Sri Lanka: Market for Mixed Condiments, Sauses and Seasonings 2024

Market Size for Mixed Condiments, Sauses and Seasonings in Sri Lanka

The Sri Lankan market for mixed condiments, sauses and seasonings contracted modestly to $X in 2022, reducing by -3.7% against the previous year. In general, the total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +2.2% against 2020 indices. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Production of Mixed Condiments, Sauses and Seasonings in Sri Lanka

In value terms, mixed condiment, sause and seasoning production contracted slightly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +2.8% against 2020 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 38% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Exports of Mixed Condiments, Sauses and Seasonings

Exports from Sri Lanka

Mixed condiment, sause and seasoning exports from Sri Lanka surged to X tons in 2022, with an increase of 35% on the previous year's figure. In general, exports recorded significant growth. The pace of growth was the most pronounced in 2016 with an increase of 505%. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, mixed condiment, sause and seasoning exports fell slightly to $X in 2022. Over the period under review, exports saw a strong expansion. The pace of growth was the most pronounced in 2018 with an increase of 613%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The UK (X tons) was the main destination for mixed condiment, sause and seasoning exports from Sri Lanka, with a 67% share of total exports. Moreover, mixed condiment, sause and seasoning exports to the UK exceeded the volume sent to the second major destination, Maldives (X tons), sevenfold. The third position in this ranking was held by Japan (X tons), with a 5% share.

From 2012 to 2022, the average annual growth rate of volume to the UK amounted to +51.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (+6.0% per year) and Japan (+10.8% per year).

In value terms, the largest markets for mixed condiment, sause and seasoning exported from Sri Lanka were the UK ($X), Japan ($X) and the Netherlands ($X), with a combined 55% share of total exports.

In terms of the main countries of destination, the UK, with a CAGR of +34.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for mixed condiments, sauses and seasonings amounted to $X per ton, which is down by -29% against the previous year. In general, the export price showed a pronounced slump. The most prominent rate of growth was recorded in 2021 an increase of 24% against the previous year. 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 failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to the UK ($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 the United Arab Emirates (+12.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Mixed Condiments, Sauses and Seasonings

Imports into Sri Lanka

Mixed condiment, sause and seasoning imports into Sri Lanka reduced remarkably to X tons in 2022, which is down by -46.6% against the previous year's figure. Over the period under review, imports continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2018 when imports increased by 175% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, mixed condiment, sause and seasoning imports dropped significantly to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 142% against the previous year. As a result, imports attained the peak of $X, and then shrank markedly in the following year.

Imports by Country

India (X tons), the United Arab Emirates (X tons) and China (X tons) were the main suppliers of mixed condiment, sause and seasoning imports to Sri Lanka, with a combined 46% share of total imports. Thailand, Oman, Malaysia, Singapore and Sweden lagged somewhat behind, together comprising a further 38%.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +12.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest mixed condiment, sause and seasoning suppliers to Sri Lanka were India ($X), Thailand ($X) and Singapore ($X), together accounting for 50% of total imports.

Thailand, with a CAGR of +20.3%, recorded the highest rates of growth with regard to 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 2022, the average import price for mixed condiments, sauses and seasonings amounted to $X per ton, shrinking by -4.2% against the previous year. Overall, the import price, however, posted a prominent increase. The growth pace was the most rapid in 2016 an increase of 109%. Over the period under review, average import prices reached the peak figure at $X per ton in 2021, and then fell modestly in the following year.

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 Singapore ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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