Bangladesh: Odoriferous Substance Mixture Market 2024

Odoriferous Substance Mixture Market Size in Bangladesh

In 2022, the Bangladeshi odoriferous substance mixture market decreased by -21.8% to $X for the first time since 2015, thus ending a six-year rising trend. In general, consumption, however, continues to indicate strong growth. As a result, consumption attained the peak level of $X, and then dropped remarkably in the following year.

Odoriferous Substance Mixture Exports

Exports from Bangladesh

In 2022, overseas shipments of mixtures of odoriferous substances and their preparations decreased by -41.6% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, continue to indicate a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 752% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then shrank notably in the following year.

In value terms, odoriferous substance mixture exports dropped rapidly to $X in 2022. Overall, exports, however, saw a significant expansion. The pace of growth was the most pronounced in 2020 when exports increased by 505%. The exports peaked at $X in 2021, and then fell remarkably in the following year.

Exports by Country

The UK (X tons) was the main destination for odoriferous substance mixture exports from Bangladesh, with a 62% share of total exports. Moreover, odoriferous substance mixture exports to the UK exceeded the volume sent to the second major destination, the United States (X tons), fourfold. The third position in this ranking was taken by the Philippines (X tons), with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to the UK totaled +242.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+2.9% per year) and the Philippines (0.0% per year).

In value terms, the United Arab Emirates ($X), the Philippines ($X) and the United States ($X) appeared to be the largest markets for odoriferous substance mixture exported from Bangladesh worldwide, with a combined 92% share of total exports.

In terms of the main countries of destination, the United Arab Emirates, with a CAGR of +164.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average odoriferous substance mixture export price stood at $X per ton in 2022, jumping by 24% against the previous year. In general, the export price posted a tangible expansion. The pace of growth was the most pronounced in 2014 an increase of 124%. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+29.2%), while the prices for the other major destinations experienced mixed trend patterns.

Odoriferous Substance Mixture Imports

Imports into Bangladesh

In 2022, purchases abroad of mixtures of odoriferous substances and their preparations decreased by -18.2% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, continue to indicate strong growth. The most prominent rate of growth was recorded in 2021 when imports increased by 55% against the previous year. As a result, imports attained the peak of X tons, and then fell notably in the following year.

In value terms, odoriferous substance mixture imports reduced sharply to $X in 2022. Overall, imports, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 81% against the previous year. As a result, imports reached the peak of $X, and then fell sharply in the following year.

Imports by Country

Singapore (X tons), India (X tons) and China (X tons) were the main suppliers of odoriferous substance mixture imports to Bangladesh, with a combined 76% share of total imports. Switzerland, Belgium, Egypt and Malaysia lagged somewhat behind, together comprising a further 16%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Malaysia (with a CAGR of +22.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) constituted the largest supplier of mixtures of odoriferous substances and their preparations to Bangladesh, comprising 51% of total imports. The second position in the ranking was taken by India ($X), with a 24% share of total imports. It was followed by Egypt, with a 6.7% share.

From 2012 to 2022, the average annual growth rate of value from Singapore amounted to +17.2%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+9.0% per year) and Egypt (+8.9% per year).

Import Prices by Country

In 2022, the average odoriferous substance mixture import price amounted to $X per ton, dropping by -5.1% against the previous year. Over the last decade, it increased at an average annual rate of +2.7%. The most prominent rate of growth was recorded in 2017 when the average import price increased by 19% against the previous year. The import price peaked at $X per ton in 2021, and then dropped in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Egypt ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+10.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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