Sri Lanka: Market for Sweet Biscuits, Waffles and Wafers 2024

Market Size for Sweet Biscuits, Waffles and Wafers in Sri Lanka

In 2021, the Sri Lankan market for sweet biscuits, waffles and wafers increased by 2.3% to $X for the first time since 2016, thus ending a four-year declining trend. Overall, the total consumption indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -13.5% against 2016 indices. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Production of Sweet Biscuits, Waffles and Wafers in Sri Lanka

In value terms, sweet biscuit, waffle and wafer production reached $X in 2021 estimated in export price. Over the period under review, the total production indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.0% 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 -17.5% against 2017 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 41% against the previous year. Sweet biscuit, waffle and wafer production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Exports of Sweet Biscuits, Waffles and Wafers

Exports from Sri Lanka

In 2021, shipments abroad of sweet biscuits, waffles and wafers was finally on the rise to reach X tons after two years of decline. Overall, total exports indicated a moderate expansion from 2012 to 2021: its volume increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, sweet biscuit, waffle and wafer exports soared to $X in 2021. In general, exports showed a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Ghana (X tons) was the main destination for sweet biscuit, waffle and wafer exports from Sri Lanka, accounting for a 23% share of total exports. Moreover, sweet biscuit, waffle and wafer exports to Ghana exceeded the volume sent to the second major destination, Maldives (X tons), threefold. The third position in this ranking was taken by Sierra Leone (X tons), with a 7.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Ghana stood at -4.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (+7.1% per year) and Sierra Leone (+13.9% per year).

In value terms, Ghana ($X) remains the key foreign market for sweet biscuits, waffles and wafers exports from Sri Lanka, comprising 24% of total exports. The second position in the ranking was held by Maldives ($X), with an 11% share of total exports. It was followed by the UK, with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Ghana totaled +1.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (+14.3% per year) and the UK (+12.5% per year).

Export Prices by Country

The average export price for sweet biscuits, waffles and wafers stood at $X per ton in 2021, increasing by 50% against the previous year. Overall, export price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +5.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sweet biscuit, waffle and wafer export price increased by +81.2% against 2018 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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 Maldives ($X per ton), while the average price for exports to Oman ($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 the United States (+7.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sweet Biscuits, Waffles and Wafers

Imports into Sri Lanka

In 2021, after two years of decline, there was significant growth in supplies from abroad of sweet biscuits, waffles and wafers, when their volume increased by 96% to X tons. Overall, imports saw a noticeable increase. The pace of growth was the most pronounced in 2018 when imports increased by 309%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, sweet biscuit, waffle and wafer imports skyrocketed to $X in 2021. In general, imports recorded a resilient increase. The most prominent rate of growth was recorded in 2018 when imports increased by 122%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest supplier of sweet biscuit, waffle and wafer to Sri Lanka, with a 57% share of total imports. Moreover, sweet biscuit, waffle and wafer imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Turkey (X tons), fourfold. The third position in this ranking was taken by Malaysia (X tons), with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United Arab Emirates amounted to +9.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+159.9% per year) and Malaysia (+4.2% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of sweet biscuits, waffles and wafers to Sri Lanka, comprising 65% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 13% share of total imports. It was followed by Indonesia, with a 7.9% share.

From 2012 to 2021, the average annual growth rate of value from the United Arab Emirates amounted to +13.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+16.7% per year) and Indonesia (-0.6% per year).

Import Prices by Country

The average import price for sweet biscuits, waffles and wafers stood at $X per ton in 2021, declining by -31% against the previous year. Overall, the import price, however, saw a measured increase. The most prominent rate of growth was recorded in 2019 an increase of 115% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2020, and then dropped markedly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Maldives ($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 (+12.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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