India: Composite Laboratory Reagents Market 2024

Composite Laboratory Reagents Market Size in India

In 2022, the Indian composite laboratory reagents market decreased by -1.8% to $X, falling for the second consecutive year after nine years of growth. The market value increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2017 when the market value increased by 6.3% against the previous year. Composite laboratory reagents consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Composite Laboratory Reagents Production in India

In value terms, composite laboratory reagents production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.3% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when the production volume increased by 6%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Composite Laboratory Reagents Exports

Exports from India

For the third year in a row, India recorded growth in overseas shipments of composite diagnostic or laboratory reagents, which increased by 54% to X tons in 2022. Overall, exports recorded strong growth. The pace of growth was the most pronounced in 2021 when exports increased by 162% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, composite laboratory reagents exports soared to $X in 2022. In general, exports saw significant growth. The pace of growth appeared the most rapid in 2021 with an increase of 98%. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in years to come.

Exports by Country

Tanzania (X tons), Sudan (X tons) and Kenya (X tons) were the main destinations of composite laboratory reagents exports from India, together accounting for 28% of total exports. Nepal, Mozambique, Malawi, Egypt, Angola, Zambia, Uganda, Ethiopia, the United States and Brazil lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the biggest increases were recorded for Mozambique (with a CAGR of +58.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for composite diagnostic or laboratory reagents exports from India, comprising 18% of total exports. The second position in the ranking was taken by Tanzania ($X), with a 5.1% share of total exports. It was followed by Kenya, with a 3.4% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +38.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Tanzania (+40.4% per year) and Kenya (+18.3% per year).

Export Prices by Country

In 2022, the average composite laboratory reagents export price amounted to $X per ton, dropping by -20.5% against the previous year. Over the period under review, the export price, however, posted resilient growth. The most prominent rate of growth was recorded in 2019 an increase of 58% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2020; however, from 2021 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 States ($X per ton), while the average price for exports to Sudan ($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 States (+17.1%), while the prices for the other major destinations experienced more modest paces of growth.

Composite Laboratory Reagents Imports

Imports into India

In 2022, after five years of growth, there was significant decline in overseas purchases of composite diagnostic or laboratory reagents, when their volume decreased by -9.1% to X tons. Over the period under review, total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when imports increased by 35%. Imports peaked at X tons in 2021, and then dropped in the following year.

In value terms, composite laboratory reagents imports declined to $X in 2022. Overall, imports, however, enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 84%. Over the period under review, imports hit record highs at $X in 2021, and then dropped in the following year.

Imports by Country

Germany (X tons), China (X tons) and the United States (X tons) were the main suppliers of composite laboratory reagents imports to India, together accounting for 44% of total imports. Sweden, Singapore, France, Hong Kong SAR and the Netherlands lagged somewhat behind, together comprising a further 14%.

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +18.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of composite diagnostic or laboratory reagents to India, comprising 20% of total imports. The second position in the ranking was held by Germany ($X), with a 9.7% share of total imports. It was followed by Singapore, with a 7% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at +4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+5.4% per year) and Singapore (+8.3% per year).

Import Prices by Country

In 2022, the average composite laboratory reagents import price amounted to $X per ton, therefore, remained relatively stable against the previous year. In general, the import price saw a moderate expansion. The most prominent rate of growth was recorded in 2020 an increase of 70%. As a result, import price reached the peak level of $X per ton; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+21.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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