Sri Lanka: Cocoa Bean Market 2024

Cocoa Bean Market Size in Sri Lanka

The Sri Lankan cocoa bean market fell to $X in 2022, shrinking by -13.4% against the previous year. In general, the total consumption indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -19.3% against 2019 indices. Cocoa bean consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Cocoa Bean Production in Sri Lanka

In value terms, cocoa bean production reduced to $X in 2022 estimated in export price. Overall, production showed a remarkable increase. The most prominent rate of growth was recorded in 2014 when the production volume increased by 167% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

In 2022, the average cocoa bean yield in Sri Lanka expanded modestly to X kg per ha, picking up by 4.2% compared with the previous year's figure. The yield figure increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 17% against the previous year. As a result, the yield reached the peak level of X kg per ha. From 2015 to 2022, the growth of the average cocoa bean yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The cocoa bean harvested area in Sri Lanka reduced slightly to X ha in 2022, approximately equating the year before. Overall, the harvested area saw a pronounced slump. The most prominent rate of growth was recorded in 2018 when the harvested area increased by 12%. The cocoa bean harvested area peaked at X ha in 2012; however, from 2013 to 2022, the harvested area stood at a somewhat lower figure.

Cocoa Bean Exports

Exports from Sri Lanka

After two years of growth, shipments abroad of cocoa beans decreased by -63.4% to X tons in 2022. In general, exports showed a abrupt slump. The pace of growth was the most pronounced in 2014 with an increase of 542% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, cocoa bean exports declined remarkably to $X in 2022. Over the period under review, exports continue to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2014 when exports increased by 741% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

India (X kg), Germany (X kg) and Canada (X kg) were the main destinations of cocoa bean exports from Sri Lanka, with a combined 95% share of total exports. These countries were followed by Poland, which accounted for a further 3.5%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +75.5%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the key foreign market for cocoa beans exports from Sri Lanka, comprising 59% of total exports. The second position in the ranking was taken by Canada ($X), with an 18% share of total exports. It was followed by India, with a 17% share.

From 2012 to 2022, the average annual growth rate of value to Germany stood at +40.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+20.8% per year) and India (+23.6% per year).

Export Prices by Country

In 2022, the average cocoa bean export price amounted to $X per ton, dropping by -31.6% against the previous year. In general, the export price, however, showed prominent growth. The most prominent rate of growth was recorded in 2015 an increase of 114% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then fell dramatically in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to India ($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 Canada (+23.3%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Bean Imports

Imports into Sri Lanka

In 2022, after two years of growth, there was significant decline in overseas purchases of cocoa beans, when their volume decreased by -99.6% to X kg. Overall, imports continue to indicate a precipitous contraction. The most prominent rate of growth was recorded in 2013 with an increase of 161%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, cocoa bean imports contracted dramatically to $X in 2022. Over the period under review, imports saw a dramatic descent. The most prominent rate of growth was recorded in 2013 with an increase of 137%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, India (X kg) was the main cocoa bean supplier to Sri Lanka, accounting for a approx. 100% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from India amounted to -40.7%.

In value terms, India ($X) constituted the largest supplier of cocoa beans to Sri Lanka.

From 2012 to 2022, the average annual rate of growth in terms of value from India amounted to -35.9%.

Import Prices by Country

The average cocoa bean import price stood at $X per ton in 2022, increasing by 76% against the previous year. Overall, import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa bean import price increased by +87.4% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the rate of growth in terms of prices for Malaysia amounted to +11.4% per year.

Source: IndexBox Platform

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