Sri Lanka: Market for Cherries and Sour Cherries 2024

Market Size for Cherries and Sour Cherries in Sri Lanka

The Sri Lankan cherry and sour cherry market surged to $X in 2022, with an increase of 6,118% against the previous year. Over the period under review, consumption enjoyed resilient growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Cherries and Sour Cherries in Sri Lanka

In value terms, cherry and sour cherry production totaled $X in 2022 estimated in export price. In general, production recorded a significant increase. The most prominent rate of growth was recorded in 2018 with an increase of 190%. 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 cherries and sour cherries in Sri Lanka amounted to less than X kg per ha in 2022, remaining stable against 2021. Overall, the yield recorded a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of cherries and sour cherries production in Sri Lanka stood at less than X ha, approximately equating the year before. In general, the harvested area showed a relatively flat trend pattern.

Exports of Cherries and Sour Cherries

Exports from Sri Lanka

In 2022, after ten years of growth, there was significant decline in shipments abroad of cherries and sour cherries, when their volume decreased by -79.2% to X tons. Over the period under review, exports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2016 with an increase of 384% against the previous year. The exports peaked at X tons in 2021, and then plummeted in the following year.

In value terms, cherry and sour cherry exports declined significantly to $X in 2022. In general, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 336% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2021, and then fell dramatically in the following year.

Exports by Country

Saudi Arabia (X tons) was the main destination for cherry and sour cherry exports from Sri Lanka, accounting for a 92% share of total exports. Moreover, cherry and sour cherry exports to Saudi Arabia exceeded the volume sent to the second major destination, Bahrain (X kg), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Saudi Arabia totaled +176.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahrain (+38.0% per year) and the United Arab Emirates (+17.4% per year).

In value terms, Saudi Arabia ($X) remains the key foreign market for cherries and sour cherries exports from Sri Lanka, comprising 94% of total exports. The second position in the ranking was taken by Bahrain ($X), with a 2.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Saudi Arabia amounted to +223.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahrain (+67.2% per year) and the United Arab Emirates (+10.7% per year).

Export Prices by Country

In 2022, the average cherry and sour cherry export price amounted to $X per ton, picking up by 74% against the previous year. Over the period under review, the export price, however, saw a abrupt slump. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to the United Arab Emirates ($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 Bahrain (+21.2%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Cherries and Sour Cherries

Imports into Sri Lanka

In 2022, after two years of decline, there was significant growth in supplies from abroad of cherries and sour cherries, when their volume increased by 8,300% to X tons. Overall, imports posted a resilient expansion. Over the period under review, imports reached the peak figure at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, cherry and sour cherry imports soared to $X in 2022. In general, imports recorded a relatively flat trend pattern. Imports peaked at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Italy (X tons) was the main cherry and sour cherry supplier to Sri Lanka, with a approx. 100% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Italy totaled +280.5%.

In value terms, Italy ($X) constituted the largest supplier of cherries and sour cherries to Sri Lanka.

From 2012 to 2022, the average annual rate of growth in terms of value from Italy amounted to +262.7%.

Import Prices by Country

The average cherry and sour cherry import price stood at $X per ton in 2022, declining by -67.8% against the previous year. Over the period under review, the import price continues to indicate a deep contraction. The pace of growth appeared the most rapid in 2017 an increase of 34% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Italy.

From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to +18.2% per year.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :