Sri Lanka: Chocolate Market 2024

Chocolate Market Size in Sri Lanka

The Sri Lankan chocolate market declined sharply to $X in 2023, which is down by X% against the previous year. Over the period under review, consumption continues to indicate a deep slump. Chocolate consumption peaked at $X in 2013; however, from 2014 to 2023, consumption remained at a lower figure.

Chocolate Production in Sri Lanka

In value terms, chocolate production shrank to $X in 2023 estimated in export price. Over the period under review, production recorded a slight decline. The pace of growth appeared the most rapid in 2022 with an increase of X% against the previous year. Chocolate production peaked at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

Chocolate Exports

Exports from Sri Lanka

In 2023, overseas shipments of chocolate and cocoa products increased by X% to X tons, rising for the third consecutive year after three years of decline. Overall, exports saw strong growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, chocolate exports surged to $X in 2023. In general, exports saw a prominent increase. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. The exports peaked in 2023 and are expected to retain growth in the immediate term.

Exports by Country

The United Arab Emirates (X tons) was the main destination for chocolate exports from Sri Lanka, accounting for a X% share of total exports. Moreover, chocolate exports to the United Arab Emirates exceeded the volume sent to the second major destination, Bangladesh (X tons), more than tenfold. The third position in this ranking was taken by Singapore (X tons), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to the United Arab Emirates amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (X% per year) and Singapore (X% per year).

In value terms, the largest markets for chocolate exported from Sri Lanka were the United Arab Emirates ($X), Hong Kong SAR ($X) and Bangladesh ($X), with a combined X% share of total exports.

Among the main countries of destination, Bangladesh, with a CAGR of X%, 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 2023, the average chocolate export price amounted to $X per ton, falling by X% against the previous year. Over the period under review, the export price recorded a mild setback. The pace of growth was the most pronounced in 2020 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per ton in 2022, and then reduced sharply in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (X%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Sri Lanka

Chocolate imports into Sri Lanka soared to X tons in 2023, rising by X% on the previous year. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X%. Imports peaked at X tons in 2016; however, from 2017 to 2023, imports failed to regain momentum.

In value terms, chocolate imports skyrocketed to $X in 2023. In general, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2023, imports remained at a lower figure.

Imports by Country

The Netherlands (X tons), India (X tons) and Poland (X tons) were the main suppliers of chocolate imports to Sri Lanka, with a combined X% share of total imports. Turkey, Switzerland, the UK, Italy, the United States, the United Arab Emirates and Singapore lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate suppliers to Sri Lanka were India ($X), Switzerland ($X) and the Netherlands ($X), with a combined X% share of total imports. Poland, Turkey, the UK, Italy, the United States, the United Arab Emirates and Singapore lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Turkey, with a CAGR of X%, recorded the highest growth rate of 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 chocolate import price stood at $X per ton in 2023, rising by X% against the previous year. Over the last eleven years, it increased at an average annual rate of X%. 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 Switzerland ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the UK (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform