Myanmar: Odoriferous Substance Mixture Market 2024

Odoriferous Substance Mixture Market Size in Myanmar

In 2022, the Myanmar's odoriferous substance mixture market increased by 13% to $X, rising for the second consecutive year after two years of decline. In general, consumption showed significant growth. Odoriferous substance mixture consumption peaked in 2022 and is likely to see steady growth in the near future.

Odoriferous Substance Mixture Exports

Exports from Myanmar

In 2022, overseas shipments of mixtures of odoriferous substances and their preparations decreased by 0% to X tons, falling for the third consecutive year after three years of decline. Over the period under review, exports recorded a deep reduction. The most prominent rate of growth was recorded in 2016 when exports increased by 233% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, odoriferous substance mixture exports totaled $X in 2022. In general, exports continue to indicate a precipitous curtailment. The most prominent rate of growth was recorded in 2016 when exports increased by 108%. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Ireland (X kg) was the main destination for odoriferous substance mixture exports from Myanmar, with a 29% share of total exports. Moreover, odoriferous substance mixture exports to Ireland exceeded the volume sent to the second major destination, Spain (X kg), sixfold. The third position in this ranking was held by South Korea (X kg), with a 2.4% share.

From 2013 to 2022, the average annual growth rate of volume to Ireland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (0.0% per year) and South Korea (-74.6% per year).

In value terms, Ireland ($X), Spain ($X) and South Korea ($X) appeared to be the largest markets for odoriferous substance mixture exported from Myanmar worldwide, with a combined 69% share of total exports. These countries were followed by Singapore, which accounted for a further 0.1%.

Singapore, with a CAGR of +43.1%, recorded the highest rates of growth with regard to the value of exports, in terms of 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 odoriferous substance mixture export price amounted to $X per ton, leveling off at the previous year. Overall, the export price continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2020 an increase of 339%. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to Singapore ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (-3.0%), while the prices for the other major destinations experienced a decline.

Odoriferous Substance Mixture Imports

Imports into Myanmar

For the sixth consecutive year, Myanmar recorded growth in supplies from abroad of mixtures of odoriferous substances and their preparations, which increased by 26% to X tons in 2022. In general, imports continue to indicate a significant increase. The pace of growth was the most pronounced in 2014 with an increase of 213% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, odoriferous substance mixture imports expanded sharply to $X in 2022. Over the period under review, imports posted significant growth. The growth pace was the most rapid in 2014 when imports increased by 137% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Singapore (X tons) constituted the largest odoriferous substance mixture supplier to Myanmar, with a 64% share of total imports. Moreover, odoriferous substance mixture imports from Singapore exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), sixfold. India (X tons) ranked third in terms of total imports with a 7.8% share.

From 2012 to 2022, the average annual growth rate of volume from Singapore totaled +44.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+70.0% per year) and India (+42.3% per year).

In value terms, Singapore ($X) constituted the largest supplier of mixtures of odoriferous substances and their preparations to Myanmar, comprising 65% of total imports. The second position in the ranking was held by Indonesia ($X), with a 14% share of total imports. It was followed by Thailand, with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Singapore stood at +37.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+65.9% per year) and Thailand (-2.5% per year).

Import Prices by Country

In 2022, the average odoriferous substance mixture import price amounted to $X per ton, declining by -10% against the previous year. Over the period under review, the import price showed a noticeable reduction. The most prominent rate of growth was recorded in 2017 an increase of 38% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, 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 Thailand ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+9.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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