Sri Lanka: Market for Frozen Vegetables other than Potato and Corn 2024

Market Size for Frozen Vegetables other than Potato and Corn in Sri Lanka

In 2022, after three years of decline, there was significant growth in the Sri Lankan market for frozen vegetables other than potato and corn, when its value increased by 8.9% to $X. Over the period under review, the total consumption indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -28.3% against 2018 indices. Consumption of peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Frozen Vegetables other than Potato and Corn in Sri Lanka

In value terms, production of frozen vegetables other than potato and corn stood at $X in 2022 estimated in export price. In general, production showed a strong increase. The pace of growth was the most pronounced in 2014 with an increase of 72% against the previous year. Production of peaked at $X in 2020; afterwards, it flattened through to 2022.

Exports of Frozen Vegetables other than Potato and Corn

Exports from Sri Lanka

In 2022, overseas shipments of frozen vegetables other than potato and corn decreased by -16.9% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, exports, however, posted a resilient increase. The pace of growth appeared the most rapid in 2018 when exports increased by 192% against the previous year. The exports peaked at X tons in 2021, and then reduced markedly in the following year.

In value terms, exports of frozen vegetables other than potato and corn totaled $X in 2022. In general, exports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2018 when exports increased by 264% against the previous year. Over the period under review, the exports of reached the peak figure in 2022 and are likely to see gradual growth in the near future.

Exports by Country

The United States (X tons), Switzerland (X tons) and Canada (X tons) were the main destinations of exports of frozen vegetables other than potato and corn from Sri Lanka, together accounting for 46% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +66.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for frozen vegetables other than potato and corn exported from Sri Lanka were Switzerland ($X), Canada ($X) and the United States ($X), with a combined 55% share of total exports.

In terms of the main countries of destination, the United States, with a CAGR of +53.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for frozen vegetables other than potato and corn amounted to $X per ton, picking up by 25% against the previous year. In general, the export price recorded a remarkable increase. The most prominent rate of growth was recorded in 2015 when the average export price increased by 42% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in years to come.

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 Canada ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Norway (+17.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen Vegetables other than Potato and Corn

Imports into Sri Lanka

In 2022, supplies from abroad of frozen vegetables other than potato and corn decreased by -30% to X tons, falling for the third year in a row after three years of growth. Over the period under review, imports, however, continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 336% against the previous year. Over the period under review, imports of reached the maximum at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, imports of frozen vegetables other than potato and corn fell remarkably to $X in 2022. Overall, imports, however, recorded a buoyant increase. The pace of growth was the most pronounced in 2013 when imports increased by 231%. Over the period under review, imports of reached the peak figure at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Belgium (X tons) constituted the largest supplier of frozen vegetables other than potato and corn to Sri Lanka, accounting for a 82% share of total imports. Moreover, imports of frozen vegetables other than potato and corn from Belgium exceeded the figures recorded by the second-largest supplier, India (X tons), ninefold. The third position in this ranking was held by Australia (X tons), with a 3.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Belgium stood at +18.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+21.3% per year) and Australia (+7.2% per year).

In value terms, Belgium ($X) constituted the largest supplier of frozen vegetables other than potato and corn to Sri Lanka, comprising 70% of total imports. The second position in the ranking was taken by India ($X), with a 12% share of total imports. It was followed by Australia, with a 6.4% share.

From 2012 to 2022, the average annual growth rate of value from Belgium totaled +16.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+17.2% per year) and Australia (+8.4% per year).

Import Prices by Country

The average import price for frozen vegetables other than potato and corn stood at $X per ton in 2022, approximately reflecting the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 39% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bulgaria (+115.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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