Sri Lanka: Chocolate And Confectionery Market 2024

Chocolate And Confectionery Market Size in Sri Lanka

The Sri Lankan chocolate and confectionery market was estimated at $X in 2022, picking up by 2.4% against the previous year. The market value increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Chocolate And Confectionery Production in Sri Lanka

In value terms, chocolate and confectionery production rose slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2013 when the production volume increased by 17%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Chocolate And Confectionery Exports

Exports from Sri Lanka

In 2022, shipments abroad of chocolate and confectionery increased by 16% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 74% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, chocolate and confectionery exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate a strong increase. The pace of growth was the most pronounced in 2017 when exports increased by 91% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

The United Arab Emirates (X tons) was the main destination for chocolate and confectionery exports from Sri Lanka, with a 48% share of total exports. Moreover, chocolate and confectionery exports to the United Arab Emirates exceeded the volume sent to the second major destination, Bangladesh (X tons), threefold. The third position in this ranking was held by Hong Kong SAR (X tons), with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates totaled +34.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+39.5% per year) and Hong Kong SAR (+23.8% per year).

In value terms, the largest markets for chocolate and confectionery exported from Sri Lanka were the United Arab Emirates ($X), Hong Kong SAR ($X) and Bangladesh ($X), together accounting for 72% of total exports. Saudi Arabia, Israel, Pakistan, Maldives, the Philippines, the UK, Australia and the Netherlands lagged somewhat behind, together comprising a further 20%.

Pakistan, with a CAGR of +101.1%, saw the highest rates of growth with regard to the value of exports, in terms of 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 and confectionery export price stood at $X per ton in 2022, leveling off at the previous year. In general, the export price saw buoyant growth. The growth pace was the most rapid in 2021 an increase of 152%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the near future.

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 Israel ($X per ton), while the average price for exports to Australia ($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 Colombia (+37.1%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate And Confectionery Imports

Imports into Sri Lanka

In 2022, the amount of chocolate and confectionery imported into Sri Lanka shrank to X tons, declining by -11.3% against the previous year. The total import volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 with an increase of 26%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, chocolate and confectionery imports declined to $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 39% against the previous year. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

Malaysia (X tons), Singapore (X tons) and Indonesia (X tons) were the main suppliers of chocolate and confectionery imports to Sri Lanka, together accounting for 63% of total imports. Turkey, India, Poland, Switzerland, the Netherlands, the United Arab Emirates, the United States and the UK lagged somewhat behind, together comprising a further 31%.

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 +68.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate and confectionery suppliers to Sri Lanka were Singapore ($X), Malaysia ($X) and India ($X), with a combined 61% share of total imports. Indonesia, Switzerland, the Netherlands, Poland, Turkey, the United Arab Emirates, the UK and the United States lagged somewhat behind, together accounting for a further 34%.

Among the main suppliers, Turkey, with a CAGR of +64.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average chocolate and confectionery import price stood at $X per ton in 2022, growing by 4.6% against the previous year. In general, the import price, however, saw a slight descent. The most prominent rate of growth was recorded in 2021 when the average import price increased by 27%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Switzerland ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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