Sri Lanka: Cheese Market 2024

Cheese Market Size in Sri Lanka

The Sri Lankan cheese market was estimated at $X in 2021, increasing by 14% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +19.7% against 2019 indices. Cheese consumption peaked in 2021 and is expected to retain growth in years to come.

Cheese Exports

Exports from Sri Lanka

In 2021, shipments abroad of cheese decreased by -49.2% to X tons, falling for the third year in a row after two years of growth. In general, exports, however, saw slight growth. The most prominent rate of growth was recorded in 2018 with an increase of 304%. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, cheese exports fell markedly to $X in 2021. Over the period under review, exports, however, saw a perceptible expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 182%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Maldives (X tons) was the main destination for cheese exports from Sri Lanka, with a 118% share of total exports. It was followed by Canada (X kg), with a 3.1% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Maldives totaled +4.4%.

In value terms, Maldives ($X) remains the key foreign market for cheese exports from Sri Lanka, comprising 96% of total exports. The second position in the ranking was taken by Canada ($X), with a 1.6% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Maldives totaled +4.6%.

Export Prices by Country

The average cheese export price stood at $X per ton in 2021, surging by 33% against the previous year. Overall, export price indicated a slight expansion from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cheese export price increased by +76.4% against 2018 indices. The growth pace was the most rapid in 2013 an increase of 33% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Maldives ($X per ton), while the average price for exports to Canada amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+1.1%).

Cheese Imports

Imports into Sri Lanka

In 2021, imports of cheese into Sri Lanka totaled X tons, picking up by 1.6% against the year before. Over the period under review, total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +8.5% against 2019 indices. The most prominent rate of growth was recorded in 2015 when imports increased by 42% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, cheese imports rose sharply to $X in 2021. In general, total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +19.6% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 34% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in years to come.

Imports by Country

Austria (X tons), New Zealand (X tons) and Australia (X tons) were the main suppliers of cheese imports to Sri Lanka, with a combined 55% share of total imports. Denmark, the UK and India lagged somewhat behind, together accounting for a further 7.2%.

From 2012 to 2021, the biggest increases were recorded for the UK (with a CAGR of +25.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cheese suppliers to Sri Lanka were Austria ($X), New Zealand ($X) and Australia ($X), together accounting for 51% of total imports. These countries were followed by Denmark, the UK and India, which together accounted for a further 8.9%.

The UK, with a CAGR of +26.8%, 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 cheese import price stood at $X per ton in 2021, picking up by 13% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat 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 2021, the most notable rate of growth in terms of prices was attained by Denmark (+2.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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