Sri Lanka: Insecticide Market 2024

Insecticide Market Size in Sri Lanka

In 2021, after three years of growth, there was significant decline in the Sri Lankan insecticide market, when its value decreased by -6.1% to $X. In general, the total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +67.9% against 2017 indices. Insecticide consumption peaked at $X in 2020, and then fell in the following year.

Insecticide Exports

Exports from Sri Lanka

In 2021, exports of insecticides from Sri Lanka soared to X tons, jumping by 91% against 2020. Over the period under review, exports, however, showed a noticeable reduction. The pace of growth appeared the most rapid in 2016 when exports increased by 447%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, insecticide exports skyrocketed to $X in 2021. Overall, exports, however, showed a abrupt decline. The most prominent rate of growth was recorded in 2018 when exports increased by 306% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Singapore (X tons) was the main destination for insecticide exports from Sri Lanka, accounting for a 94% share of total exports. Moreover, insecticide exports to Singapore exceeded the volume sent to the second major destination, Maldives (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Singapore totaled +3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (-2.4% per year) and Australia (+45.4% per year).

In value terms, the largest markets for insecticide exported from Sri Lanka were Singapore ($X), Maldives ($X) and Australia ($X), together comprising 100% of total exports.

Australia, with a CAGR of +50.0%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average insecticide export price amounted to $X per ton, shrinking by -23.9% against the previous year. Overall, the export price recorded a noticeable decline. The most prominent rate of growth was recorded in 2015 an increase of 55% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Singapore ($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 Indonesia (+114.7%), while the prices for the other major destinations experienced more modest paces of growth.

Insecticide Imports

Imports into Sri Lanka

Insecticide imports into Sri Lanka reduced to X tons in 2021, with a decrease of -8.8% on the previous year. Over the period under review, imports, however, saw a remarkable increase. The pace of growth appeared the most rapid in 2018 with an increase of 51%. Imports peaked at X tons in 2020, and then dropped in the following year.

In value terms, insecticide imports contracted to $X in 2021. Overall, total imports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +62.3% against 2017 indices. The pace of growth was the most pronounced in 2015 when imports increased by 61% against the previous year. Imports peaked at $X in 2020, and then reduced modestly in the following year.

Imports by Country

Malaysia (X tons), India (X tons) and Indonesia (X tons) were the main suppliers of insecticide imports to Sri Lanka, together accounting for 77% of total imports. These countries were followed by Singapore, China and Denmark, which together accounted for a further 14%.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +17.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest insecticide suppliers to Sri Lanka were India ($X), Malaysia ($X) and Indonesia ($X), with a combined 55% share of total imports. Singapore, China and Denmark lagged somewhat behind, together comprising a further 15%.

China, with a CAGR of +17.0%, saw the highest growth rate of the value of imports, in terms of the main suppliers 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 insecticide import price amounted to $X per ton, growing by 5.3% against the previous year. Overall, the import price, however, recorded a pronounced setback. The most prominent rate of growth was recorded in 2019 an increase of 24%. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-0.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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