Sri Lanka: Market for Condensed Or Evaporated Milk (Sweetened) 2024

Market Size for Condensed Or Evaporated Milk (Sweetened) in Sri Lanka

The Sri Lankan market for condensed or evaporated milk (sweetened) rose rapidly to $X in 2022, increasing by 7.9% against the previous year. Overall, consumption, however, continues to indicate a buoyant expansion. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Condensed Or Evaporated Milk (Sweetened) in Sri Lanka

In value terms, sweetened condensed and evaporated milk production surged to $X in 2022 estimated in export price. In general, production recorded prominent growth. The most prominent rate of growth was recorded in 2020 with an increase of 108% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports from Sri Lanka

In 2022, the amount of condensed or evaporated milk (sweetened) exported from Sri Lanka contracted to X tons, falling by -4.6% against the previous year. Overall, exports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 2,180%. The exports peaked at X tons in 2021, and then shrank modestly in the following year.

In value terms, sweetened condensed and evaporated milk exports shrank dramatically to $X in 2022. Over the period under review, exports, however, posted a significant increase. The pace of growth was the most pronounced in 2019 with an increase of 1,753% against the previous year. The exports peaked at $X in 2021, and then shrank markedly in the following year.

Exports by Country

Maldives (X tons) was the main destination for sweetened condensed and evaporated milk exports from Sri Lanka, accounting for a 93% share of total exports. It was followed by the United States (X tons), with a 2.9% share of total exports. Qatar (X kg) ranked third in terms of total exports with less than 0.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Maldives amounted to +31.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (0.0% per year) and Qatar (-59.4% per year).

In value terms, Maldives ($X) remains the key foreign market for condensed or evaporated milk (sweetened) exports from Sri Lanka, comprising 72% of total exports. The second position in the ranking was taken by the United States ($X), with a 13% share of total exports. It was followed by Qatar, with a 0.2% share.

From 2012 to 2022, the average annual growth rate of value to Maldives amounted to +29.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (0.0% per year) and Qatar (-42.8% per year).

Export Prices by Country

The average export price for condensed or evaporated milk (sweetened) stood at $X per ton in 2022, declining by -20.1% against the previous year. Over the period under review, export price indicated a mild increase from 2012 to 2022: its price 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, sweetened condensed and evaporated milk export price decreased by -29.0% against 2020 indices. The pace of growth appeared the most rapid in 2020 an increase of 88% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a lower figure.

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 Qatar ($X per ton), while the average price for exports to Seychelles ($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 Luxembourg (+47.5%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports into Sri Lanka

In 2022, after two years of growth, there was significant decline in purchases abroad of condensed or evaporated milk (sweetened), when their volume decreased by -99.4% to X tons. In general, imports recorded a sharp contraction. The growth pace was the most rapid in 2018 when imports increased by 1,652%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, sweetened condensed and evaporated milk imports dropped dramatically to $X in 2022. Over the period under review, imports showed a sharp contraction. The most prominent rate of growth was recorded in 2018 with an increase of 2,051%. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of sweetened condensed and evaporated milk to Sri Lanka, accounting for a 55% share of total imports. Moreover, sweetened condensed and evaporated milk imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X kg), twofold. Singapore (X kg) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia amounted to -31.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-24.1% per year) and Singapore (-34.2% per year).

In value terms, the largest sweetened condensed and evaporated milk suppliers to Sri Lanka were Malaysia ($X), China ($X) and Singapore ($X), together comprising 73% of total imports. Russia and Saudi Arabia lagged somewhat behind, together comprising a further 11%.

Russia, with a CAGR of 0.0%, saw the highest growth rate of 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

The average import price for condensed or evaporated milk (sweetened) stood at $X per ton in 2022, rising by 39% against the previous year. Overall, import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sweetened condensed and evaporated milk import price increased by +50.2% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the average import price increased by 42%. The import price peaked in 2022 and is likely to see gradual growth in years to come.

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 Saudi Arabia ($X per ton), while the price for Malaysia ($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 United Arab Emirates (+60.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :