Sri Lanka: Temporarily Preserved Vegetable Market 2024

Temporarily Preserved Vegetable Market Size in Sri Lanka

In 2022, after two years of growth, there was significant decline in the Sri Lankan temporarily preserved vegetable market, when its value decreased by -5.4% to $X. In general, consumption showed a pronounced downturn. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Temporarily Preserved Vegetable Production in Sri Lanka

In value terms, temporarily preserved vegetable production amounted to $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 17%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Temporarily Preserved Vegetable Exports

Exports from Sri Lanka

In 2022, after two years of decline, there was significant growth in overseas shipments of vegetables (temporarily preserved), when their volume increased by 10% to X tons. Over the period under review, exports showed a resilient expansion. The pace of growth appeared the most rapid in 2019 with an increase of 263%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, temporarily preserved vegetable exports declined to $X in 2022. Overall, exports showed resilient growth. The pace of growth appeared the most rapid in 2019 when exports increased by 218% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

France (X tons), Japan (X tons) and the United States (X tons) were the main destinations of temporarily preserved vegetable exports from Sri Lanka, together comprising 92% of total exports.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +250.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for temporarily preserved vegetable exported from Sri Lanka were France ($X), Japan ($X) and the United States ($X), with a combined 83% share of total exports.

France, with a CAGR of +212.6%, recorded the highest rates of growth with regard to the value of exports, in terms of 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 2022, the average temporarily preserved vegetable export price amounted to $X per ton, with a decrease of -16.1% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 18% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then fell notably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+2.5%), while the prices for the other major destinations experienced a decline.

Temporarily Preserved Vegetable Imports

Imports into Sri Lanka

Temporarily preserved vegetable imports into Sri Lanka fell to X tons in 2022, which is down by -9.7% on the previous year. Over the period under review, imports, however, enjoyed a temperate increase. The most prominent rate of growth was recorded in 2017 with an increase of 99% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, temporarily preserved vegetable imports reached $X in 2022. Overall, imports, however, posted buoyant growth. The pace of growth appeared the most rapid in 2015 with an increase of 64% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, India (X tons) constituted the largest temporarily preserved vegetable supplier to Sri Lanka, accounting for a 70% share of total imports. Moreover, temporarily preserved vegetable imports from India exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fivefold. The third position in this ranking was taken by Spain (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from India amounted to +8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-9.7% per year) and Spain (+41.0% per year).

In value terms, India ($X) constituted the largest supplier of vegetables (temporarily preserved) to Sri Lanka, comprising 61% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 14% share of total imports. It was followed by Spain, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India totaled +11.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-7.3% per year) and Spain (+36.5% per year).

Import Prices by Country

In 2022, the average temporarily preserved vegetable import price amounted to $X per ton, rising by 18% against the previous year. Overall, import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, temporarily preserved vegetable import price increased by +70.9% against 2018 indices. The growth pace was the most rapid in 2019 when the average import price increased by 44% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+3.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :