GCC: Accordion Market 2024

Accordion Market Size in GCC

The GCC accordion market skyrocketed to $X in 2021, picking up by 26% against the previous year. In general, consumption, however, showed prominent growth. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Accordion Production in GCC

In value terms, accordion production contracted to $X in 2021 estimated in export price. Overall, production recorded a precipitous decline. The pace of growth appeared the most rapid in 2014 when the production volume increased by 256% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Accordion Exports

Exports in GCC

In 2021, exports of accordions and mouth organs in GCC dropped sharply to X units, with a decrease of -71.3% on the year before. In general, exports showed a drastic downturn. The growth pace was the most rapid in 2017 when exports increased by 276% against the previous year. Over the period under review, the exports attained the maximum at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, accordion exports fell markedly to $X in 2021. Overall, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when exports increased by 298%. As a result, the exports attained the peak of $X, and then contracted rapidly in the following year.

Exports by Country

In 2021, the United Arab Emirates (X units) represented the main exporter of accordions and mouth organs, mixing up 85% of total exports. It was distantly followed by Oman (X units), generating a 13% share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of -15.5% from 2012 to 2021. At the same time, Oman (+35.2%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +35.2% from 2012-2021. While the share of Oman (+13 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United Arab Emirates (-12.2 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest accordion supplier in GCC, comprising 91% of total exports. The second position in the ranking was taken by Oman ($X), with a 7.9% share of total exports.

In the United Arab Emirates, accordion exports declined by an average annual rate of -1.6% over the period from 2012-2021.

Export Prices by Country

The export price in GCC stood at $X per unit in 2021, picking up by 84% against the previous year. In general, the export price recorded strong growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while Oman amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+16.4%).

Accordion Imports

Imports in GCC

After two years of growth, supplies from abroad of accordions and mouth organs decreased by -30.3% to X units in 2021. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 106% against the previous year. Over the period under review, imports attained the peak figure at X units in 2020, and then fell sharply in the following year.

In value terms, accordion imports shrank significantly to $X in 2021. Overall, imports showed a deep setback. The pace of growth was the most pronounced in 2020 when imports increased by 48%. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates was the key importer of accordions and mouth organs in GCC, with the volume of imports resulting at X units, which was approx. 71% of total imports in 2021. Oman (X units) ranks second in terms of the total imports with a 16% share, followed by Bahrain (6.9%) and Kuwait (6.8%).

The United Arab Emirates was also the fastest-growing in terms of the accordions and mouth organs imports, with a CAGR of +11.4% from 2012 to 2021. At the same time, Bahrain (+5.7%) displayed positive paces of growth. By contrast, Kuwait (-7.1%) and Oman (-12.1%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+42 p.p.) and Bahrain (+2.4 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Kuwait (-7.3 p.p.) and Oman (-37.2 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported accordions and mouth organs in GCC, comprising 59% of total imports. The second position in the ranking was taken by Oman ($X), with a 20% share of total imports. It was followed by Kuwait, with a 10% share.

In the United Arab Emirates, accordion imports shrank by an average annual rate of -3.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Oman (-3.6% per year) and Kuwait (-0.1% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per unit, shrinking by -3.7% against the previous year. Overall, the import price continues to indicate a deep contraction. The pace of growth appeared the most rapid in 2014 an increase of 96%. As a result, import price attained the peak level of $X per unit. From 2015 to 2021, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Kuwait ($X per unit), while Bahrain ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+9.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform