India: Plastic Ornamental Articles Market 2024

Plastic Ornamental Articles Market Size in India

The Indian plastic ornamental articles market totaled $X in 2022, approximately reflecting the previous year. The market value increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Plastic Ornamental Articles Production in India

In value terms, plastic ornamental articles production rose notably to $X in 2022 estimated in export price. In general, production, however, saw a slight descent. The most prominent rate of growth was recorded in 2020 when the production volume increased by 23% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Plastic Ornamental Articles Exports

Exports from India

In 2022, the amount of statuettes and other ornamental articles of plastic exported from India reduced notably to X tons, with a decrease of -38.3% on 2021 figures. Overall, exports, however, enjoyed perceptible growth. The growth pace was the most rapid in 2013 with an increase of 183%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, plastic ornamental articles exports fell dramatically to $X in 2022. Over the period under review, exports, however, continue to indicate a moderate expansion. The most prominent rate of growth was recorded in 2013 with an increase of 333% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X tons) was the main destination for plastic ornamental articles exports from India, with a 38% share of total exports. Moreover, plastic ornamental articles exports to the United Arab Emirates exceeded the volume sent to the second major destination, the United States (X tons), fourfold. The third position in this ranking was taken by Nepal (X tons), with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates amounted to +47.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+2.2% per year) and Nepal (+0.1% per year).

In value terms, the largest markets for plastic ornamental articles exported from India were the United Arab Emirates ($X), the United States ($X) and the Netherlands ($X), together accounting for 50% of total exports.

The United Arab Emirates, with a CAGR of +37.5%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average plastic ornamental articles export price amounted to $X per ton, shrinking by -24.9% against the previous year. In general, export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, plastic ornamental articles export price increased by +53.0% against 2016 indices. The growth pace was the most rapid in 2013 when the average export price increased by 53% against the previous year. The export price peaked at $X per ton in 2021, and then shrank notably in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Bangladesh ($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 (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Ornamental Articles Imports

Imports into India

In 2022, the amount of statuettes and other ornamental articles of plastic imported into India fell to X tons, dropping by -7.8% compared with the year before. Overall, imports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of 78%. As a result, imports reached the peak of X tons, and then fell in the following year.

In value terms, plastic ornamental articles imports reduced to $X in 2022. Over the period under review, imports, however, recorded a resilient increase. The growth pace was the most rapid in 2021 when imports increased by 56% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) was the main supplier of plastic ornamental articles to India, with a 94% share of total imports. Moreover, plastic ornamental articles imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +10.3%.

In value terms, China ($X) constituted the largest supplier of statuettes and other ornamental articles of plastic to India, comprising 82% of total imports. The second position in the ranking was held by South Korea ($X), with a 9% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China amounted to +5.9%.

Import Prices by Country

The average plastic ornamental articles import price stood at $X per ton in 2022, growing by 1.8% against the previous year. In general, the import price, however, continues to indicate a pronounced descent. The most prominent rate of growth was recorded in 2016 when the average import price increased by 17%. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for China amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-4.0%).

Source: IndexBox Platform

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