SL’s Peanut Sector Set for Growth in Strategic Partnerships to Boost Agro-Economy
October 18, Colombo (LNW): Sri Lanka’s peanut consumption is projected to increase by a modest 0.6% annually over the next five years, growing from 33 thousand metric tons in 2021 to 33 thousand metric tons in 2026.
This follows a decline in demand of 1% since 2017. In 2021, Sri Lanka ranked 59th in global peanut consumption, with Gabon surpassing it at 32 thousand metric tons. India, Nigeria, and the United States ranked second, third, and fourth, respectively.
Peanut production in Sri Lanka is expected to reach 32,840 metric tons by 2026, up from 28,780 metric tons in 2021, with an average annual growth rate of 2.2%.
Since 1966, production has steadily increased by 3.5% per year. In 2021, Sri Lanka was ranked 47th in peanut production, with Thailand taking the lead at 28,780 metric tons, followed by India, Nigeria, and the United States.
In a move to strengthen the country’s agro-economy, C. W. Mackie PLC signed a strategic partnership agreement with the Ministry of Agriculture and Plantation Industries, the Agricultural Sector Modernisation Project, and 2K Agro Products Limited.
This project is supported by the European Union (EU) and aims to enhance peanut production in Sri Lanka, contributing significantly to the national agro-economy.
This collaboration marks a significant achievement in a journey that began in 2018, with C. W. Mackie PLC playing a crucial role in boosting domestic peanut production.
The initiative aims to support import substitution while increasing export earnings and developing agricultural value chains that enhance the sustainability of farmer producer organizations, improve farmers’ livelihoods, and support the education of their children.
As part of this initiative, C. W. Mackie PLC has launched one of the most advanced snack processing facilities in Sri Lanka, creating new employment opportunities within the local community.
This modern facility represents the company’s dedication to innovation and excellence in food production, with a focus on taking Sri Lankan agricultural produce to both domestic and international markets.
The strategic partnership between C. W. Mackie PLC, the Ministry of Agriculture and Plantation Industries, the Agricultural Sector Modernisation Project, and 2K Agro Limited aims to revolutionize jumbo peanut agriculture in Sri Lanka.
This initiative lays the groundwork for sustainable practices and enhanced productivity, paving the way for a brighter future for farmers and the nation’s agro-economy.
