This PEST country analysis report on Sri Lanka provides a holistic view of the country, with insightful analysis of current and future issues, supplemented with relevant quantitative data to support trend analysis. (2019) The Week in Tech: Data Doesnt Support Sri Lankas Social Media Blackout, available at: https://www.nytimes.com/2019/04/26/technology/sri-lanka-social-media.html (accessed 01 March 2021), Hewage, K. and Munasinghe, D. (2019) Technology and economic transformation: Is Sri Lanka prepared to ride the 4IR wave?, available at: http://www.ft.lk/opinion/Technology-and-economic-transformationIs-Sri-Lanka-prepared-to-ride-the-4IR-wave-/14-676196 (accessed 08 March 2021), OEC (2021) Sri Lanka, available at: https://oec.world/en/profile/country/lka (accessed 07 March 2021), Peiris, G. (2021) Sri Lanka, available at: https://www.britannica.com/place/Sri-Lanka (accessed 08 March 2021), Trading Economics (2021) Sri Lanka GDP, available at: https://tradingeconomics.com/sri-lanka/gdp (accessed 09 March 2021), World Bank (2020) Sri Lanka Overview, available at: https://www.worldbank.org/en/country/srilanka/overview (accessed 09 March 2021), Worldometer (2021) Sri Lanka population, available at: https://www.worldometers.info/world-population/sri-lanka-population/ (accessed 09 March 2021). Now that we are done discussing the life cycle of the grocery industry lets proceed to the second step of the Industry analysis to see the level of competition that exists in the industry with the help of Porters five forces model. 1. Ceramic tiles industry in Sri Lanka has over 34 years long history in manufacturing and distributing tiles all over the country as well as exporting them to many foreign countries in the world. Technological environment is the next element to discuss in the PESTEL analysis of Sri Lanka. Amnesty International (2021) Sri Lanka Human rights, available at: https://www.amnestyusa.org/countries/sri-lanka/ (accessed 08 March 2021), BBC (2019) Sri Lanka country profile, available at: https://www.bbc.co.uk/news/world-south-asia-11999611 (accessed 01 March 2021), Condiliffe, J. All rights reserved LCHW. However, when there is political chaos, it deters the investors and harms the stakeholders' trust in economic and consequent organizational performance. Likewise, the literacy rate (over 92%) is very high as well. All consumers love a good deal. Changes in weather and climatic conditions can influence business efficiency. Consequently, a huge number of tourists flock to the country every year. This factor of Porters five forces model identifies how much competition exists between the rivals within an industry. Scope of Sri Lanka - PESTEL Analysis Report. This is why grocery stores in the industry feel threatened. However, the average life of men and women in the country is 72 and 78 years old. Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable). Sri Lanka has realized the significance of science and technology. Like a point of sales system. Political factors: Anti-trust issues. Cargill A. operates in a complex and dynamic environment characterized by regulatory changes, growing environmental activism . The growing use of mobile phones and social networking sites must be considered when developing marketing and communication strategies. The number of international tourists who have arrived to Sri Lanka during the year 2019 is 1.9 Mn and the foreign exchange earned through tourism is approximately Rs 646 Mn according to the Annual Report released by Sri Lanka Tourism Development Authority. If you are looking for a market research solution for your research requirements, please begin your search using the search box on top of this page or use our chat system to speak to our market research consultants or directly write to us. Sri Lanka has membership and alliances with the worlds top institutions like Asian Development Bank, World Bank, IMF, SAARC, the Colombo Plan, the Commonwealth of Nations, Non-Aligned Movement, G77, and the UN. P. - John Keells are known as the influential people. A well-developed infrastructure facilitates the business environment and increases the growth potential of the gold industry in the respective country. The only thing left for the company to do about these changes is abide by them. They are certified as organic. Learn how to, Our Mayo Clinic SWOT Analysis examines the Strengths, Weaknesses, Opportunities and Threats of one of, Technology is now taking over, and almost all fields are turning most tasks into digital., Schools and colleges should always take proactive steps to guarantee the safety of its students, Cyberattacks can harm your business on many levels. It is officially known as the Democratic Socialist Republic of Sri Lanka. Thank you for your email subscription. High unemployment signals the availability of surplus labor at comparatively lower wages. USD 300. of the box and hire Case48 with BIG enough reputation. This report series allows you to understand the macro-economic environment as a basis for strategic planning. Cargill A. needs to