Sri Lanka: Frozen Cuttlefishes Market 2024

Frozen Cuttlefishes Market Size in Sri Lanka

The Sri Lankan frozen cuttlefishes market declined rapidly to $X in 2021, dropping by -24.5% against the previous year. Over the period under review, consumption continues to indicate a pronounced reduction. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Frozen Cuttlefishes Production in Sri Lanka

In value terms, frozen cuttlefishes production dropped to $X in 2021 estimated in export price. In general, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 13% against the previous year. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Frozen Cuttlefishes Exports

Exports from Sri Lanka

In 2021, approx. X tons of frozen cuttlefishes were exported from Sri Lanka; growing by 23% compared with 2020. Over the period under review, exports continue to indicate a moderate increase. The most prominent rate of growth was recorded in 2019 with an increase of 746%. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, frozen cuttlefishes exports soared to $X in 2021. Overall, exports showed a pronounced expansion. The most prominent rate of growth was recorded in 2019 with an increase of 609%. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Vietnam (X tons) was the main destination for frozen cuttlefishes exports from Sri Lanka, with a 47% share of total exports. Moreover, frozen cuttlefishes exports to Vietnam exceeded the volume sent to the second major destination, Canada (X tons), fivefold. Spain (X tons) ranked third in terms of total exports with an 8.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam stood at +25.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+7.3% per year) and Spain (+4.9% per year).

In value terms, Vietnam ($X) remains the key foreign market for frozen cuttlefishes exports from Sri Lanka, comprising 34% of total exports. The second position in the ranking was taken by Canada ($X), with a 12% share of total exports. It was followed by the United States, with an 8.5% share.

From 2012 to 2021, the average annual growth rate of value to Vietnam stood at +29.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+16.2% per year) and the United States (-12.8% per year).

Export Prices by Country

In 2021, the average frozen cuttlefishes export price amounted to $X per ton, increasing by 6.8% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 14% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was the UK ($X per ton), while the average price for exports to China ($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 Taiwan (Chinese) (+24.6%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Cuttlefishes Imports

Imports into Sri Lanka

After two years of growth, supplies from abroad of frozen cuttlefishes decreased by -56.6% to X tons in 2021. Overall, imports recorded a abrupt descent. The pace of growth appeared the most rapid in 2020 with an increase of 428% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, frozen cuttlefishes imports dropped sharply to $X in 2021. Over the period under review, imports faced a deep setback. The growth pace was the most rapid in 2020 when imports increased by 187%. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

Indonesia (X tons), China (X tons) and Thailand (X tons) were the main suppliers of frozen cuttlefishes imports to Sri Lanka, with a combined 81% share of total imports. Pakistan, India, South Korea and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +17.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest frozen cuttlefishes suppliers to Sri Lanka were China ($X), Pakistan ($X) and Thailand ($X), together comprising 58% of total imports. These countries were followed by India, South Korea, Indonesia and Taiwan (Chinese), which together accounted for a further 21%.

Among the main suppliers, India, with a CAGR of +18.4%, 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 a decline.

Import Prices by Country

The average frozen cuttlefishes import price stood at $X per ton in 2021, which is down by -5.6% against the previous year. In general, the import price showed a abrupt shrinkage. The pace of growth was the most pronounced in 2016 an increase of 84%. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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