Sri Lanka: Plastic Bag Market 2024

Plastic Bag Market Size in Sri Lanka

The Sri Lankan plastic bag market reduced to $X in 2022, remaining stable against the previous year. The market value increased at an average annual rate of +5.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Plastic Bag Production in Sri Lanka

In value terms, plastic bag production contracted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when the production volume increased by 42% against the previous year. Plastic bag production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Plastic Bag Exports

Exports from Sri Lanka

In 2022, the amount of plastic sacks and bags exported from Sri Lanka fell remarkably to X tons, waning by -19.8% compared with 2021. Over the period under review, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when exports increased by 32% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, plastic bag exports fell notably to $X in 2022. In general, exports showed a noticeable decline. The growth pace was the most rapid in 2014 with an increase of 37%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for plastic bag exports from Sri Lanka, with a 50% share of total exports. Moreover, plastic bag exports to the United States exceeded the volume sent to the second major destination, France (X tons), threefold. The third position in this ranking was held by the UK (X tons), with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to -2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+9.6% per year) and the UK (-5.9% per year).

In value terms, the United States ($X) remains the key foreign market for plastic sacks and bags exports from Sri Lanka, comprising 51% of total exports. The second position in the ranking was held by France ($X), with a 16% share of total exports. It was followed by the UK, with an 8.3% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled -6.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+8.8% per year) and the UK (-2.5% per year).

Export Prices by Country

In 2022, the average plastic bag export price amounted to $X per ton, declining by -8.2% against the previous year. Overall, the export price saw a pronounced curtailment. The pace of growth appeared the most rapid in 2015 when the average export price increased by 12%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, 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 India ($X per ton), while the average price for exports to Seychelles ($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 UK (+3.6%), while the prices for the other major destinations experienced mixed trend patterns.

Plastic Bag Imports

Imports into Sri Lanka

Plastic bag imports into Sri Lanka shrank remarkably to X tons in 2022, which is down by -25.5% compared with 2021 figures. In general, imports showed a drastic downturn. The most prominent rate of growth was recorded in 2018 with an increase of 66%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, plastic bag imports reduced to $X in 2022. The total import value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 43% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

China (X tons), India (X tons) and Hong Kong SAR (X tons) were the main suppliers of plastic bag imports to Sri Lanka, with a combined 73% share of total imports. The Philippines, South Korea, Thailand, the United States, Germany, Malaysia and Singapore lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +25.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), India ($X) and Hong Kong SAR ($X) were the largest plastic bag suppliers to Sri Lanka, with a combined 65% share of total imports. Thailand, the United States, Malaysia, Germany, Singapore, South Korea and the Philippines lagged somewhat behind, together accounting for a further 25%.

Thailand, with a CAGR of +45.7%, saw the highest rates of growth with regard to the value of imports, among 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 plastic bag import price amounted to $X per ton, picking up by 25% against the previous year. Overall, the import price continues to indicate strong growth. The pace of growth was the most pronounced in 2013 an increase of 134% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

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 Thailand ($X per ton), while the price for the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+15.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :