Sri Lanka: Market for Gingerbread, Sweet Biscuits and Waffles 2024

Market Size for Gingerbread, Sweet Biscuits and Waffles in Sri Lanka

The Sri Lankan market for gingerbread, sweet biscuits and waffles reached $X in 2022, rising by 2% against the previous year. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Production of Gingerbread, Sweet Biscuits and Waffles in Sri Lanka

In value terms, gingerbread, sweet biscuit and waffle production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 19% against the previous year. Gingerbread, sweet biscuit and waffle production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Exports of Gingerbread, Sweet Biscuits and Waffles

Exports from Sri Lanka

In 2022, overseas shipments of gingerbread, sweet biscuits and waffles increased by 2% to X tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 71%. Over the period under review, the exports reached the peak figure in 2022 and are likely to continue growth in years to come.

In value terms, gingerbread, sweet biscuit and waffle exports skyrocketed to $X in 2022. In general, exports enjoyed a buoyant expansion. The growth pace was the most rapid in 2021 with an increase of 151% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the near future.

Exports by Country

Ghana (X tons), Liberia (X tons) and Sierra Leone (X tons) were the main destinations of gingerbread, sweet biscuit and waffle exports from Sri Lanka, with a combined 33% share of total exports. Maldives, the UK, Qatar, Gambia, the United States, Guinea-Bissau, Canada, Benin, the United Arab Emirates and the Netherlands lagged somewhat behind, together comprising a further 42%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +65.8%), while the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Maldives ($X) and Liberia ($X) constituted the largest markets for gingerbread, sweet biscuit and waffle exported from Sri Lanka worldwide, with a combined 41% share of total exports. The UK, Sierra Leone, Qatar, Gambia, the United States, Guinea-Bissau, Canada, the United Arab Emirates, Benin and the Netherlands lagged somewhat behind, together comprising a further 35%.

The Netherlands, with a CAGR of +62.6%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for gingerbread, sweet biscuits and waffles stood at $X per ton in 2022, with an increase of 14% against the previous year. In general, export price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, gingerbread, sweet biscuit and waffle export price increased by +107.6% against 2018 indices. The pace of growth was the most pronounced in 2021 an increase of 47%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Maldives ($X per ton), while the average price for exports to Sierra Leone ($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 Maldives (+12.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Gingerbread, Sweet Biscuits and Waffles

Imports into Sri Lanka

In 2022, the amount of gingerbread, sweet biscuits and waffles imported into Sri Lanka declined rapidly to X tons, reducing by -21.2% against 2021 figures. In general, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 294% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, gingerbread, sweet biscuit and waffle imports reduced notably to $X in 2022. Over the period under review, imports showed a noticeable decrease. The pace of growth appeared the most rapid in 2018 with an increase of 314%. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Turkey (X tons) constituted the largest supplier of gingerbread, sweet biscuit and waffle to Sri Lanka, with a 34% share of total imports. Moreover, gingerbread, sweet biscuit and waffle imports from Turkey exceeded the figures recorded by the second-largest supplier, India (X tons), twofold. Malaysia (X tons) ranked third in terms of total imports with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Turkey stood at +152.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+6.3% per year) and Malaysia (+6.3% per year).

In value terms, Malaysia ($X), Italy ($X) and Turkey ($X) constituted the largest gingerbread, sweet biscuit and waffle suppliers to Sri Lanka, with a combined 69% share of total imports.

Among the main suppliers, Turkey, with a CAGR of +101.3%, 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 2022, the average import price for gingerbread, sweet biscuits and waffles amounted to $X per ton, shrinking by -36.2% against the previous year. Overall, the import price showed a noticeable contraction. The pace of growth was the most pronounced in 2020 when the average import price increased by 85%. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, the average import prices remained 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 Italy ($X per ton), while the price for Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+16.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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