Sri Lanka: Market for Chocolate Bars with Cereals, Fruit or Nuts 2024

Market Size for Chocolate Bars with Cereals, Fruit or Nuts in Sri Lanka

The Sri Lankan market for chocolate bars with cereals, fruit or nuts reduced to $X in 2022, shrinking by -5.2% against the previous year. The market value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Consumption of peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Chocolate Bars with Cereals, Fruit or Nuts in Sri Lanka

In value terms, production of chocolate bars with cereals, fruit or nuts reduced to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% 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 2013 with an increase of 39% against the previous year. Production of peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Chocolate Bars with Cereals, Fruit or Nuts

Exports from Sri Lanka

In 2022, approx. X tons of chocolate bars with cereals, fruit or nuts were exported from Sri Lanka; falling by -77.9% against the year before. Over the period under review, exports recorded a precipitous descent. The most prominent rate of growth was recorded in 2021 when exports increased by 165% against the previous year. Over the period under review, the exports of reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, exports of chocolate bars with cereals, fruit or nuts plummeted to $X in 2022. In general, exports continue to indicate a sharp setback. The pace of growth was the most pronounced in 2021 when exports increased by 313%. Over the period under review, the exports of hit record highs at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Belgium (X tons), Maldives (X tons) and Qatar (X tons) were the main destinations of exports of chocolate bars with cereals, fruit or nuts from Sri Lanka, together accounting for 87% of total exports.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +49.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Maldives ($X) remains the key foreign market for chocolate bars with cereals, fruit or nuts exports from Sri Lanka, comprising 62% of total exports. The second position in the ranking was taken by Qatar ($X), with a 16% share of total exports. It was followed by France, with a 9.6% share.

From 2012 to 2022, the average annual growth rate of value to Maldives stood at -37.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (-1.1% per year) and France (+25.5% per year).

Export Prices by Country

In 2022, the average export price for chocolate bars with cereals, fruit or nuts amounted to $X per ton, dropping by -24.5% against the previous year. Overall, the export price recorded a mild downturn. The growth pace was the most rapid in 2021 when the average export price increased by 56%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Maldives ($X per ton), while the average price for exports to Belgium ($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 Australia (+31.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Chocolate Bars with Cereals, Fruit or Nuts

Imports into Sri Lanka

In 2022, approx. X tons of chocolate bars with cereals, fruit or nuts were imported into Sri Lanka; dropping by -82.5% compared with 2021. Overall, imports recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2014 with an increase of 277%. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports of remained at a lower figure.

In value terms, imports of chocolate bars with cereals, fruit or nuts contracted markedly to $X in 2022. In general, imports saw a abrupt decline. The pace of growth appeared the most rapid in 2014 with an increase of 315% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports of failed to regain momentum.

Imports by Country

In 2022, Turkey (X tons) constituted the largest cereal, fruit or nut chocolate bar supplier to Sri Lanka, accounting for a 46% share of total imports. Moreover, imports of chocolate bars with cereals, fruit or nuts from Turkey exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Turkey amounted to +48.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-15.5% per year) and Taiwan (Chinese) (+114.9% per year).

In value terms, the United States ($X), Turkey ($X) and Taiwan (Chinese) ($X) were the largest cereal, fruit or nut chocolate bar suppliers to Sri Lanka, together comprising 72% of total imports.

Taiwan (Chinese), with a CAGR of +121.8%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for chocolate bars with cereals, fruit or nuts stood at $X per ton in 2022, dropping by -33.9% against the previous year. Overall, the import price recorded a abrupt downturn. The most prominent rate of growth was recorded in 2018 when the average import price increased by 29% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 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 Switzerland ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+6.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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