Sri Lanka: Soups Market 2024

Soups Market Size in Sri Lanka

The Sri Lankan soups market rose significantly to $X in 2021, surging by 11% against the previous year. Over the period under review, the total consumption indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -9.0% against 2019 indices. Soups consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Soups Production in Sri Lanka

In value terms, soups production surged to $X in 2021 estimated in export price. In general, the total production indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -11.6% against 2019 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 18%. Soups production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Soups Exports

Exports from Sri Lanka

In 2021, approx. X tons of soups and broths were exported from Sri Lanka; rising by 55% on the year before. Overall, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 513% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, soups exports skyrocketed to $X in 2021. In general, exports recorded a strong expansion. The most prominent rate of growth was recorded in 2014 with an increase of 500% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Canada (X tons), Oman (X tons) and Maldives (X tons) were the main destinations of soups exports from Sri Lanka, with a combined 64% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Oman (with a CAGR of +155.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X), Maldives ($X) and the UK ($X) were the largest markets for soups exported from Sri Lanka worldwide, together accounting for 55% of total exports. The United States, Japan, Oman, Qatar and Australia lagged somewhat behind, together comprising a further 37%.

In terms of the main countries of destination, Oman, with a CAGR of +145.3%, 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

In 2021, the average soups export price amounted to $X per ton, rising by 53% against the previous year. In general, the export price, however, recorded a mild downturn. Over the period under review, the average export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Oman ($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 South Korea (+61.8%), while the prices for the other major destinations experienced more modest paces of growth.

Soups Imports

Imports into Sri Lanka

In 2021, soups imports into Sri Lanka soared to X tons, increasing by 91% against 2020. Over the period under review, imports recorded a mild increase. The growth pace was the most rapid in 2015 when imports increased by 169%. Over the period under review, imports attained the peak figure at X tons in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, soups imports skyrocketed to $X in 2021. In general, imports recorded a slight increase. The pace of growth was the most pronounced in 2016 with an increase of 174%. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Thailand (X tons) constituted the largest supplier of soups to Sri Lanka, accounting for a 45% share of total imports. Moreover, soups imports from Thailand exceeded the figures recorded by the second-largest supplier, the UK (X tons), more than tenfold. The third position in this ranking was held by Malaysia (X tons), with a 2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Thailand was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (0.0% per year) and Malaysia (-27.7% per year).

In value terms, Thailand ($X) constituted the largest supplier of soups and broths to Sri Lanka, comprising 44% of total imports. The second position in the ranking was held by Malaysia ($X), with a 3.1% share of total imports. It was followed by the UK, with a 2.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Thailand amounted to +9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-27.8% per year) and the UK (0.0% per year).

Import Prices by Country

The average soups import price stood at $X per ton in 2021, rising by 12% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average import price increased by 108%. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Pakistan (+13.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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