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

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

The Sri Lankan market for condensed or evaporated milk (unsweetened) shrank to $X in 2021, reducing by -10.6% against the previous year. Overall, consumption saw significant growth. Unsweetened condensed and evaporated milk consumption peaked at $X in 2020, and then contracted in the following year.

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

In value terms, unsweetened condensed and evaporated milk production dropped sharply to $X in 2021 estimated in export price. Over the period under review, production, however, posted a strong increase. The growth pace was the most rapid in 2020 with an increase of 60%. As a result, production reached the peak level of $X, and then contracted dramatically in the following year.

Exports of Condensed Or Evaporated Milk (Unsweetened)

Exports from Sri Lanka

In 2021, unsweetened condensed and evaporated milk exports from Sri Lanka shrank dramatically to X kg, with a decrease of -80.6% compared with the year before. Over the period under review, exports showed a precipitous setback. The pace of growth appeared the most rapid in 2019 with an increase of 53% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, unsweetened condensed and evaporated milk exports dropped remarkably to $X in 2021. In general, exports continue to indicate a significant decline. The pace of growth appeared the most rapid in 2019 with an increase of 67%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Saudi Arabia (X kg), Qatar (X kg) and Kuwait (X kg) were the main destinations of unsweetened condensed and evaporated milk exports from Sri Lanka, together accounting for 82% of total exports.

From 2012 to 2021, the biggest increases were recorded for Qatar (with a CAGR of +4.4%), while shipments for the other leaders experienced a decline.

In value terms, Qatar ($X), Saudi Arabia ($X) and Kuwait ($X) constituted the largest markets for unsweetened condensed and evaporated milk exported from Sri Lanka worldwide, with a combined 85% share of total exports. Bahrain, Maldives and Japan lagged somewhat behind, together comprising a further 12%.

Among the main countries of destination, Bahrain, with a CAGR of -8.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average export price for condensed or evaporated milk (unsweetened) amounted to $X per ton, reducing by -12.6% against the previous year. In general, the export price, however, saw a resilient increase. The growth pace was the most rapid in 2020 when the average export price increased by 81%. As a result, the export price reached the peak level of $X per ton, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the average price for exports to Maldives ($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 Maldives (+2.1%), while the prices for the other major destinations experienced a decline.

Imports of Condensed Or Evaporated Milk (Unsweetened)

Imports into Sri Lanka

In 2021, imports of condensed or evaporated milk (unsweetened) into Sri Lanka totaled X tons, picking up by 5.5% on 2020 figures. Over the period under review, imports, however, saw a deep slump. The pace of growth was the most pronounced in 2018 with an increase of 25%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, unsweetened condensed and evaporated milk imports surged to $X in 2021. In general, imports, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2020 when imports increased by 51% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Singapore (X kg) constituted the largest unsweetened condensed and evaporated milk supplier to Sri Lanka, with a 40% share of total imports. Moreover, unsweetened condensed and evaporated milk imports from Singapore exceeded the figures recorded by the second-largest supplier, India (X kg), twofold.

From 2012 to 2021, the average annual growth rate of volume from Singapore totaled -14.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-4.6% per year) and the UK (-52.6% per year).

In value terms, Singapore ($X) constituted the largest supplier of condensed or evaporated milk (unsweetened) to Sri Lanka, comprising 50% of total imports. The second position in the ranking was taken by India ($X), with a 0.3% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Singapore totaled -9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-28.1% per year) and the UK (-45.4% per year).

Import Prices by Country

The average import price for condensed or evaporated milk (unsweetened) stood at $X per ton in 2021, growing by 27% against the previous year. In general, import price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, unsweetened condensed and evaporated milk import price increased by +160.2% against 2018 indices. The pace of growth appeared the most rapid in 2019 when the average import price increased by 48% against the previous year. The import price peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for India ($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 UK (+22.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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