Sri Lanka: Manuka Market 2024

Manuka Market Size in Sri Lanka

In 2023, the Sri Lankan manuka market decreased by X% to $X, falling for the second consecutive year after five years of growth. Over the period under review, consumption continues to indicate a pronounced contraction. Manuka consumption peaked at $X in 2021; however, from 2022 to 2023, consumption failed to regain momentum.

Manuka Exports

Exports from Sri Lanka

In 2023, after two years of growth, there was significant decline in overseas shipments of manuka, when their volume decreased by X% to X tons. Over the period under review, exports, however, showed a pronounced increase. The most prominent rate of growth was recorded in 2018 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2019 to 2023, the growth of the exports remained at a lower figure.

In value terms, manuka exports skyrocketed to $X in 2023. In general, exports, however, showed a resilient increase. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. The exports peaked in 2023 and are likely to continue growth in the near future.

Exports by Country

Japan (X tons) was the main destination for manuka exports from Sri Lanka, with a X% share of total exports. Moreover, manuka exports to Japan exceeded the volume sent to the second major destination, India (X kg), threefold. The third position in this ranking was held by Qatar (X kg), with a X% share.

From 2012 to 2023, the average annual growth rate of volume to Japan stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (X% per year) and Qatar (X% per year).

In value terms, Japan ($X) emerged as the key foreign market for manuka exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was held by Kuwait ($X), with a X% share of total exports. It was followed by India, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to Japan amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (X% per year) and India (X% per year).

Export Prices by Country

In 2023, the average manuka export price amounted to $X per ton, increasing by X% against the previous year. Over the period under review, export price indicated moderate growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, manuka export price decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2020 when the average export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2021 to 2023, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Maldives ($X per ton), while the average price for exports to Seychelles ($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 the United Arab Emirates (X%), while the prices for the other major destinations experienced more modest paces of growth.

Manuka Imports

Imports into Sri Lanka

In 2023, overseas purchases of manuka decreased by X% to X tons, falling for the second year in a row after five years of growth. In general, imports saw a perceptible downturn. The growth pace was the most rapid in 2013 when imports increased by X% against the previous year. Imports peaked at X tons in 2021; however, from 2022 to 2023, imports remained at a lower figure.

In value terms, manuka imports reduced notably to $X in 2023. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when imports increased by X%. Imports peaked at $X in 2021; however, from 2022 to 2023, imports remained at a lower figure.

Imports by Country

In 2023, India (X tons) constituted the largest supplier of manuka to Sri Lanka, accounting for a X% share of total imports. Moreover, manuka imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was held by Ireland (X tons), with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from India stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Ireland (X% per year).

In value terms, the largest manuka suppliers to Sri Lanka were India ($X), Ireland ($X) and South Africa ($X), together accounting for X% of total imports. Austria, China, Australia, the United Arab Emirates, Thailand and Singapore lagged somewhat behind, together accounting for a further X%.

Austria, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average manuka import price stood at $X per ton in 2023, falling by X% against the previous year. In general, the import price, however, showed slight growth. The pace of growth appeared the most rapid in 2015 an increase of X%. The import price peaked at $X per ton in 2018; however, from 2019 to 2023, import prices failed to regain momentum.

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

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

Source: IndexBox Platform