Worldwide Artificial Fur Market: Anticipated to Reach 55K tons in Volume and $746M in Value by 2030

IndexBox has just published a new report: World - Artificial Fur - Market Analysis, Forecast, Size, Trends And Insights.

The artificial fur market is expected to see steady growth in the coming years, with a forecasted CAGR of +5.7% in volume and +7.1% in value from 2024 to 2030. By the end of 2030, the market volume is projected to reach 55K tons, while the market value is expected to reach $746M in nominal prices.

Market Forecast

Driven by increasing demand for artificial fur worldwide, the market is expected to continue an upward consumption trend over the next six years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +5.7% for the period from 2024 to 2030, which is projected to bring the market volume to 55K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +7.1% for the period from 2024 to 2030, which is projected to bring the market value to $746M (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Artificial Fur

In 2024, after three years of growth, there was significant decline in consumption of artificial fur, when its volume decreased by -53.2% to 40K tons. In general, consumption, however, showed a relatively flat trend pattern. Global consumption peaked at 84K tons in 2023, and then plummeted in the following year.

The global artificial fur market size plummeted to $494M in 2024, with a decrease of -56% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, recorded a mild increase. Global consumption peaked at $1.1B in 2023, and then shrank markedly in the following year.

Consumption By Country

The country with the largest volume of artificial fur consumption was China (12K tons), comprising approx. 29% of total volume. Moreover, artificial fur consumption in China exceeded the figures recorded by the second-largest consumer, Nigeria (3K tons), fourfold. Pakistan (2.3K tons) ranked third in terms of total consumption with a 5.8% share.

In China, artificial fur consumption expanded at an average annual rate of +6.6% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of consumption growth: Nigeria (+20.7% per year) and Pakistan (+5.9% per year).

In value terms, the largest artificial fur markets worldwide were China ($137M), Italy ($84M) and Indonesia ($26M), with a combined 50% share of the global market.

Italy, with a CAGR of +32.0%, recorded the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of artificial fur per capita consumption in 2024 were Poland (37 kg per 1000 persons), Italy (30 kg per 1000 persons) and Myanmar (27 kg per 1000 persons).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Italy (with a CAGR of +28.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Artificial Fur

In 2024, after three years of growth, there was significant decline in production of artificial fur, when its volume decreased by -51.4% to 42K tons. In general, production, however, showed modest growth. The most prominent rate of growth was recorded in 2022 with an increase of 35%. Over the period under review, global production attained the peak volume at 86K tons in 2023, and then shrank markedly in the following year.

In value terms, artificial fur production dropped dramatically to $530M in 2024 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2023 when the production volume increased by 41%. As a result, production attained the peak level of $1.6B, and then declined significantly in the following year.

Production By Country

China (20K tons) remains the largest artificial fur producing country worldwide, comprising approx. 47% of total volume. Moreover, artificial fur production in China exceeded the figures recorded by the second-largest producer, Nigeria (3K tons), sevenfold. The third position in this ranking was taken by Pakistan (2.4K tons), with a 5.8% share.

In China, artificial fur production expanded at an average annual rate of +10.1% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Nigeria (+20.7% per year) and Pakistan (+6.7% per year).

Imports

World Imports of Artificial Fur

Global artificial fur imports expanded markedly to 8.8K tons in 2024, growing by 6.1% on the previous year. Over the period under review, imports continue to indicate strong growth. The pace of growth was the most pronounced in 2017 when imports increased by 41% against the previous year. Over the period under review, global imports attained the peak figure at 10K tons in 2019; however, from 2020 to 2024, imports stood at a somewhat lower figure.

In value terms, artificial fur imports expanded significantly to $95M in 2024. Overall, total imports indicated a pronounced increase from 2013 to 2024: its value increased at an average annual rate of +4.8% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports increased by +32.9% against 2020 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 35%. Over the period under review, global imports attained the peak figure at $96M in 2018; however, from 2019 to 2024, imports remained at a lower figure.

Imports By Country

Thailand (1.9K tons) and Myanmar (1.6K tons) represented roughly 39% of total imports in 2024. It was distantly followed by Ukraine (834 tons), Malaysia (528 tons) and Italy (459 tons), together generating a 21% share of total imports. The following importers - Vietnam (384 tons), the United States (274 tons), Russia (235 tons), Singapore (213 tons) and the Netherlands (196 tons) - together made up 15% of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Myanmar (with a CAGR of +73.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest artificial fur importing markets worldwide were Italy ($12M), Ukraine ($6.9M) and the Netherlands ($6.4M), with a combined 27% share of global imports. The United States, Vietnam, Myanmar, Russia, Singapore, Malaysia and Thailand lagged somewhat behind, together accounting for a further 26%.

In terms of the main importing countries, Myanmar, with a CAGR of +51.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average artificial fur import price stood at $10,807 per ton in 2024, growing by 3.3% against the previous year. Overall, the import price, however, continues to indicate a slight contraction. The pace of growth was the most pronounced in 2021 when the average import price increased by 14% against the previous year. Over the period under review, average import prices reached the maximum at $13,575 per ton in 2015; however, from 2016 to 2024, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was the Netherlands ($32,626 per ton), while Thailand ($610 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Ukraine (+6.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Artificial Fur

In 2024, the amount of artificial fur exported worldwide expanded significantly to 11K tons, increasing by 8.9% against the year before. Over the period under review, exports enjoyed a prominent increase. The growth pace was the most rapid in 2019 when exports increased by 38% against the previous year. Over the period under review, the global exports hit record highs in 2024 and are likely to see steady growth in the immediate term.

In value terms, artificial fur exports declined to $142M in 2024. Overall, exports recorded buoyant growth. The growth pace was the most rapid in 2017 when exports increased by 73% against the previous year. The global exports peaked at $149M in 2023, and then fell modestly in the following year.

Exports By Country

China prevails in exports structure, recording 8.2K tons, which was near 73% of total exports in 2024. It was distantly followed by Syrian Arab Republic (1K tons), mixing up a 9.1% share of total exports. Thailand (347 tons), Belarus (297 tons), South Korea (208 tons) and Pakistan (175 tons) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +17.9% from 2013 to 2024. At the same time, Pakistan (+51.1%), Belarus (+14.9%), Thailand (+13.5%), South Korea (+12.0%) and Syrian Arab Republic (+3.4%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing exporter exported in the world, with a CAGR of +51.1% from 2013-2024. From 2013 to 2024, the share of China and Pakistan increased by +36 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($94M) remains the largest artificial fur supplier worldwide, comprising 66% of global exports. The second position in the ranking was held by South Korea ($2.4M), with a 1.7% share of global exports. It was followed by Syrian Arab Republic, with a 1.6% share.

In China, artificial fur exports expanded at an average annual rate of +21.2% over the period from 2013-2024. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (+10.9% per year) and Syrian Arab Republic (+6.8% per year).

Export Prices By Country

In 2024, the average artificial fur export price amounted to $12,697 per ton, declining by -12.1% against the previous year. In general, export price indicated slight growth from 2013 to 2024: its price increased at an average annual rate of +1.6% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 an increase of 66%. As a result, the export price reached the peak level of $18,242 per ton. From 2018 to 2024, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was South Korea ($11,484 per ton), while Pakistan ($400 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Syrian Arab Republic (+3.3%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform