Sri Lanka: Food Manufacture Machinery Market 2024

Food Manufacture Machinery Market Size in Sri Lanka

The Sri Lankan food manufacture machinery market rose sharply to $X in 2021, surging by 11% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption posted a buoyant expansion. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Food Manufacture Machinery Exports

Exports from Sri Lanka

In 2021, after two years of decline, there was significant growth in shipments abroad of machinery for the preparation or manufacture of food or drink, when their volume increased by 133% to X units. Overall, exports saw a strong expansion. The pace of growth was the most pronounced in 2016 with an increase of 369%. The exports peaked at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, food manufacture machinery exports surged to $X in 2021. Over the period under review, exports saw a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of 405% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

The UK (X units), Jordan (X units) and Ethiopia (X units) were the main destinations of food manufacture machinery exports from Sri Lanka, together comprising 83% of total exports. These countries were followed by France, India, Kenya and Maldives, which together accounted for a further 14%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of +42.4%), while the other leaders experienced more modest paces of growth.

In value terms, Ethiopia ($X) remains the key foreign market for machinery for the preparation or manufacture of food or drink exports from Sri Lanka, comprising 60% of total exports. The second position in the ranking was taken by India ($X), with a 22% share of total exports. It was followed by Kenya, with a 9.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Ethiopia totaled +592.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+13.2% per year) and Kenya (+21.2% per year).

Export Prices by Country

The average food manufacture machinery export price stood at $X per unit in 2021, picking up by 21% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average export price increased by 180%. The export price peaked at $X per unit in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Ethiopia ($X per unit), while the average price for exports to Jordan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ethiopia (+627.5%), while the prices for the other major destinations experienced more modest paces of growth.

Food Manufacture Machinery Imports

Imports into Sri Lanka

For the third consecutive year, Sri Lanka recorded growth in overseas purchases of machinery for the preparation or manufacture of food or drink, which increased by 16% to X units in 2021. In general, imports posted a significant increase. The pace of growth appeared the most rapid in 2013 when imports increased by 718%. Over the period under review, imports hit record highs at X units in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, food manufacture machinery imports expanded modestly to $X in 2021. Over the period under review, imports enjoyed a resilient expansion. The growth pace was the most rapid in 2013 with an increase of 233%. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Taiwan (Chinese) (X units) constituted the largest supplier of food manufacture machinery to Sri Lanka, accounting for a 86% share of total imports. Moreover, food manufacture machinery imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, China (X units), more than tenfold. Germany (X units) ranked third in terms of total imports with a 1.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Taiwan (Chinese) stood at +31.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+24.7% per year) and Germany (+74.2% per year).

In value terms, the largest food manufacture machinery suppliers to Sri Lanka were China ($X), Taiwan (Chinese) ($X) and India ($X), with a combined 90% share of total imports. Germany and the UK lagged somewhat behind, together comprising a further 1.7%.

Among the main suppliers, Germany, with a CAGR of +70.8%, recorded 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

The average food manufacture machinery import price stood at $X per unit in 2021, dropping by -9.8% against the previous year. Overall, the import price recorded a deep slump. The most prominent rate of growth was recorded in 2016 an increase of 31% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was India ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+16.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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