Sri Lanka: Preserved Fish Fillet Market 2024

Preserved Fish Fillet Market Size in Sri Lanka

The Sri Lankan preserved fish fillet market reduced remarkably to $X in 2021, shrinking by -46.8% against the previous year. In general, consumption continues to indicate a perceptible descent. Over the period under review, the market reached the peak level at $X in 2020, and then reduced dramatically in the following year.

Preserved Fish Fillet Production in Sri Lanka

In value terms, preserved fish fillet production surged to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a mild decrease. The growth pace was the most rapid in 2013 when the production volume increased by 46% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Preserved Fish Fillet Exports

Exports from Sri Lanka

In 2021, overseas shipments of fish fillets (dried, salted or in brine, but not smoked) increased by 45% to X tons, rising for the second year in a row after two years of decline. In general, exports, however, showed a abrupt slump. The most prominent rate of growth was recorded in 2016 with an increase of 196%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, preserved fish fillet exports soared to $X in 2021. Overall, exports enjoyed a temperate expansion. The most prominent rate of growth was recorded in 2016 with an increase of 387%. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

The UK (X tons), South Korea (X tons) and Jordan (X tons) were the main destinations of preserved fish fillet exports from Sri Lanka, together accounting for 60% of total exports. These countries were followed by Japan, Singapore, France, Maldives, New Zealand, the United States, Canada, Australia and the United Arab Emirates, which together accounted for a further 30%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Singapore (with a CAGR of +95.8%), while the other leaders experienced more modest paces of growth.

In value terms, the UK ($X) remains the key foreign market for fish fillets (dried, salted or in brine, but not smoked) exports from Sri Lanka, comprising 31% of total exports. The second position in the ranking was held by Japan ($X), with a 12% share of total exports. It was followed by South Korea, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to the UK totaled +18.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+23.3% per year) and South Korea (+43.0% per year).

Export Prices by Country

In 2021, the average preserved fish fillet export price amounted to $X per ton, picking up by 12% against the previous year. Over the period under review, the export price posted a resilient expansion. The most prominent rate of growth was recorded in 2016 an increase of 64%. Over the period under review, the average export prices attained the maximum in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Singapore ($X per ton), while the average price for exports to the United Arab Emirates ($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 Singapore (+42.6%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Fish Fillet Imports

Imports into Sri Lanka

In 2021, overseas purchases of fish fillets (dried, salted or in brine, but not smoked) decreased by -56.8% to X tons for the first time since 2017, thus ending a three-year rising trend. Overall, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 when imports increased by 135%. Imports peaked at X tons in 2020, and then contracted sharply in the following year.

In value terms, preserved fish fillet imports reduced notably to $X in 2021. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 111%. Imports peaked at $X in 2020, and then contracted dramatically in the following year.

Imports by Country

Pakistan (X tons), Oman (X tons) and China (X tons) were the main suppliers of preserved fish fillet imports to Sri Lanka, with a combined 96% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Oman (with a CAGR of +32.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Pakistan ($X), Oman ($X) and China ($X) constituted the largest preserved fish fillet suppliers to Sri Lanka, with a combined 98% share of total imports.

Oman, with a CAGR of +42.1%, saw 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 mixed trend patterns.

Import Prices by Country

The average preserved fish fillet import price stood at $X per ton in 2021, with a decrease of -3.2% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 11%. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+6.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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