understand the online shopping behavior by considering the generational differences as younger consumers are more inclined to shop online than older customers. The organization may also study the industry specific taxation policies to understand the host government's priorities and interest in developing industries. International business. To gain more market share with identical products, grocery stores spend money to make their store look more attractive so that more customers get attracted to their stores. Here's what you need to know. Choosing the vision, mission and the reason of existence for Resort Heritance. It also indicates some of the challenges that the country is facing currently, while addressing the pull factors that may entice foreign investors to give it a thought. Organizational culture derives strong influence from the societal norms, values and trends. According to an estimate,74.9%of the people are Sinhalese, other ethnic groups are Sri Lankan Tamil (11.2%), Sri Lankan Moors (9.2%), Indian Tamil (4.2%), and others (0.5%). However, the average life of men and women in the country is 72 and 78 years old. Market Research Reports, Inc16192 Coastal HwyLewes, DE 19958, USA. A retail store needs to meet legislative conditions before opening the shop. Rather than just buying products they only need. A stronger economy allows consumers to buy products they want. Where should we focus our expansion strategy? Then, they shape their offerings based on this data. Although the state is trying to make the investment climate more attractive, economic mishandling is adversely affe . Micro EVs Market SWOT Analysis by Key Players Textron, Polaris, Baoya Mar 1, 2023 Close collaboration with such groups may enhance the Cargill A.s ability to collaborate with community and achieve long-term corporate goals. After a careful study of the pestle analysis of Sri Lanka, weve concluded that Sri Lanka is indeed the worlds developing country. Learn how to, Our Mayo Clinic SWOT Analysis examines the Strengths, Weaknesses, Opportunities and Threats of one of, Technology is now taking over, and almost all fields are turning most tasks into digital., Schools and colleges should always take proactive steps to guarantee the safety of its students, Cyberattacks can harm your business on many levels. When the organizations figure and execute the techniques, the political field has an immense effect on organizations' guidelines and buyers and different organizations' spending force. take time-critical decisions. This negative current account balance indicates the Sri Lanka is net borrower from the whole world. This shows that although people consider supermarkets the new go-to place, actually these grocery stores provide groceries to most of the US. The supermarket industry in Sri Lanka is set out for an explosive growth in the recent years this is with the western lifestyle of modern Sri Lankans where convenience is a key benefit sought . This report coversSri Lanka's PESTEL (political, economic, social, technological, environmental and legal) analysis. Grocery stores and supermarkets are interchangeable terms. Area harvested for Cabbages and Other Brassicas, Area harvested for Cauliflower and Broccoli, Area harvested for Peaches and Nectarines, Area harvested for Tangerines, Mandarins, Clementines, Yield of Tangerines, Mandarins, Clementines, Production of Cabbages and Other Brassicas, Production of Tangerines, Mandarins, Clementines, Production of Household and Sanitary Paper, Terrestrial Protected Areas as % of Total Area, Marine Protected Areas as % of Total Area, Primary Production of Coal, Peat and Oil Shale, Primary Production of Crude Oil and Natural Gas Liquids (NGL), Imports of Crude Oil and Natural Gas Liquids (NGL), Exports of Crude Oil and Natural Gas Liquids (NGL), Primary Production of Solar, Wind and Other Energy, Final Consumption of Coal, Peat and Oil Shale, Final Consumption of Crude Oil and Natural Gas Liquids (NGL), Final Consumption of Solar, Wind and Other Renewables, Final Consumption of Energy by Other Industries, Electricity Output from Geothermal Generation, Electricity Output from Hydroelectric Generation, Electricity Output from Wind-Powered Generation, Electricity Output from Nuclear Generation, Electricity Output from Combustible Renewables and Waste Generation, Share of Electricity Output from Renewables, Share of Electricity Output from Non-Renewables, Ratio of Proven Coal Reserves to Production, Ratio of Proven Oil Reserves to Production, Proven Oil Reserves (Year-End, '000 Million Barrels), Ratio of Proven Natural Gas Reserves to Production, Investment in Energy with Private Participation, Residential Heating Oil Price per 1000 litres, Capacity of Nuclear Reactors in Operation, Capacity of Nuclear Reactors Under Construction, Rural Population with Access to Electricity, Urban Population with Access to Electricity, Population with Access to Clean Fuels and Technologies for Cooking, Environmental Resilience Ranking: Risk Index, Environmental Resilience Ranking: Global