Sri Lanka: Cocoa Powder Market 2024

Cocoa Powder Market Size in Sri Lanka

In 2022, the Sri Lankan cocoa powder market increased by 0.3% to $X, rising for the third consecutive year after three years of decline. The market value increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Cocoa powder consumption peaked in 2022 and is expected to retain growth in years to come.

Cocoa Powder Production in Sri Lanka

In value terms, cocoa powder production reduced modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the production volume increased by 31%. Cocoa powder production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Cocoa Powder Exports

Exports from Sri Lanka

In 2022, shipments abroad of cocoa powder (not sweetened) decreased by -99% to X tons, falling for the third consecutive year after eight years of growth. In general, exports continue to indicate a precipitous descent. The pace of growth was the most pronounced in 2014 when exports increased by 233%. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, cocoa powder exports fell significantly to $X in 2022. Overall, exports saw a sharp descent. The growth pace was the most rapid in 2014 with an increase of 155% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Maldives (X kg), the United States (X kg) and Canada (X kg) were the main destinations of cocoa powder exports from Sri Lanka, together accounting for 82% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Canada (with a CAGR of +33.8%), while the other leaders experienced mixed trend patterns.

In value terms, Canada ($X), the United States ($X) and Maldives ($X) constituted the largest markets for cocoa powder exported from Sri Lanka worldwide, together comprising 81% of total exports.

Canada, with a CAGR of +30.8%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average cocoa powder export price amounted to $X per ton, rising by 123% against the previous year. In general, the export price showed buoyant growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Maldives ($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 Egypt (+6.3%), while the prices for the other major destinations experienced a decline.

Cocoa Powder Imports

Imports into Sri Lanka

In 2022, after four years of growth, there was decline in purchases abroad of cocoa powder (not sweetened), when their volume decreased by -1.8% to X tons. Over the period under review, total imports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +10.5% against 2016 indices. The most prominent rate of growth was recorded in 2016 with an increase of 35%. Over the period under review, imports hit record highs at X tons in 2021, and then declined in the following year.

In value terms, cocoa powder imports rose rapidly to $X in 2022. Overall, imports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 36% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in the near future.

Imports by Country

Malaysia (X tons), Singapore (X tons) and Indonesia (X tons) were the main suppliers of cocoa powder imports to Sri Lanka, together comprising 98% of total imports. China lagged somewhat behind, comprising a further 1.6%.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +32.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Singapore ($X) and Indonesia ($X) constituted the largest cocoa powder suppliers to Sri Lanka, with a combined 99% share of total imports. China lagged somewhat behind, comprising a further 0.9%.

China, with a CAGR of +33.2%, recorded the highest growth rate of 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 2022, the average cocoa powder import price amounted to $X per ton, rising by 11% against the previous year. Overall, the import price, however, saw a slight slump. The growth pace was the most rapid 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.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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