ASEAN: Leather Footwear Market 2024

Leather Footwear Market Size in ASEAN

In 2021, the ASEAN leather footwear market decreased by -5.3% to $X, falling for the second year in a row after two years of growth. Over the period under review, consumption recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2018 with an increase of 8.6%. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Leather Footwear Production in ASEAN

In value terms, leather footwear production expanded markedly to $X in 2021 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 8.6%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Leather Footwear Exports

Exports in ASEAN

In 2021, exports of leather footwear in ASEAN soared to X tons, rising by 22% compared with 2020. The total export volume increased at an average annual rate of +4.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, leather footwear exports surged to $X in 2021. The total export value increased at an average annual rate of +5.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Vietnam was the key exporter of leather footwear in ASEAN, with the volume of exports reaching X tons, which was near 73% of total exports in 2021. Indonesia (X tons) took the second position in the ranking, followed by Cambodia (X tons) and Thailand (X tons). All these countries together held near 24% share of total exports.

Vietnam was also the fastest-growing in terms of the leather footwear exports, with a CAGR of +6.0% from 2012 to 2021. At the same time, Cambodia (+4.2%) and Thailand (+4.2%) displayed positive paces of growth. By contrast, Indonesia (-1.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Vietnam increased by +7.6 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) remains the largest leather footwear supplier in ASEAN, comprising 77% of total exports. The second position in the ranking was held by Cambodia ($X), with an 8.3% share of total exports. It was followed by Indonesia, with a 7.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Vietnam amounted to +6.8%. In the other countries, the average annual rates were as follows: Cambodia (+6.1% per year) and Indonesia (-0.3% per year).

Export Prices by Country

The export price in ASEAN stood at $X per kg in 2021, leveling off at the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the export price increased by 5.5% against the previous year. As a result, the export price reached the peak level of $X per kg, leveling off in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cambodia ($X per kg), while Indonesia ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cambodia (+1.8%), while the other leaders experienced more modest paces of growth.

Leather Footwear Imports

Imports in ASEAN

In 2021, overseas purchases of leather footwear were finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Overall, imports, however, recorded a mild reduction. The growth pace was the most rapid in 2013 with an increase of 22%. The volume of import peaked at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, leather footwear imports rose rapidly to $X in 2021. The total import value increased at an average annual rate of +2.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when imports increased by 18%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

Singapore (X tons) and Thailand (X tons) were the largest importers of leather footwear in 2021, recording near 34% and 32% of total imports, respectively. It was distantly followed by Malaysia (X tons), Indonesia (X tons), the Philippines (X tons) and Vietnam (X tons), together creating a 34% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Vietnam (with a CAGR of +6.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Thailand ($X) and Malaysia ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 80% share of total imports. Indonesia, the Philippines and Vietnam lagged somewhat behind, together comprising a further 19%.

In terms of the main importing countries, Vietnam, with a CAGR of +9.5%, 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

In 2021, the import price in ASEAN amounted to $X per kg, increasing by 3.2% against the previous year. Import price indicated a moderate increase from 2012 to 2021: its price increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, leather footwear import price increased by +74.6% against 2015 indices. The pace of growth appeared the most rapid in 2016 when the import price increased by 29% against the previous year. The level of import peaked in 2021 and is likely to see steady growth in the immediate term.

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 Singapore ($X per kg), while Indonesia ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+23.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform