After being negatively impacted by the COVID-19 pandemic, alcoholic drinks in Sri Lanka faces a new set of challenges in 2022. Firstly, global inflation is causing prices to rise, which has led many consumers to become more price sensitive and prioritise more essential products, which alcoholic drinks are not.
In 2022, alcoholic drinks in Sri Lanka has witnessed many changes, given that the country continues to return to normal following the COVID-19 pandemic which caused major disturbances in 2020 and 2021. While the industry is no longer being negatively affected by the pandemic, it faces several new challenges such as global inflation, government regulations, and new taxes.
The majority of Sri Lanka’s people are Theravada Buddhists, with these accounting for an estimated 70% share of the country’s total population. Most within this group view drinking alcohol as a violation of the Five Precepts, which state that Buddhists should avoid alcohol and other intoxicating drugs.
According to the Committee on Public Finance (COPF), the increase in taxes on alcoholic drinks in Sri Lanka has resulted in various economic repercussions. One significant consequence is a 30% decline in alcohol demand, which adversely affects government income.
Due to the economic crisis that is taking place in 2022, the distribution of fuel is being negatively impacted. The government did not have enough liquid money to purchase the necessary fuel for the country, which has led to issues in terms of logistics.
Alcoholic drinks in Sri Lanka is governed by regulations such as the Excise Ordinance and the National Policy on Alcohol Control. While there are generally no restrictions on alcohol use, laws prohibit its sale on Poya holidays and its consumption in public areas.
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Alcoholic drinks is the aggregation of beer, wine, spirits, cider/perry and RTDs.See All of Our Definitions
This report originates from Passport, our Alcoholic Drinks research and analysis database.
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