Sri Lanka: Market for Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs 2024

Market Size for Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs in Sri Lanka

The Sri Lankan seafood meals and pellets market shrank sharply to $X in 2021, falling by -22.6% against the previous year. The market value increased at an average annual rate of +2.6% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X, and then dropped dramatically in the following year.

Production of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs in Sri Lanka

In value terms, seafood meals and pellets production contracted dramatically to $X in 2021 estimated in export price. In general, production, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 125% against the previous year. Seafood meals and pellets production peaked at $X in 2020, and then reduced dramatically in the following year.

Exports of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs

Exports from Sri Lanka

In 2021, shipments abroad of flours, meals and pellets of fish or of crustaceans and molluscs decreased by -91.3% to X kg, falling for the third year in a row after three years of growth. In general, exports saw a dramatic downturn. The pace of growth appeared the most rapid in 2016 with an increase of 983%. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, seafood meals and pellets exports shrank dramatically to $X in 2021. Overall, exports saw a dramatic descent. The most prominent rate of growth was recorded in 2016 with an increase of 1,198% against the previous year. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Maldives (X kg) was the main destination for seafood meals and pellets exports from Sri Lanka, accounting for a 71% share of total exports. Moreover, seafood meals and pellets exports to Maldives exceeded the volume sent to the second major destination, Belarus (X kg), twofold.

From 2012 to 2021, the average annual growth rate of volume to Maldives stood at -29.8%.

In value terms, Maldives ($X) remains the key foreign market for flours, meals and pellets of fish or of crustaceans and molluscs exports from Sri Lanka, comprising 87% of total exports. The second position in the ranking was held by Belarus ($X), with a 13% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Maldives totaled -23.1%.

Export Prices by Country

The average seafood meals and pellets export price stood at $X per ton in 2021, with an increase of 14% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +7.1%. The pace of growth appeared the most rapid in 2013 an increase of 58%. The export price peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Maldives ($X per ton), while the average price for exports to Belarus totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Maldives (+9.6%).

Imports of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs

Imports into Sri Lanka

Seafood meals and pellets imports into Sri Lanka declined rapidly to X tons in 2021, dropping by -23.8% against the previous year. Overall, imports recorded a deep setback. The most prominent rate of growth was recorded in 2019 when imports increased by 32% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, seafood meals and pellets imports contracted to $X in 2021. In general, imports recorded a deep slump. The pace of growth was the most pronounced in 2015 with an increase of 22%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Pakistan (X tons), Uruguay (X tons) and China (X tons) were the main suppliers of seafood meals and pellets imports to Sri Lanka, with a combined 56% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +28.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Uruguay ($X), Pakistan ($X) and Denmark ($X) constituted the largest seafood meals and pellets suppliers to Sri Lanka, with a combined 41% share of total imports. China, Seychelles, the UK, Brazil, Malaysia, Solomon Islands, the United States, Maldives, Italy and Vietnam lagged somewhat behind, together comprising a further 44%.

In terms of the main suppliers, the UK, with a CAGR of +29.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average seafood meals and pellets import price amounted to $X per ton, surging by 19% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Denmark ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Seychelles (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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