Vegetables - Sri Lanka

Sri Lanka

Highlights

Revenue in the Vegetables market amounts to US$3.82bn in 2024. The market is expected to grow annually by 9.94% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$159bn in 2024).
In relation to total population figures, per person revenues of US$174.10 are generated in 2024.
In the Vegetables market, volume is expected to amount to 2.27bn kg by 2029. The Vegetables market is expected to show a volume growth of 5.3% in 2025.0.
The average volume per person in the Vegetables market is expected to amount to 85.1kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Vegetables Market in Sri Lanka is experiencing mild growth, influenced by factors such as increasing health consciousness among consumers, rising demand for fresh produce, and the growing popularity of ready-to-eat vegetable products, enhancing convenience for busy lifestyles.

Customer preferences: In Sri Lanka, consumers are increasingly prioritizing locally sourced organic vegetables, reflecting a growing awareness of sustainability and environmental impact. This trend is further fueled by younger demographics who value transparency in food sourcing and are keen on supporting local farmers. Additionally, the rise of urban living has led to a demand for pre-packaged and easy-to-cook vegetable options that align with busy lifestyles. Cultural preferences for traditional meals are also evolving, as consumers experiment with fusion recipes that incorporate diverse vegetables, driving innovation in the market.

Trends in the market: In Sri Lanka, the Vegetables Market is experiencing a shift towards sustainability, with an increasing demand for locally sourced organic produce. This trend is driven by a younger consumer base that prioritizes environmental impact and seeks transparency in food sourcing, thereby supporting local farmers. Additionally, urbanization is leading to a surge in demand for pre-packaged, convenient vegetable options, catering to busy lifestyles. The evolving culinary landscape sees consumers blending traditional recipes with diverse vegetables, fostering innovation and creating new market opportunities for industry stakeholders.

Local special circumstances: In Sri Lanka, the Vegetables Market is significantly influenced by its diverse climatic conditions, enabling the cultivation of a wide variety of crops throughout the year. Traditional agricultural practices, coupled with community-based farming, foster a strong connection between consumers and local producers. Cultural preferences for fresh, seasonal vegetables drive demand for locally grown options. Additionally, government initiatives promoting organic farming and reducing import dependency are reshaping market dynamics, encouraging sustainable practices that resonate with eco-conscious consumers.

Underlying macroeconomic factors: The Vegetables Market in Sri Lanka is shaped by macroeconomic factors such as agricultural investment, trade policies, and economic stability. The country's focus on enhancing agricultural productivity through modern techniques and infrastructure development fosters growth in local vegetable production. Additionally, favorable fiscal policies aimed at supporting smallholder farmers and promoting organic practices contribute to a more resilient market. Global trends, such as rising consumer awareness about health and sustainability, also impact demand for fresh, locally sourced vegetables. Furthermore, inflation rates and currency fluctuations can affect production costs and pricing, influencing consumer purchasing power and overall market dynamics.

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.