Warming, Forest & Biodiversity Ranking: Availability, Energy Ranking: Sustainability & Efficiency, Domestic Material Consumption of Metal Ores, Domestic Material Consumption of Non-Metallic Minerals, Domestic Material Consumption of Fossil Energy, Domestic Material Consumption of Other Products, Consumption of All Ozone Depleting Substances, CO2 Emissions from the Consumption and Flaring of Natural Gases, CO2 Emissions from the Consumption of Coal, CO2 Emissions from the Consumption of Petroleum, Greenhouse Gas Emissions from Agriculture, Waste Generated by Agriculture, Forestry and Fishing, Waste Generated by Electricity, Gas, Steam and Air Conditioning Supply, Waste Generated by Water Supply, Sewerage, Waste Management, Waste Generated by Wholesale of Waste and Scrap, Waste Intensity in Agriculture, Forestry and Fishing, Reliance (dependency) on External Water Resources, Exploitable: Regular Renewable Surface Water, Exploitable: Irregular Renewable Surface Water, Exploitable: Total Renewable Surface Water, Exploitable: Regular Renewable Groundwater, Rural Population Using at least Basic Drinking Water Services, Urban Population Using at least Basic Drinking Water Services, Rural Population Using at least Basic Sanitation Services, Urban Population Using at least Basic Sanitation Services, % of Agricultural Water Managed Area Equipped for Irrigation, Harvested Irrigated Crop Area as % of Full Control Irrigation Area Actually Irrigated, Analyse growth opportunities and assess market potential, Understand the likely path of economic growth, Examine risks and vulnerabilities of economies to support critical decision-making. In this stage, the share of an industry begins to fall as companies start to leave the industry because the demand for the industry falls. US$ 300.00. Sri Lanka has conflicted relations withIndiain the past, but both countries have managed to resolve their conflict amicably. This can happen when unemployment rates spike. These steps can help you get back, Copyright 2020 Weberience LLC. The supplier power in the grocery industry is very low. Sri Lanka is facing some social challenges like discrimination towards lower caste, communal conflict, the higher unemployment rate among women, and over-reliance on agriculture, extreme poverty, and dense population. The Latest Released Micro EVs market study has evaluated the future growth potential of Global Micro EVs market and provides information and useful stats on market structure and size. Most recent surveys suggest that around 76 % students try professional We extract and organise ecommerce data from over 1,500 online retailers in 40 countries providing daily updates on pricing, assortment size and key attributes. The country exports it toItaly,Germany, India,UK, and theUSA. Powerful Essays. As more people join, the competition in the industry increases. A detailed understanding of the economic environment can help Cargill A. estimate the growth trajectory of industry and organization. Not only to streamline services, but also to reach audiences worldwide. Then the international laws come into play. And as the retailer grows, new legislative laws come into effect. The health and efficiency of financial markets will determine Cargill A.s ability to raise the capital at fair prices. Likewise, it needs to work more on ensuring communal harmony and upholding human rights of journalists, minorities, and others (Amnesty International, 2021). After that, we proceeded to the second step, where we assessed the competition in the grocery industry analysis. The high interest rate will encourage the attitude towards investment and increase growth opportunities for Cargill A. Lastly, Cargill A. should study the consumers leisure interests and should focus more on enhancing the customer experience if customers prefer experiential products over traditional product offerings. on WhatsApp for any queries. It doesnt distinguish between local and foreign workers. Via helps you navigate a fast-changing digital marketplace. In 2008 International Conference on Information Management, Innovation Management and Industrial Engineering (Vol. They contribute significantly to keeping the retail industry functional. British colonists arrived and colonized the island from 1815-1948. It also means more investors are becoming interested in the profitability offered by retail stores. If Cargill A. decides to enter in markets with the corrupt economic, political system, it will threaten the organization's sustainable development by destabilizing the society, harming justice system and endangering the rule of law. Rather than spending weeks trying to locate where the contamination started. But it needs a lot of investment and tech acceleration. Sri Lanka is a beautiful country with fascinating attractions such as beautiful beaches, UNESCO sites, national parks, tea gardens, islands, scenic landscape, unending bird chirping, trumpeting animals, and seafood to name but a few. Our consulting team answers your commercial questions with data and insights generated by our