Sri Lanka: Market for Chocolate Bars With Fillings 2024

Market Size for Chocolate Bars With Fillings in Sri Lanka

In 2021, the Sri Lankan chocolate bar with filling market decreased by -4% to $X for the first time since 2015, thus ending a five-year rising trend. Overall, consumption showed a slight descent. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Production of Chocolate Bars With Fillings in Sri Lanka

In value terms, chocolate bar with filling production declined modestly to $X in 2021 estimated in export price. In general, production continues to indicate a pronounced descent. The most prominent rate of growth was recorded in 2018 with an increase of 19% against the previous year. Chocolate bar with filling production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Chocolate Bars With Fillings

Exports from Sri Lanka

In 2021, the amount of chocolate bars with fillings exported from Sri Lanka skyrocketed to X tons, increasing by 63% compared with 2020 figures. In general, exports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2016 with an increase of 414%. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, chocolate bar with filling exports skyrocketed to $X in 2021. Overall, exports enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2016 when exports increased by 344%. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Maldives (X tons) was the main destination for chocolate bar with filling exports from Sri Lanka, accounting for a 81% share of total exports. Moreover, chocolate bar with filling exports to Maldives exceeded the volume sent to the second major destination, Switzerland (X tons), fivefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Maldives amounted to +18.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (+115.2% per year) and Lebanon (+427.2% per year).

In value terms, Maldives ($X) emerged as the key foreign market for chocolate bars with fillings exports from Sri Lanka, comprising 73% of total exports. The second position in the ranking was held by Switzerland ($X), with a 22% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Maldives amounted to +4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (+103.3% per year) and Lebanon (+441.4% per year).

Export Prices by Country

In 2021, the average chocolate bar with filling export price amounted to $X per ton, falling by -14% against the previous year. In general, the export price continues to indicate a deep slump. The growth pace was the most rapid in 2019 an increase of 15%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

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 Lebanon ($X per ton), while the average price for exports to Maldives ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Lebanon (+6.4%), while the prices for the other major destinations experienced a decline.

Imports of Chocolate Bars With Fillings

Imports into Sri Lanka

In 2021, purchases abroad of chocolate bars with fillings decreased by -1.5% to X tons, falling for the second year in a row after two years of growth. Overall, imports, however, saw a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 304%. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, chocolate bar with filling imports amounted to $X in 2021. In general, imports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 349% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

The Netherlands (X tons), the United Arab Emirates (X tons) and Russia (X tons) were the main suppliers of chocolate bar with filling imports to Sri Lanka, with a combined 59% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Russia (with a CAGR of +4,950.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate bar with filling suppliers to Sri Lanka were the United Arab Emirates ($X), the Netherlands ($X) and the UK ($X), with a combined 61% share of total imports. Russia and Turkey lagged somewhat behind, together accounting for a further 11%.

Russia, with a CAGR of +3,447.5%, recorded the highest rates of growth with regard to 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

In 2021, the average chocolate bar with filling import price amounted to $X per ton, increasing by 2.8% against the previous year. In general, the import price, however, saw a noticeable setback. The pace of growth was the most pronounced in 2015 an increase of 13%. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-2.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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