Sri Lanka: Odoriferous Substance Mixture Market 2024

Odoriferous Substance Mixture Market Size in Sri Lanka

In 2022, after two years of growth, there was significant decline in the Sri Lankan odoriferous substance mixture market, when its value decreased by -34.4% to $X. Over the period under review, consumption, however, enjoyed a resilient expansion. As a result, consumption reached the peak level of $X, and then declined significantly in the following year.

Odoriferous Substance Mixture Exports

Exports from Sri Lanka

In 2022, approx. X tons of mixtures of odoriferous substances and their preparations were exported from Sri Lanka; picking up by 17% against the previous year. Overall, exports enjoyed significant growth. The growth pace was the most rapid in 2019 with an increase of 680% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, odoriferous substance mixture exports skyrocketed to $X in 2022. In general, exports posted significant growth. The most prominent rate of growth was recorded in 2019 when exports increased by 378%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Bangladesh (X tons), Azerbaijan (X tons) and China (X tons) were the main destinations of odoriferous substance mixture exports from Sri Lanka, together comprising 70% of total exports. India, Canada, Maldives and Russia lagged somewhat behind, together comprising a further 23%.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +71.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Azerbaijan ($X) and Bangladesh ($X) appeared to be the largest markets for odoriferous substance mixture exported from Sri Lanka worldwide, together accounting for 77% of total exports. India, Russia, Canada and Maldives lagged somewhat behind, together accounting for a further 12%.

In terms of the main countries of destination, India, with a CAGR of +71.9%, recorded 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

In 2022, the average odoriferous substance mixture export price amounted to $X per ton, picking up by 19% against the previous year. Overall, the export price saw a prominent expansion. The most prominent rate of growth was recorded in 2018 when the average export price increased by 73% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Canada ($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 Russia (+6.1%), while the prices for the other major destinations experienced more modest paces of growth.

Odoriferous Substance Mixture Imports

Imports into Sri Lanka

In 2022, after two years of growth, there was significant decline in purchases abroad of mixtures of odoriferous substances and their preparations, when their volume decreased by -46.8% to X tons. Over the period under review, imports, however, continue to indicate buoyant growth. The pace of growth was the most pronounced in 2021 with an increase of 54% against the previous year. As a result, imports attained the peak of X tons, and then fell remarkably in the following year.

In value terms, odoriferous substance mixture imports dropped significantly to $X in 2022. Overall, imports, however, recorded a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 41%. As a result, imports attained the peak of $X, and then plummeted in the following year.

Imports by Country

In 2022, India (X tons) constituted the largest odoriferous substance mixture supplier to Sri Lanka, accounting for a 68% share of total imports. Moreover, odoriferous substance mixture imports from India exceeded the figures recorded by the second-largest supplier, Singapore (X tons), fivefold. The third position in this ranking was taken by Spain (X tons), with a 3.1% share.

From 2012 to 2022, the average annual growth rate of volume from India totaled +9.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+1.1% per year) and Spain (+14.0% per year).

In value terms, India ($X), Singapore ($X) and the UK ($X) appeared to be the largest odoriferous substance mixture suppliers to Sri Lanka, together accounting for 86% of total imports. France, Hungary, the United States, Spain, Malaysia, Germany, China and Egypt lagged somewhat behind, together comprising a further 8.8%.

Among the main suppliers, Hungary, with a CAGR of +257.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average odoriferous substance mixture import price stood at $X per ton in 2022, with an increase of 38% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Singapore ($X per ton), while the price for Egypt ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+13.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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