Eggs - Sri Lanka | Statista Market Forecast

The Eggs Market in Sri Lanka has been experiencing moderate growth, impacted by factors such as rising consumer health awareness and the convenience of online services. Despite subdued growth, the market shows potential for expansion within the Dairy Products & Eggs Market in The Food market of Sri Lanka.

Customer preferences: As consumers become more health-conscious, there is a growing trend towards plant-based and organic eggs in Sri Lanka's Eggs Market of the Dairy Products & Eggs Market within The Food market. This shift is driven by cultural preferences for natural and sustainable food choices, as well as the increasing awareness of the health benefits of these products. Additionally, there is a rise in demand for free-range and cage-free eggs, reflecting a growing concern for animal welfare and ethical food production practices.

Trends in the market: In Sri Lanka, the Eggs Market of the Dairy Products & Eggs Market within The Food market is seeing a surge in demand for organic and free-range eggs, as consumers become more health-conscious and environmentally aware. This trend is expected to continue, with industry players investing in sustainable practices and marketing strategies to cater to this growing segment. Additionally, the increasing popularity of plant-based alternatives is also impacting the market, as consumers look for healthier and ethical options. These trends signal a shift towards more conscious consumption patterns and present opportunities for innovation and differentiation for industry stakeholders.

Local special circumstances: In Sri Lanka, the Eggs Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's diverse agricultural landscape and cultural traditions. The majority of eggs come from small-scale farms, which are often family-run and use traditional farming methods. This creates a unique market dynamic, as consumers tend to value locally-sourced and organic products. Additionally, regulations on imports and exports of eggs play a significant role in market fluctuations and availability. The country's growing middle class also drives demand for higher-quality and specialty eggs, such as free-range and organic.

Underlying macroeconomic factors: The Eggs Market in Sri Lanka is influenced by various macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. For instance, an increase in global demand for eggs due to a growing population and changing dietary preferences has a positive impact on the market. Additionally, favorable government policies such as subsidies and tax incentives for the dairy and eggs industry further drive market growth. However, the market is also affected by economic challenges such as fluctuating prices of raw materials and inflation, which can impact consumer purchasing power and ultimately, market performance. Moreover, increasing health consciousness and concerns about animal welfare are shaping consumer preferences and driving the demand for organic and free-range eggs, thus influencing market growth in Sri Lanka.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.