat behind, together accounting for a further 15%.

The UK, with a CAGR of +18.8%, recorded the highest growth rate of the value of imports, in terms of 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 cheese and curd import price stood at $X per ton in 2022, waning by -6.9% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 9.6%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Denmark ($X per ton), while the price for New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+1.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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