Sri Lanka: Sauce And Seasoning Market 2024

Sauce And Seasoning Market Size in Sri Lanka

After three years of growth, the Sri Lankan sauce and seasoning market decreased by -1.5% to $X in 2021. In general, the total consumption indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +40.7% against 2017 indices. Sauce and seasoning consumption peaked at $X in 2020, and then dropped modestly in the following year.

Sauce And Seasoning Production in Sri Lanka

In value terms, sauce and seasoning production declined slightly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +58.6% against 2013 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 31% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then reduced in the following year.

Sauce And Seasoning Exports

Exports from Sri Lanka

In 2021, the amount of sauces and seasonings exported from Sri Lanka surged to X tons, picking up by 56% against 2020. In general, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2018 with an increase of 337% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, sauce and seasoning exports skyrocketed to $X in 2021. Over the period under review, exports posted significant growth. The pace of growth appeared the most rapid in 2018 with an increase of 459%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Exports by Country

The UK (X tons) was the main destination for sauce and seasoning exports from Sri Lanka, with a 44% share of total exports. Moreover, sauce and seasoning exports to the UK exceeded the volume sent to the second major destination, Maldives (X tons), twofold. India (X tons) ranked third in terms of total exports with a 6.5% share.

From 2012 to 2021, the average annual growth rate of volume to the UK totaled +64.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (+21.8% per year) and India (+28.7% per year).

In value terms, the largest markets for sauce and seasoning exported from Sri Lanka were the UK ($X), Japan ($X) and Maldives ($X), with a combined 40% share of total exports. India, the Netherlands, the United States, Australia, Germany, Canada, Italy and the United Arab Emirates lagged somewhat behind, together accounting for a further 41%.

In terms of the main countries of destination, Germany, with a CAGR of +83.3%, recorded the highest rates of growth with regard to 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

The average sauce and seasoning export price stood at $X per ton in 2021, picking up by 4.8% against the previous year. Over the period under review, export price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sauce and seasoning export price decreased by -0.2% against 2018 indices. The most prominent rate of growth was recorded in 2018 an increase of 28% against the previous year. As a result, the export price reached the peak level of $X per ton; afterwards, it flattened through to 2021.

There were significant differences in the average prices for the major overseas markets. In 2021, 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 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+15.5%), while the prices for the other major destinations experienced more modest paces of growth.

Sauce And Seasoning Imports

Imports into Sri Lanka

In 2021, after two years of decline, there was significant growth in purchases abroad of sauces and seasonings, when their volume increased by 93% to X tons. Overall, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when imports increased by 148%. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, sauce and seasoning imports skyrocketed to $X in 2021. In general, imports continue to indicate a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Oman (X tons), Thailand (X tons) and the United Arab Emirates (X tons) were the main suppliers of sauce and seasoning imports to Sri Lanka, with a combined 46% share of total imports. These countries were followed by India, China, Singapore, Egypt, Malaysia, Italy, Sweden, the United States, Australia and Hungary, which together accounted for a further 46%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sweden (with a CAGR of +148.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest sauce and seasoning suppliers to Sri Lanka were India ($X), Oman ($X) and Thailand ($X), with a combined 44% share of total imports. Hungary, Singapore, the United Arab Emirates, Malaysia, China, Australia, Sweden, Italy, Egypt and the United States lagged somewhat behind, together accounting for a further 44%.

Among the main suppliers, Sweden, with a CAGR of +159.3%, saw 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 sauce and seasoning import price stood at $X per ton in 2021, with an increase of 15% against the previous year. Over the period under review, import price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sauce and seasoning import price increased by +77.3% against 2018 indices. The most prominent rate of growth was recorded in 2019 when the average import price increased by 45% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Hungary ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+12.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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