Southern Asia: Festive Articles Market 2024

Festive Articles Market Size in Southern Asia

For the eleventh consecutive year, the South Asian festive articles market recorded growth in sales value, which increased by 5.6% to $X in 2022. Overall, consumption saw a strong increase. Over the period under review, the market attained the maximum level in 2022 and is likely to see steady growth in the near future.

Festive Articles Production in Southern Asia

In value terms, festive articles production reached $X in 2022 estimated in export price. Over the period under review, production continues to indicate a buoyant expansion. The pace of growth was the most pronounced in 2019 with an increase of 25%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Festive Articles Exports

Exports in Southern Asia

Festive articles exports soared to X tons in 2022, increasing by 40% compared with 2021 figures. Overall, exports posted a buoyant increase. The most prominent rate of growth was recorded in 2019 with an increase of 55%. The volume of export peaked in 2022 and is expected to retain growth in years to come.

In value terms, festive articles exports soared to $X in 2022. Over the period under review, exports posted prominent growth. The pace of growth appeared the most rapid in 2017 when exports increased by 43%. 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

India was the largest exporter of festive or carnival articles in Southern Asia, with the volume of exports recording X tons, which was approx. 62% of total exports in 2022. It was distantly followed by Bangladesh (X tons), mixing up a 35% share of total exports. Sri Lanka (X tons) took a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for Bangladesh (with a CAGR of +19.5%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest festive articles supplying countries in Southern Asia were India ($X), Bangladesh ($X) and Sri Lanka ($X), with a combined 97% share of total exports.

In terms of the main exporting countries, India, with a CAGR of +16.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2022, waning by -16.5% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2020 when the export price increased by 14%. Over the period under review, the export prices attained the peak figure at $X per ton in 2021, and then reduced rapidly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Sri Lanka ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (+5.4%), while the other leaders experienced mixed trends in the export price figures.

Festive Articles Imports

Imports in Southern Asia

In 2022, overseas purchases of festive or carnival articles increased by 23% to X tons, rising for the second year in a row after three years of decline. Over the period under review, imports showed significant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 107% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, festive articles imports declined to $X in 2022. Overall, imports continue to indicate a resilient expansion. The pace of growth was the most pronounced in 2021 with an increase of 74%. The level of import peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

India dominates imports structure, recording X tons, which was approx. 91% of total imports in 2022. It was distantly followed by Bangladesh (X tons), creating a 6.7% share of total imports. Pakistan (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to festive articles imports into India stood at +19.9%. At the same time, Bangladesh (+40.0%) and Pakistan (+12.3%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +40.0% from 2012-2022. While the share of Bangladesh (+5.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Pakistan (-1.5 p.p.) and India (-3.5 p.p.) displayed negative dynamics.

In value terms, India ($X) constitutes the largest market for imported festive or carnival articles in Southern Asia, comprising 60% of total imports. The second position in the ranking was held by Bangladesh ($X), with a 21% share of total imports.

In India, festive articles imports increased at an average annual rate of +3.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Bangladesh (+50.4% per year) and Pakistan (+13.9% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2022, declining by -25.8% against the previous year. In general, the import price saw a abrupt decline. The growth pace was the most rapid in 2017 when the import price increased by 9.3%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Pakistan ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bangladesh (+7.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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