Sri Lanka: Market for Industrial, Laboratory or Bakery Ovens 2024

Market Size for Industrial, Laboratory or Bakery Ovens in Sri Lanka

After three years of growth, the Sri Lankan market for industrial, laboratory or bakery ovens decreased by -55.9% to $X in 2022. In general, consumption, however, recorded a noticeable increase. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Exports of Industrial, Laboratory or Bakery Ovens

Exports from Sri Lanka

In 2022, industrial, laboratory or bakery oven exports from Sri Lanka surged to X units, rising by 200% against the previous year. Over the period under review, exports continue to indicate strong growth. The most prominent rate of growth was recorded in 2014 with an increase of 300% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, industrial, laboratory or bakery oven exports dropped rapidly to $X in 2022. Overall, exports recorded a buoyant increase. The most prominent rate of growth was recorded in 2017 when exports increased by 310% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Maldives (X units) was the main destination for industrial, laboratory or bakery oven exports from Sri Lanka, accounting for a 83% share of total exports. Moreover, industrial, laboratory or bakery oven exports to Maldives exceeded the volume sent to the second major destination, Qatar (X units), fivefold.

From 2012 to 2022, the average annual growth rate of volume to Maldives totaled +22.3%.

In value terms, Maldives ($X) emerged as the key foreign market for industrial, laboratory or bakery ovens exports from Sri Lanka, comprising 89% of total exports. The second position in the ranking was taken by Qatar ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Maldives amounted to +88.2%.

Export Prices by Country

In 2022, the average export price for industrial, laboratory or bakery ovens amounted to $X per unit, reducing by -99.5% against the previous year. Over the period under review, the export price continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2015 when the average export price increased by 711%. The export price peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

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 Maldives ($X per unit), while the average price for exports to Qatar totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Maldives (+53.9%).

Imports of Industrial, Laboratory or Bakery Ovens

Imports into Sri Lanka

In 2022, the amount of industrial, laboratory or bakery ovens imported into Sri Lanka contracted sharply to X units, which is down by -44.4% compared with 2021 figures. Over the period under review, imports, however, posted a perceptible expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 209%. As a result, imports attained the peak of X units. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, industrial, laboratory or bakery oven imports dropped significantly to $X in 2022. In general, imports saw a mild decline. The growth pace was the most rapid in 2013 with an increase of 239% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest industrial, laboratory or bakery oven supplier to Sri Lanka, accounting for a 81% share of total imports. Moreover, industrial, laboratory or bakery oven imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), more than tenfold. The Philippines (X units) ranked third in terms of total imports with a 2.9% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +22.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+8.2% per year) and the Philippines (+25.0% per year).

In value terms, China ($X) constituted the largest supplier of industrial, laboratory or bakery ovens to Sri Lanka, comprising 72% of total imports. The second position in the ranking was held by Italy ($X), with an 11% share of total imports. It was followed by Japan, with a 3.1% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +27.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+4.6% per year) and Japan (-13.4% per year).

Import Prices by Country

In 2022, the average import price for industrial, laboratory or bakery ovens amounted to $X per unit, falling by -42.4% against the previous year. In general, the import price showed a deep setback. The pace of growth appeared the most rapid in 2016 when the average import price increased by 34% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

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 the UK ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+19.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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