India: Festive Articles Market 2024

Festive Articles Market Size in India

The Indian festive articles market rose markedly to $X in 2022, with an increase of 11% against the previous year. Overall, consumption enjoyed prominent growth. Festive articles consumption peaked in 2022 and is likely to see gradual growth in years to come.

Festive Articles Production in India

In value terms, festive articles production rose slightly to $X in 2022 estimated in export price. In general, production showed a buoyant increase. The growth pace was the most rapid in 2013 with an increase of 26% against the previous year. Festive articles production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Festive Articles Exports

Exports from India

In 2022, shipments abroad of festive or carnival articles increased by 77% to X tons, rising for the second consecutive year after three years of decline. In general, exports recorded buoyant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, festive articles exports soared to $X in 2022. Overall, exports saw a prominent expansion. The pace of growth was the most pronounced in 2021 with an increase of 50% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in the near future.

Exports by Country

The United States (X tons) was the main destination for festive articles exports from India, with a 53% share of total exports. Moreover, festive articles exports to the United States exceeded the volume sent to the second major destination, Malaysia (X tons), more than tenfold. The United Arab Emirates (X tons) ranked third in terms of total exports with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +11.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+19.5% per year) and the United Arab Emirates (+11.1% per year).

In value terms, the United States ($X) remains the key foreign market for festive or carnival articles exports from India, comprising 52% of total exports. The second position in the ranking was taken by the UK ($X), with a 7.5% share of total exports. It was followed by Canada, with a 4.5% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +19.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+11.8% per year) and Canada (+26.1% per year).

Export Prices by Country

In 2022, the average festive articles export price amounted to $X per ton, with a decrease of -21.5% against the previous year. Overall, export price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, festive articles export price decreased by -26.4% against 2020 indices. The pace of growth was the most pronounced in 2020 an increase of 30%. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Nepal ($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 Germany (+8.6%), while the prices for the other major destinations experienced more modest paces of growth.

Festive Articles Imports

Imports into India

In 2022, overseas purchases of festive or carnival articles increased by 31% to X tons, rising for the second year in a row after three years of decline. In general, imports posted a buoyant increase. The pace of growth was the most pronounced in 2021 with an increase of 129% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, festive articles imports stood at $X in 2022. Overall, total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +129.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 120% against the previous year. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) was the main supplier of festive articles to India, with a approx. 99% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +20.7%.

In value terms, China ($X) constituted the largest supplier of festive or carnival articles to India.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +4.6%.

Import Prices by Country

In 2022, the average festive articles import price amounted to $X per ton, falling by -20.1% against the previous year. Overall, the import price saw a deep downturn. The most prominent rate of growth was recorded in 2019 when the average import price increased by 14%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to -13.3% per year.

Source: IndexBox Platform

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