Market Insights Consumer Food Sauces & Spices

Spices & Culinary Herbs - Sri Lanka

Sri Lanka

Revenue in the Salt & Other Spices market amounts to US$89.03m in 2024. The market is expected to grow annually by 6.59% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$10,530m in 2024).
In relation to total population figures, per person revenues of US$4.06 are generated in 2024.
In the Salt & Other Spices market, volume is expected to amount to 3.81m kg by 2029. The Salt & Other Spices market is expected to show a volume growth of 0.8% in 2025.
The average volume per person in the Salt & Other Spices market is expected to amount to 0.2kg in 2024.

Key regions: United Kingdom, Spain, Japan, India, South Korea

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Analyst Opinion

The Spices & Culinary Herbs Market in Sri Lanka has seen minimal growth in recent years, impacted by various factors such as changing consumer tastes, increasing competition, and economic challenges. Despite this, the market continues to thrive due to the convenience and flavor enhancement that these products offer in the Sauces & Spices Market within the country's Food Market.

Customer preferences: As Sri Lankan cuisine becomes more popular globally, there is a growing demand for authentic spices and culinary herbs. However, with the rise of wellness and healthy eating trends, consumers are now seeking organic and sustainable options, leading to a shift towards locally grown and ethically sourced spices and herbs. This trend is driven by a growing awareness of the environmental impact of food production and a desire for transparency in the sourcing process. As a result, there is a growing market for small-scale, artisanal spice and herb producers in Sri Lanka.

Trends in the market: In Sri Lanka, the Spices & Culinary Herbs Market of the Sauces & Spices Market within The Food market is experiencing a surge in demand for organic and locally sourced spices and herbs. This trend is driven by the growing awareness of the health benefits and sustainability of using natural ingredients in food. As a result, industry stakeholders are investing in sustainable farming practices and innovative packaging to cater to this demand. This trend is expected to continue, with potential implications for the industry including increased competition and the need for continuous innovation in product offerings.

Local special circumstances: In Sri Lanka, the Spices & Culinary Herbs Market of the Sauces & Spices Market within The Food market is heavily influenced by the country's diverse climate and rich cultural heritage. The country's tropical climate allows for the cultivation of a wide variety of spices and herbs, resulting in a diverse range of flavors and aromas. Additionally, Sri Lanka's long history of trade and cultural exchanges has led to a unique blend of culinary influences, making its spices and herbs highly sought after in the global market. Furthermore, the country's regulations and certification processes ensure the quality and authenticity of its products, adding to its appeal in the international market.

Underlying macroeconomic factors: The Spices & Culinary Herbs Market of the Sauces & Spices Market within The Food market in Sri Lanka is greatly impacted by macroeconomic factors such as trade policies, consumer spending, and economic growth. As a developing country, Sri Lanka has seen a steady increase in its GDP and a rise in disposable income, leading to a growing demand for high-quality sauces and spices. Additionally, the country's strategic location and its increasing participation in international trade have opened up opportunities for export of Sri Lankan spices, further boosting the market growth. However, the market is also affected by fluctuations in global commodity prices and currency exchange rates, which can impact the cost of production and ultimately the prices of spices and culinary herbs. Furthermore, the government's fiscal policies and regulations on imports and exports can also have a significant impact on the market performance. Overall, the Spices & Culinary Herbs Market in Sri Lanka is expected to continue its growth trajectory, driven by favorable macroeconomic conditions and increasing demand for ethnic and exotic flavors in the global food market.

Methodology

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.