Sri Lanka: Vegetable Tanning Extracts Market 2024

Vegetable Tanning Extracts Market Size in Sri Lanka

The Sri Lankan vegetable tanning extracts market declined to $X in 2022, leveling off at the previous year. Over the period under review, consumption, however, recorded a abrupt slump. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Vegetable Tanning Extracts Production in Sri Lanka

In value terms, vegetable tanning extracts production shrank to $X in 2022 estimated in export price. Over the period under review, production, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2013 when the production volume increased by 23% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Vegetable Tanning Extracts Exports

Exports from Sri Lanka

In 2022, approx. X tons of tanning extracts of vegetable origin, tannins and their salts other derivatives were exported from Sri Lanka; shrinking by -67.5% compared with 2021 figures. Overall, exports saw a abrupt slump. The growth pace was the most rapid in 2014 with an increase of 549% against the previous year. The exports peaked at X tons in 2021, and then shrank significantly in the following year.

In value terms, vegetable tanning extracts exports fell sharply to $X in 2022. In general, exports recorded a deep setback. The pace of growth appeared the most rapid in 2014 with an increase of 274% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

India (X tons) was the main destination for vegetable tanning extracts exports from Sri Lanka, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to India amounted to -5.7%.

In value terms, India ($X) also remains the key foreign market for tanning extracts of vegetable origin, tannins and their salts other derivatives exports from Sri Lanka.

From 2012 to 2022, the average annual growth rate of value to India totaled -13.0%.

Export Prices by Country

The average vegetable tanning extracts export price stood at $X per ton in 2022, dropping by -21.4% against the previous year. Overall, the export price continues to indicate a deep downturn. The growth pace was the most rapid in 2013 an increase of 64%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2022, the rate of growth in terms of prices for Pakistan amounted to +46.6% per year.

Vegetable Tanning Extracts Imports

Imports into Sri Lanka

In 2022, imports of tanning extracts of vegetable origin, tannins and their salts other derivatives into Sri Lanka dropped notably to X tons, falling by -78.4% compared with the previous year's figure. Overall, imports recorded a abrupt slump. The growth pace was the most rapid in 2021 when imports increased by 45% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, vegetable tanning extracts imports fell sharply to $X in 2022. Over the period under review, imports saw a deep reduction. The most prominent rate of growth was recorded in 2021 when imports increased by 62% against the previous year. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, South Africa (X tons) constituted the largest vegetable tanning extracts supplier to Sri Lanka, accounting for a 82% share of total imports. Moreover, vegetable tanning extracts imports from South Africa exceeded the figures recorded by the second-largest supplier, India (X tons), sevenfold. South Korea (X kg) ranked third in terms of total imports with a 3% share.

From 2012 to 2022, the average annual growth rate of volume from South Africa stood at -13.8%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-17.0% per year) and South Korea (+80.7% per year).

In value terms, South Africa ($X), South Korea ($X) and India ($X) were the largest vegetable tanning extracts suppliers to Sri Lanka, together accounting for 93% of total imports.

Among the main suppliers, South Korea, with a CAGR of +67.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average vegetable tanning extracts import price amounted to $X per ton, with an increase of 47% against the previous year. Overall, import price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vegetable tanning extracts import price increased by +74.2% against 2017 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+50.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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