Sri Lanka: Safety Headgear Market 2024

Safety Headgear Market Size in Sri Lanka

The Sri Lankan safety headgear market declined to $X in 2021, waning by -7.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a perceptible decline. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Safety Headgear Exports

Exports from Sri Lanka

In 2021, exports of safety headgear from Sri Lanka surged to X units, rising by 46% on the previous year. In general, exports recorded a significant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 245% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, safety headgear exports shrank to $X in 2021. Overall, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 258%. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

The UK (X units) was the main destination for safety headgear exports from Sri Lanka, with a 48% share of total exports. Moreover, safety headgear exports to the UK exceeded the volume sent to the second major destination, the United Arab Emirates (X units), fourfold. The United States (X units) ranked third in terms of total exports with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the UK totaled +147.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+46.8% per year) and the United States (+22.2% per year).

In value terms, the UK ($X) remains the key foreign market for safety headgear exports from Sri Lanka, comprising 58% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 6.6% share of total exports. It was followed by Qatar, with a 5.4% share.

From 2012 to 2021, the average annual growth rate of value to the UK stood at +91.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+29.9% per year) and Qatar (+51.5% per year).

Export Prices by Country

The average safety headgear export price stood at $X per unit in 2021, dropping by -34.3% against the previous year. Over the period under review, the export price, however, recorded perceptible growth. The most prominent rate of growth was recorded in 2013 when the average export price increased by 60% against the previous year. The export price peaked at $X per unit in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Qatar ($X per unit), while the average price for exports to Pakistan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Maldives (+15.0%), while the prices for the other major destinations experienced more modest paces of growth.

Safety Headgear Imports

Imports into Sri Lanka

In 2021, the amount of safety headgear imported into Sri Lanka declined dramatically to X units, waning by -17.5% compared with the previous year. Overall, imports recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 107%. As a result, imports attained the peak of X units. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, safety headgear imports reduced modestly to $X in 2021. Over the period under review, imports recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2018 when imports increased by 169% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of safety headgear to Sri Lanka, with a 60% share of total imports. Moreover, safety headgear imports from China exceeded the figures recorded by the second-largest supplier, India (X units), fivefold. The United Arab Emirates (X units) ranked third in terms of total imports with a 6% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at -7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-2.2% per year) and the United Arab Emirates (+1.9% per year).

In value terms, China ($X) constituted the largest supplier of safety headgear to Sri Lanka, comprising 41% of total imports. The second position in the ranking was held by the UK ($X), with a 6.6% share of total imports. It was followed by India, with a 6.2% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to -4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+3.0% per year) and India (-2.1% per year).

Import Prices by Country

The average safety headgear import price stood at $X per unit in 2021, growing by 19% against the previous year. In general, import price indicated a temperate increase from 2012 to 2021: its price increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, safety headgear import price increased by +91.7% against 2017 indices. The pace of growth appeared the most rapid in 2020 when the average import price increased by 48%. 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 country of origin: the country with the highest price was the UK ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+19.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :