Sri Lanka: Sweet Biscuit Market 2024

Sweet Biscuit Market Size in Sri Lanka

The Sri Lankan sweet biscuit market declined to $X in 2021, falling by -13.2% against the previous year. The market value increased at an average annual rate of +3.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Sweet biscuit consumption peaked at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Sweet Biscuit Production in Sri Lanka

In value terms, sweet biscuit production fell to $X in 2021 estimated in export price. Over the period under review, the total production indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +10.2% against 2019 indices. The pace of growth was the most pronounced in 2014 with an increase of 29% against the previous year. Sweet biscuit production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Sweet Biscuit Exports

Exports from Sri Lanka

In 2021, shipments abroad of sweet biscuits was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, total exports indicated notable growth from 2012 to 2021: its volume increased at an average annual rate of +3.8% 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 exports skyrocketed to $X in 2021. Overall, exports posted buoyant growth. As a result, the exports attained 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 exports from Sri Lanka, accounting for a 23% share of total exports. Moreover, sweet biscuit 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 growth rate of volume to Ghana stood at -4.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (+7.0% per year) and Sierra Leone (+13.9% per year).

In value terms, Ghana ($X) remains the key foreign market for sweet biscuits exports from Sri Lanka, comprising 24% of total exports. The second position in the ranking was taken by Maldives ($X), with an 11% share of total exports. It was followed by the UK, with a 5.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Ghana amounted to +1.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (+14.9% per year) and the UK (+13.1% per year).

Export Prices by Country

In 2021, the average sweet biscuit export price amounted to $X per ton, increasing by 48% against the previous year. Over the period under review, export price indicated a buoyant 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 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.

Prices varied noticeably country of destination: 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 Maldives (+7.4%), while the prices for the other major destinations experienced more modest paces of growth.

Sweet Biscuit Imports

Imports into Sri Lanka

In 2021, overseas purchases of sweet biscuits increased by 80% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, saw a pronounced decline. The pace of growth was the most pronounced in 2016 when imports increased by 590%. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, sweet biscuit imports surged to $X in 2021. In general, imports, however, recorded a noticeable slump. The most prominent rate of growth was recorded in 2016 when imports increased by 468% against the previous year. 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

Malaysia (X tons), the United Arab Emirates (X tons) and Indonesia (X tons) were the main suppliers of sweet biscuit imports to Sri Lanka, with a combined 74% share of total imports. The UK, India, Turkey, China and Denmark lagged somewhat behind, together comprising a further 23%.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +93.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), the United Arab Emirates ($X) and Indonesia ($X) were the largest sweet biscuit suppliers to Sri Lanka, with a combined 85% share of total imports. These countries were followed by the UK, India, Turkey, China and Denmark, which together accounted for a further 13%.

In terms of the main suppliers, Turkey, with a CAGR of +58.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average sweet biscuit import price stood at $X per ton in 2021, with an increase of 24% against the previous year. In general, the import price posted a pronounced increase. The most prominent rate of growth was recorded in 2019 when the average import price increased by 120%. Over the period under review, average import prices reached the maximum in 2021 and is likely to see gradual growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Malaysia ($X per ton), while the price for India ($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 (+12.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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