Sri Lanka: Preserved Turkey Market 2024

Preserved Turkey Market Size in Sri Lanka

In 2021, after two years of decline, there was growth in the Sri Lankan preserved turkey market, when its value increased by 1.1% to $X. The market value increased at an average annual rate of +3.0% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Preserved turkey consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Preserved Turkey Production in Sri Lanka

In value terms, preserved turkey production reached $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.1% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 when the production volume increased by 24% against the previous year. Preserved turkey production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Preserved Turkey Exports

Exports from Sri Lanka

In 2021, shipments abroad of prepared or preserved meat or offal of turkeys decreased by -51.3% to X kg, falling for the fifth consecutive year after three years of growth. In general, exports saw a abrupt setback. The most prominent rate of growth was recorded in 2014 with an increase of 395%. Over the period under review, the exports hit record highs at X kg in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, preserved turkey exports reduced remarkably to $X in 2021. Over the period under review, exports showed a deep downturn. The most prominent rate of growth was recorded in 2014 with an increase of 431%. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Maldives (X kg) was the main destination for preserved turkey exports from Sri Lanka, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Maldives totaled -16.6%.

In value terms, Maldives ($X) also remains the key foreign market for prepared or preserved meat or offal of turkeys exports from Sri Lanka.

From 2012 to 2021, the average annual rate of growth in terms of value to Maldives stood at -15.8%.

Export Prices by Country

In 2021, the average preserved turkey export price amounted to $X per ton, standing approx. at the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 25%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2021, the average export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Maldives.

From 2012 to 2021, the rate of growth in terms of prices for Maldives amounted to +0.9% per year.

Preserved Turkey Imports

Imports into Sri Lanka

Preserved turkey imports into Sri Lanka contracted sharply to X kg in 2021, waning by -98.6% compared with 2020. Over the period under review, imports, however, posted a perceptible expansion. The growth pace was the most rapid in 2016 when imports increased by 43,855%. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, preserved turkey imports contracted markedly to $X in 2021. In general, imports, however, continue to indicate a noticeable expansion. The most prominent rate of growth was recorded in 2016 with an increase of 23,678% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Spain (X kg) constituted the largest preserved turkey supplier to Sri Lanka, with a 87% share of total imports. Moreover, preserved turkey imports from Spain exceeded the figures recorded by the second-largest supplier, Singapore (X kg), more than tenfold. The third position in this ranking was held by the United Arab Emirates (X kg), with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Spain totaled +4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+8.0% per year) and the United Arab Emirates (-15.9% per year).

In value terms, Spain ($X) constituted the largest supplier of prepared or preserved meat or offal of turkeys to Sri Lanka, comprising 91% of total imports. The second position in the ranking was taken by Singapore ($X), with a 7.3% share of total imports. It was followed by the United Arab Emirates, with a 0.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Spain amounted to +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (0.0% per year) and the United Arab Emirates (-28.1% per year).

Import Prices by Country

In 2021, the average preserved turkey import price amounted to $X per ton, jumping by 43% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 51% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (-0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :