Sri Lanka: Chocolate Market 2024

Chocolate Market Size in Sri Lanka

The Sri Lankan chocolate market declined rapidly to $X in 2022, reducing by -45.5% against the previous year. Over the period under review, consumption continues to indicate a deep setback. Chocolate consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Chocolate Production in Sri Lanka

In value terms, chocolate production declined modestly to $X in 2022 estimated in export price. In general, production continues to indicate a slight shrinkage. The growth pace was the most rapid in 2021 with an increase of 0.9%. Chocolate production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Chocolate Exports

Exports from Sri Lanka

In 2022, overseas shipments of chocolate and cocoa products were finally on the rise to reach X tons for the first time since 2017, thus ending a four-year declining trend. In general, exports continue to indicate a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, chocolate exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate buoyant growth. The growth pace was the most rapid in 2017 with an increase of 281% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

The United Arab Emirates (X tons) was the main destination for chocolate exports from Sri Lanka, with a 76% share of total exports. Moreover, chocolate exports to the United Arab Emirates exceeded the volume sent to the second major destination, Bangladesh (X tons), ninefold. Hong Kong SAR (X tons) ranked third in terms of total exports with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates totaled +25.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+240.6% per year) and Hong Kong SAR (-13.4% per year).

In value terms, the largest markets for chocolate exported from Sri Lanka were the United Arab Emirates ($X), Hong Kong SAR ($X) and Bangladesh ($X), with a combined 72% share of total exports.

Bangladesh, with a CAGR of +332.3%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, dropping by -50.9% against the previous year. In general, the export price showed a slight setback. The pace of growth appeared the most rapid in 2020 when the average export price increased by 79% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then contracted significantly in the following year.

There were significant differences in the average prices for the major foreign 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 Saudi Arabia (+32.3%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Sri Lanka

In 2022, the amount of chocolate and cocoa products imported into Sri Lanka expanded slightly to X tons, surging by 1.8% against the previous year. In general, imports, however, saw a mild reduction. The most prominent rate of growth was recorded in 2021 when imports increased by 88%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, chocolate imports rose sharply to $X in 2022. Over the period under review, imports, however, showed a perceptible decrease. The growth pace was the most rapid in 2021 with an increase of 101% against the previous year. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Turkey (X tons), the Netherlands (X tons) and India (X tons) were the main suppliers of chocolate imports to Sri Lanka, together comprising 65% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +60.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constituted the largest supplier of chocolate and cocoa products to Sri Lanka, comprising 39% of total imports. The second position in the ranking was taken by Switzerland ($X), with a 16% share of total imports. It was followed by the Netherlands, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India totaled +9.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+3.5% per year) and the Netherlands (-12.2% per year).

Import Prices by Country

In 2022, the average chocolate import price amounted to $X per ton, picking up by 5.3% against the previous year. Over the period under review, the import price, however, recorded a perceptible downturn. The most prominent rate of growth was recorded in 2017 when the average import price increased by 17% against the previous year. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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