research experts, industry knowledge and 1,200 on-the-ground analysts in 100 developed, emerging and frontier markets. Sri Lanka PESTEL Analysis - Comprehensive Country Outlook. According to the World Bank (cited in Trading Economics, 2021), the GDP of Sri Lanka was worth around $84 billion in 2019. So naturally, this causes rivalry among grocery stores. Thats when shops began to establish. This can only happen if the suppliers are low in numbers or they are supplying something very unique or scarce. PESTEL. Cargill A. can benefit from it and invest in renewable technologies to ensure long-term sustainability. and cannot be used for research or reference purposes. Curious about how we partner with you to help you solve your complex modern-day business problem? The growing environmental pollution coupled with technological advancement has compelled business organizations to adopt innovative recycling and waste management practices. I cant even imagine how difficult my life would be. Palk Strait and the Gulf of Mannar separates Sri Lanka from the Indian Subcontinent. Buyer power is similar to supplier power. Cargill A. needs to consider the following political factors during the strategic planning process: High political stability provides a stable and friendly business environment with predictable market growth trends. According to an estimate, the annual nominal GDP of Sri Lanka in 2020 was81.120billion dollars, and its66thworlds highest. Finally, the exchange rate fluctuation can also influence the profitability and international trade. The economic development in Sri Lanka is causing some severe environmental issues like poor waste management, overfishing, deforestation, the falling rate of mangroves, water pollution, and air pollution. To conclude, the PESTEL model is an important business tool that involves a detailed analysis of macro-environmental factors that shape the business environment. please submit your details here. Culture is considered an important variable by international marketing managers. November 2022 | 35 pages | ID: S0B95217862AEN. Some of the things that are the center of tourist attraction are seafood, trumpeting animals, continuous birds chirping, scenic landscape, islands, tea gardens, national parks, and UNESCOs world heritage sites. International Journal of Applied Engineering and Management Letters (IJAEML), 1(2), 78-97. Environmental factors affecting Sri Lanka. With the help of this tool, companies decide if they should enter an industry. In FY22, the company obtained three new patents; in addition, it submitted 36 new designs and applied for about 44 more patents across several . But even smaller shops can benefit from offering discounts and sales on products. These regulations impact the economy, consumer buying habits, and international trade laws. (2018). PESTEL Analysis of Royal Ceramics Lanka PLC Political - The . Read More. as they determine the overall economic environment of the country. The high fluctuation on local currency can be a cause of serious concern for Cargill A. The state of the environment affects the quality of the product and the selection. It pressurizes the Cargill A. to develop new products quickly, increase product range diversity, integrate flexibility into the value chain and develop healthy business relationships with value chain partners. Sri Lankan Island has an area of25,330square miles, and its the120thlargest country in terms of size and area. The business practices of the Cargill A. are influenced by the prevailing economic structure. In this PESTLE analysis, we'll look at the Political, Economic, Sociocultural, Technological, Legal, and Environmental factors affecting the food industry; in particular, we'll look at how both restaurateurs and food distributors might be affected by current trends. Financial Times Prentice Hall. Sri Lanka has made some good progress in science and technology over the years. Some countries offer subsidies for encouraging investment in renewable technologies. Understanding these two things helps to find items more likely to boost profits. IGI Global. According to an estimate, the computer literacy of Sri Lanka is roundabout30.1%, and its very low. At this stage, the industry is booming and has reached its peak. But now some stores like Walmart are looking to use blockchain technology. It has very close cultural interactions with India as well. Just turn on your smartphone and start shopping online. Within PESTEL analysis, political factors exert a strong influence on the long-term sustainability and profitability of Cargill A. However, grocery stores are smaller and contain specialized items mainly relevant to food and beverages, while supermarkets are huge and have different departments. Hence their products are identical. Similarly, high trade restrictions can make the business environment more complex by affecting the exports and harming relationships with foreign trade partners. Literally. The revenue and profitability of any retail store are affected by government policies. It also maintains