Sri Lanka: Composition Leather Market 2025

Composition Leather Market Size in Sri Lanka

In 2021, the Sri Lankan composition leather market was finally on the rise to reach $X for the first time since 2014, thus ending a six-year declining trend. In general, consumption, however, saw a abrupt setback. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Composition Leather Production in Sri Lanka

In value terms, composition leather production totaled $X in 2021 estimated in export price. Overall, production, however, saw a drastic downturn. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Composition Leather Exports

Exports from Sri Lanka

In 2021, exports of composition leather from Sri Lanka surged to X square meters, jumping by 124% against the year before. In general, exports showed significant growth. The pace of growth was the most pronounced in 2020 with an increase of 891%. Over the period under review, the exports attained the peak figure in 2021 and are likely to see gradual growth in the immediate term.

In value terms, composition leather exports surged to $X in 2021. Over the period under review, exports enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2020 with an increase of 736%. Over the period under review, the exports reached the maximum in 2021 and are likely to see steady growth in the near future.

Exports by Country

Maldives (X square meters) was the main destination for composition leather exports from Sri Lanka, with a approx. 99.9% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Maldives amounted to +38.0%.

In value terms, Maldives ($X) also remains the key foreign market for composition leather exports from Sri Lanka.

From 2012 to 2021, the average annual rate of growth in terms of value to Maldives totaled +27.3%.

Export Prices by Country

The average composition leather export price stood at $X per square meter in 2021, which is down by -16.1% against the previous year. Over the period under review, the export price recorded a deep contraction. The pace of growth appeared the most rapid in 2014 when the average export price increased by 252% against the previous year. As a result, the export price reached the peak level of $X per square meter. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Maldives.

From 2012 to 2021, the rate of growth in terms of prices for Canada amounted to -1.4% per year.

Composition Leather Imports

Imports into Sri Lanka

In 2021, the amount of composition leather imported into Sri Lanka soared to X square meters, with an increase of 38% compared with the previous year. Over the period under review, imports, however, showed a sharp decline. The pace of growth appeared the most rapid in 2017 when imports increased by 941%. Imports peaked at X square meters in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, composition leather imports skyrocketed to $X in 2021. Overall, imports, however, recorded a significant curtailment. The pace of growth appeared the most rapid in 2017 when imports increased by 494%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

South Korea (X square meters), India (X square meters) and China (X square meters) were the main suppliers of composition leather imports to Sri Lanka, with a combined 87% share of total imports. These countries were followed by the United Arab Emirates, Singapore, Hong Kong SAR, Thailand, Australia and Pakistan, which together accounted for a further 12%.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of -14.2%), while purchases for the other leaders experienced a decline.

In value terms, the largest composition leather suppliers to Sri Lanka were India ($X), South Korea ($X) and China ($X), together accounting for 78% of total imports. These countries were followed by the United Arab Emirates, Hong Kong SAR, Thailand, Australia, Singapore and Pakistan, which together accounted for a further 17%.

The United Arab Emirates, with a CAGR of +0.9%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average composition leather import price amounted to $X per square meter, surging by 22% against the previous year. Overall, the import price, however, showed a perceptible setback. The pace of growth appeared the most rapid in 2013 when the average import price increased by 48%. As a result, import price attained the peak level of $X per square meter. From 2014 to 2021, 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 Australia ($X per square meter), while the price for Pakistan ($X per square meter) 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 (+27.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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