Sri Lanka: Market for Candies, Sweets, and Nonchocolate Confectionery 2024

Market Size for Candies, Sweets, and Nonchocolate Confectionery in Sri Lanka

The Sri Lankan market for candies, sweets, and nonchocolate confectionery shrank modestly to $X in 2022, approximately reflecting the previous year. In general, consumption, however, enjoyed a prominent increase. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Production of Candies, Sweets, and Nonchocolate Confectionery in Sri Lanka

In value terms, candy, sweets, and nonchocolate confectionery production declined slightly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2019 with an increase of 51%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Exports of Candies, Sweets, and Nonchocolate Confectionery

Exports from Sri Lanka

In 2022, overseas shipments of candies, sweets, and nonchocolate confectionery decreased by -21.3% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, posted perceptible growth. The pace of growth was the most pronounced in 2015 with an increase of 86% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, candy, sweets, and nonchocolate confectionery exports declined slightly to $X in 2022. Over the period under review, exports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2021 with an increase of 125% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Bangladesh (X tons), the United Arab Emirates (X tons) and Japan (X tons) were the main destinations of candy, sweets, and nonchocolate confectionery exports from Sri Lanka, with a combined 56% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +138.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Bangladesh ($X) emerged as the key foreign market for candies, sweets, and nonchocolate confectionery exports from Sri Lanka, comprising 42% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with an 11% share of total exports. It was followed by Japan, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Bangladesh totaled +91.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+14.3% per year) and Japan (+172.0% per year).

Export Prices by Country

The average export price for candies, sweets, and nonchocolate confectionery stood at $X per ton in 2022, jumping by 27% against the previous year. In general, the export price showed buoyant growth. The pace of growth appeared the most rapid in 2019 an increase of 83% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Bangladesh ($X per ton), while the average price for exports to Canada ($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 Bangladesh (+19.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Candies, Sweets, and Nonchocolate Confectionery

Imports into Sri Lanka

In 2022, supplies from abroad of candies, sweets, and nonchocolate confectionery increased by 39% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports, however, recorded a deep setback. The growth pace was the most rapid in 2021 with an increase of 52%. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, candy, sweets, and nonchocolate confectionery imports soared to $X in 2022. Overall, imports, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 when imports increased by 64% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

India (X tons), Colombia (X tons) and China (X tons) were the main suppliers of candy, sweets, and nonchocolate confectionery imports to Sri Lanka, with a combined 71% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Colombia (with a CAGR of +338.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constituted the largest supplier of candies, sweets, and nonchocolate confectionery to Sri Lanka, comprising 62% of total imports. The second position in the ranking was taken by Colombia ($X), with a 9.1% share of total imports. It was followed by China, with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India totaled -7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (+226.2% per year) and China (-12.0% per year).

Import Prices by Country

The average import price for candies, sweets, and nonchocolate confectionery stood at $X per ton in 2022, with a decrease of -9.6% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average import price increased by 45%. As a result, import price reached the peak level of $X per ton. From 2015 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 Indonesia ($X per ton), while the price for Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+8.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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