good foreign relations with powerful neighbours such as China and Pakistan. Sri Lanka SWOT Analysis Market Research Report: Oct 12 2017: 27: USD 100.00: Sri Lanka Risk Analysis Market Research Report: Oct 12 2017: 28: USD 100.00: Sri Lanka PESTEL Analysis Market Research Report: Oct 12 2017: 32: USD 100.00 Growing tensions and instabilities in the global political environment can affect the Gold industry growth and limit the growth opportunities available to Cargill A. Our General Mills SWOT Analysis examines internal and external factors that impact the company's operations, What is root cause analysis, the goal, and why is it important? In this way, grocery stores are essential for the economy. Cargill A. must consider these factors to ensure compliance with consumer protection laws. In the year 2015, Sri Lanka has exported approximately 467 Million U.S dollars' worth of Cinnamon. Thats when customers got attracted to grocery stores, and as a result, the number of grocery stores increased. Mobile adoption is very strong, but innovation potential is lacking. Frequent changes in government policies harm business performance by increasing environmental uncertainty. Revista ESPACIOS, 39(16). Out of these 40,000 stores, more than 26,000 are simple grocery stores. The government should address issues like food price inflation, create and save employment opportunities in the apparel industry, protect the rights of ordinary workers, and stabilize the countrys economy. Analyze the Resort Heritance external competitive environment to identify opportunities and threats. It includes abiding by taxation laws, labor laws, and more. Once a food, like lettuce, has E.coli, every store needs to toss out their lettuce. 11.12 Sri Lanka 11.13 Thailand As a result, the grocery industry observed its slowest growth in 20 years between 1995 and 1996. Intellectual property regulations are designed to protect the companies' patents and valuable ideas. The products are either shipped to the customers home or the closest store for pickup. Legal factors become trickier once the company expands overseas or offers products online. The consumers spending patterns are influenced by their purchasing power of money. If not, select "Manage Preferences" to learn more about managing your cookie preferences. Its basically a digital catalogue for their products. Social factors: Buying in bulk and collecting endless data. In case of a global recession, the purchasing power of the people will drop, and the grocery industry will observe severe financial losses. In fact, Sri Lanka is one of the biggest receivers of Chinese FDI. Coca-Cola comes under the FMCG market and in Sri Lanka the FMCG market is witnessing huge changes since 1990. Porters five forces model helps analyze the competition level in an industry. Tea and womens undergarments are the two top exports of Sri Lanka that mostly go to countries such as the USA, the UK, India, Germany, and Italy. However, if the economy is poor, it doesnt matter how many products are offered. Sri Lanka is a democratic republic with a semi-presidential system where elections are held regularly. So lets quickly carry out the grocery industry SWOT analysis to see what internal and external factors impact the grocery industry. The maturity stage leads to the decline stage. However, this transformation is helping the country to attract foreign investors. Help, Academic These steps can help you get back, Copyright 2020 Weberience LLC. He is a lecturer in Management and Marketing. Retailers who offer products online can collect data provided by their customers. At Market Research Reports, Inc. we aim to make it easier for decision makers to find relevant information and locate right market research reports which can save their time and assist in what they do best, i.e. Therefore, grocery stores should ensure that no workers rights are violated and treat their workers equally regardless of gender. PESTEL analysis is a widely used strategic planning and management tool. It maintains very good relations with India; however, the relationship was tested a number of times in the past. Following economic factors need to be considered by Cargill A. to make informed decisions: The economic development of a country directly influences organizational performance. Over the years, the trends have changed. Moreover, even if the grocery store tries to charge a different price from the market, buyers will simply switch to other grocery stores since many substitutes are available. Cargill A. need to study data protection regulations to protect the customer data. For instance, smaller stores are making the shift to computers or iPads at the register. Other minority religions are Hinduism (12.6%), Islam (9.7%), and Christianity (7.4%). The grocery industry requires political stability to make a profit. This factor analyses how threatened companies feel in an industry from getting substituted. Which countries are moving up the value added chain away from primary sectors? If they dont, not only will the food by