Southern Asia: Accordion Market 2024

Accordion Market Size in Southern Asia

For the third consecutive year, the South Asian accordion market recorded decline in sales value, which decreased by -36% to $X in 2021. Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Accordion Production in Southern Asia

In value terms, accordion production contracted slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.6% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when the production volume increased by 38%. Over the period under review, production reached the peak level at $X in 2020, and then dropped modestly in the following year.

Accordion Exports

Exports in Southern Asia

After two years of decline, overseas shipments of accordions and mouth organs increased by 53% to X units in 2021. In general, exports, however, continue to indicate a slight decrease. The volume of export peaked at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, accordion exports skyrocketed to $X in 2021. Total exports indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

India (X units) and Pakistan (X units) represented roughly 99% of total exports in 2021.

From 2012 to 2021, the biggest increases were recorded for Pakistan (with a CAGR of +2.2%).

In value terms, the largest accordion supplying countries in Southern Asia were India ($X) and Pakistan ($X).

Among the main exporting countries, Pakistan, with a CAGR of +8.8%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

The export price in Southern Asia stood at $X per unit in 2021, growing by 6.4% against the previous year. Export price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, accordion export price increased by +22.3% against 2017 indices. The most prominent rate of growth was recorded in 2014 when the export price increased by 39%. Over the period under review, the export prices hit record highs in 2021 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was India ($X per unit), while Pakistan totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Pakistan (+6.4%).

Accordion Imports

Imports in Southern Asia

In 2021, purchases abroad of accordions and mouth organs was finally on the rise to reach X units after two years of decline. Overall, imports, however, showed a abrupt decline. The most prominent rate of growth was recorded in 2018 with an increase of 18% against the previous year. The volume of import peaked at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, accordion imports rose significantly to $X in 2021. Total imports indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -28.6% against 2018 indices. The pace of growth was the most pronounced in 2018 when imports increased by 40% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, India (X units) was the major importer of accordions and mouth organs, mixing up 82% of total imports. It was distantly followed by Sri Lanka (X units), committing a 12% share of total imports. The following importers - Bangladesh (X units) and Nepal (X units) - each resulted at a 3.8% share of total imports.

Imports into India decreased at an average annual rate of -4.4% from 2012 to 2021. At the same time, Nepal (+3.1%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +3.1% from 2012-2021. By contrast, Bangladesh (-11.4%) and Sri Lanka (-13.8%) illustrated a downward trend over the same period. While the share of India (+14 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Sri Lanka (-13.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported accordions and mouth organs in Southern Asia, comprising 83% of total imports. The second position in the ranking was taken by Sri Lanka ($X), with a 9.2% share of total imports. It was followed by Bangladesh, with a 4.2% share.

In India, accordion imports increased at an average annual rate of +3.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Sri Lanka (-6.1% per year) and Bangladesh (+11.1% per year).

Import Prices by Country

In 2021, the import price in Southern Asia amounted to $X per unit, approximately mirroring the previous year. Import price indicated a resilient expansion from 2012 to 2021: its price increased at an average annual rate of +9.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, accordion import price increased by +122.9% against 2012 indices. The most prominent rate of growth was recorded in 2013 when the import price increased by 29%. The level of import peaked at $X per unit in 2020, and then reduced in the following year.

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 Bangladesh ($X per unit), while Sri Lanka ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bangladesh (+25.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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