Sri Lanka: Cocoa Bean Market 2024

Cocoa Bean Market Size in Sri Lanka

In 2022, the Sri Lankan cocoa bean market decreased by X% to $X, falling for the second year in a row after three years of growth. Overall, the total consumption indicated mild growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Cocoa Bean Production in Sri Lanka

In value terms, cocoa bean production expanded rapidly to $X in 2022 estimated in export price. Over the period under review, production saw a buoyant increase. The pace of growth appeared the most rapid in 2015 when the production volume increased by X% against the previous year. Cocoa bean production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

The average yield of cocoa beans in Sri Lanka was estimated at X kg per ha in 2022, rising by X% against 2021 figures. The yield figure increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 with an increase of X%. As a result, the yield attained the peak level of X kg per ha. From 2015 to 2022, the growth of the average cocoa bean yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The cocoa bean harvested area in Sri Lanka dropped to X ha in 2022, flattening at the year before. Overall, the harvested area recorded a pronounced curtailment. The pace of growth appeared the most rapid in 2018 with an increase of X%. The cocoa bean harvested area peaked at X ha in 2012; however, from 2013 to 2022, the harvested area remained at a lower figure.

Cocoa Bean Exports

Exports from Sri Lanka

In 2022, shipments abroad of cocoa beans decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports showed a abrupt contraction. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, cocoa bean exports fell significantly to $X in 2022. In general, exports recorded a noticeable downturn. The pace of growth appeared the most rapid in 2014 when exports increased by X%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

India (X kg), Germany (X kg) and Canada (X kg) were the main destinations of cocoa bean exports from Sri Lanka, with a combined X% share of total exports. Poland lagged somewhat behind, comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the key foreign market for cocoa beans exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was held by Canada ($X), with an X% share of total exports. It was followed by India, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Germany totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and India (X% per year).

Export Prices by Country

In 2022, the average cocoa bean export price amounted to $X per ton, which is down by X% against the previous year. Over the period under review, the export price, however, showed a strong expansion. The most prominent rate of growth was recorded in 2015 an increase of X%. The export price peaked at $X per ton in 2021, and then declined dramatically in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to India ($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 the Netherlands (X%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Bean Imports

Imports into Sri Lanka

After two years of growth, supplies from abroad of cocoa beans decreased by X% to X kg in 2022. Overall, imports showed a sharp reduction. The pace of growth appeared the most rapid in 2013 when imports increased by X%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, cocoa bean imports reduced sharply to $X in 2022. Over the period under review, imports continue to indicate a significant curtailment. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, India (X kg) was the main cocoa bean supplier to Sri Lanka, accounting for a approx. X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from India totaled X%.

In value terms, India ($X) constituted the largest supplier of cocoa beans to Sri Lanka.

From 2012 to 2022, the average annual growth rate of value from India amounted to X%.

Import Prices by Country

The average cocoa bean import price stood at $X per ton in 2022, with an increase of X% against the previous year. Overall, import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa bean import price increased by X% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the rate of growth in terms of prices for Malaysia amounted to X% per year.

Source: IndexBox Platform

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