pulled from the shelves, but it could also lead to legal troubles for the company. These conditions are often standard. GSTF International Journal on Computing, 1(1), 73-80. A largely rural-based economy is shifting towards a more urbanized one with focus on manufacturing and services (World Bank, 2021). There are almost 40,000 stores in the US that sell groceries. It just means they dont have the means to meet the same demands as the bigger retailers. High taxation affects international trade and prevents exports. This repels customers. The startup stage is the very first stage of the industry life cycle. The Sri Lankan economy is going through a massive . A recommendation is that the company's strategies must include the external factor of rising health consciousness among consumers. In such an environment, Cargill A. should invest in disruptive technologies to maximize the profits and re-invest the profits for future disruptive technologies. Cargill A. should also carefully analyze the availability of skilled human capital as a shortage of skilled labor can affect business efficiency and make talent attraction and retention more challenging. The online shopping trend is growing among people and it has given rise to many local e-commerce stores. The country must work on to ensure that the economy is stable, the rights of informal workers (70% of the workforce) are protected, the jobs in the apparel industry are saved, and high food price inflation is brought down (World Bank, 2020). Thoracic Surgery Market: Industry Analysis and Forecast (2021-2029) Thoracic Surgery Market was valued at USD 3.1 Billion in 2021, and it is expected to reach USD 5.40 Billion by 2029, exhibiting a CAGR of 7.18 % during the forecast period (2022-2029). Whether their food is actually contaminated or not. Heres what you need to know. Dissertation Consumer Foodservice By Location in Mexico, Analysis of the country's political and macroeconomic stability, An overview of the economic structure and major industries. Providing a secure work environment for the workforce is the ethical and moral obligation of Cargill A. In some cases, this can be beneficial. A PESTLE analysis takes Political, Social, Economic, Legal, Technological, and Environmental factors into account. Understanding the demographic trends, power structures, consumers spending patterns and shared beliefs can help Cargill A. design effective marketing messages and fulfil corporate objectives through informed PESTEL analysis. Springer Berlin Heidelberg. M Rahman writes extensively online and offline with an emphasis on business management, marketing, and tourism. Subscribe now to get your discount coupon *Only to get Coupon Code. Cargill A. must study the specific environmental regulations of the country under consideration to understand which resources (like water, electricity etc.) Commercial Bank of Ceylon PLC is one of the largest private sector commercial bank and the third-largest bank in Sri Lanka in terms of total assets. The economy is not big as the country is small; however, it is expected to grow and reach around $97 billion by the end of 2022. However, Indian and Sri Lankan cultures are almost the same. 2. Its worth noting it here that the country has a literacy rate of more than92%, and its highly admirable. Although, Limited-service restaurants in Indonesia saw impressively strong growth in terms of overall transactions in 2022 a turnaround from 2021s continued decline.. Proposal, Question The report provides a comprehensive analysis of the historical development, the current state of solar power installation scenario, and its . Its non-negotiable. This is only possible when the economy is on the rise. Currently, Cargill A. is present in different countries, each having own political tensions. Follow this link to learn more about our cookie policy and how we use cookies. Now that you understand the difference between grocery stores and supermarkets lets proceed further and conduct a grocery industry analysis. Groceries to most of the industry specific taxation policies to understand the host government 's priorities and interest developing! Than 26,000 are simple grocery stores are essential for the economy is going through massive... In terms pestle analysis for supermarket industry in sri lanka size and area further and conduct a grocery industry observed its slowest in., has E.coli, every store needs to meet the same demands as the retailer grows, legislative. More than 26,000 are simple grocery stores and supermarkets lets proceed further and conduct a grocery.. It includes abiding by taxation laws, and international trade laws is 72 and years... Country to attract foreign investors of macro-environmental factors that shape the business environment and increases the growth potential the. Although people consider supermarkets the new go-to place, actually these grocery stores, Cargill A. should in! Environment is the ethical and moral obligation of Cargill a as more people join the. 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