Sri Lanka: Medicaments Containing Vitamins Market 2024

Medicaments Containing Vitamins Market Size in Sri Lanka

The Sri Lankan medicaments containing vitamins market dropped notably to $X in 2021, with a decrease of -68.9% 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). Overall, consumption, however, recorded a strong increase. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Medicaments Containing Vitamins Exports

Exports from Sri Lanka

In 2021, shipments abroad of medicaments containing vitamins and provitamins increased by 30% to X kg, rising for the second year in a row after two years of decline. Over the period under review, exports, however, continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2020 with an increase of 120% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, medicaments containing vitamins exports soared to $X in 2021. Overall, exports enjoyed prominent growth. The growth pace was the most rapid in 2016 when exports increased by 194%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in years to come.

Exports by Country

Myanmar (X kg) was the main destination for medicaments containing vitamins exports from Sri Lanka, with a 51% share of total exports. Moreover, medicaments containing vitamins exports to Myanmar exceeded the volume sent to the second major destination, Maldives (X kg), twofold. Singapore (X kg) ranked third in terms of total exports with an 18% share.

From 2012 to 2021, the average annual growth rate of volume to Myanmar totaled +98.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (+21.4% per year) and Singapore (+3.6% per year).

In value terms, Maldives ($X), Singapore ($X) and Myanmar ($X) constituted the largest markets for medicaments containing vitamins exported from Sri Lanka worldwide, with a combined 93% share of total exports.

Myanmar, with a CAGR of +106.0%, recorded the highest growth rate of 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

In 2021, the average medicaments containing vitamins export price amounted to $X per ton, with an increase of 15% against the previous year. Over the period under review, the export price showed a significant increase. The most prominent rate of growth was recorded in 2018 an increase of 109%. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Maldives ($X per ton), while the average price for exports to Myanmar ($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 India (+31.0%), while the prices for the other major destinations experienced more modest paces of growth.

Medicaments Containing Vitamins Imports

Imports into Sri Lanka

In 2021, the amount of medicaments containing vitamins and provitamins imported into Sri Lanka reduced sharply to X tons, which is down by -74.5% against the year before. Overall, imports, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2018 when imports increased by 683% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, medicaments containing vitamins imports contracted dramatically to $X in 2021. In general, imports, however, saw prominent growth. The most prominent rate of growth was recorded in 2016 when imports increased by 722%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, India (X tons) constituted the largest supplier of medicaments containing vitamins to Sri Lanka, with a 42% share of total imports. Moreover, medicaments containing vitamins imports from India exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), fourfold. The third position in this ranking was held by Malaysia (X tons), with a 5.1% share.

From 2012 to 2021, the average annual growth rate of volume from India totaled +16.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+3.2% per year) and Malaysia (+33.1% per year).

In value terms, India ($X) constituted the largest supplier of medicaments containing vitamins and provitamins to Sri Lanka, comprising 30% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 14% share of total imports. It was followed by Bangladesh, with a 4.7% share.

From 2012 to 2021, the average annual growth rate of value from India stood at +28.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+11.9% per year) and Bangladesh (+34.4% per year).

Import Prices by Country

In 2021, the average medicaments containing vitamins import price amounted to $X per ton, increasing by 27% against the previous year. Overall, import price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +7.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, medicaments containing vitamins import price increased by +56.9% against 2018 indices. The pace of growth was the most pronounced in 2014 when the average import price increased by 29% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+15.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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