Sri Lanka: Soap Market 2024

Soap Market Size in Sri Lanka

The Sri Lankan soap market rose rapidly to $X in 2021, with an increase of 8.4% against the previous year. Overall, consumption saw a strong expansion. Soap consumption peaked in 2021 and is expected to retain growth in the near future.

Soap Production in Sri Lanka

In value terms, soap production expanded notably to $X in 2021 estimated in export price. Overall, the total production indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +7.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -6.1% against 2019 indices. The pace of growth appeared the most rapid in 2019 when the production volume increased by 44% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Soap Exports

Exports from Sri Lanka

In 2021, soap exports from Sri Lanka surged to X tons, picking up by 25% against the year before. In general, exports, however, faced a deep slump. The growth pace was the most rapid in 2020 with an increase of 67% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, soap exports shrank slightly to $X in 2021. Over the period under review, exports, however, showed a abrupt slump. The pace of growth appeared the most rapid in 2017 with an increase of 49% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Maldives (X tons), Oman (X tons) and Canada (X tons) were the main destinations of soap exports from Sri Lanka, together accounting for 27% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Oman (with a CAGR of +127.1%), while the other leaders experienced more modest paces of growth.

In value terms, Maldives ($X), Oman ($X) and the United States ($X) appeared to be the largest markets for soap exported from Sri Lanka worldwide, together accounting for 37% of total exports.

Oman, with a CAGR of +81.5%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average soap export price amounted to $X per ton, shrinking by -23.5% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the average export price increased by 56% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Maldives ($X per ton), while the average price for exports to Pakistan ($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 Seychelles (+8.1%), while the prices for the other major destinations experienced more modest paces of growth.

Soap Imports

Imports into Sri Lanka

Soap imports into Sri Lanka surged to X tons in 2021, jumping by 17% on 2020 figures. In general, imports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2019 when imports increased by 228%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, soap imports surged to $X in 2021. Over the period under review, imports continue to indicate a buoyant expansion. The growth pace was the most rapid in 2014 with an increase of 61% against the previous year. Imports peaked in 2021 and are likely to continue growth in the near future.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest supplier of soap to Sri Lanka, accounting for a 65% share of total imports. Moreover, soap imports from Malaysia exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), threefold. India (X tons) ranked third in terms of total imports with a 5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Malaysia amounted to +20.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+22.1% per year) and India (+2.8% per year).

In value terms, Malaysia ($X) constituted the largest supplier of soap to Sri Lanka, comprising 56% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 21% share of total imports. It was followed by India, with a 9.6% share.

From 2012 to 2021, the average annual growth rate of value from Malaysia totaled +15.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+16.6% per year) and India (-2.7% per year).

Import Prices by Country

The average soap import price stood at $X per ton in 2021, picking up by 4.5% against the previous year. Over the period under review, the import price, however, recorded a abrupt decrease. The pace of growth was the most pronounced in 2018 an increase of 145% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was India ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (-4.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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