ASEAN: Mannequin Market 2024

Mannequin Market Size in ASEAN

In 2022, the ASEAN mannequin market increased by 19% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +3.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the immediate term.

Mannequin Production in ASEAN

In value terms, mannequin production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a notable increase. The most prominent rate of growth was recorded in 2018 with an increase of 87%. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Mannequin Exports

Exports in ASEAN

In 2022, shipments abroad of mannequins increased by 4.7% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports, however, continue to indicate a mild decrease. The most prominent rate of growth was recorded in 2014 when exports increased by 21%. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, mannequin exports reduced to $X in 2022. In general, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 52% against the previous year. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

The shipments of the three major exporters of mannequins, namely Vietnam, Thailand and Malaysia, represented more than two-thirds of total export. It was distantly followed by Singapore (X tons), mixing up an 11% share of total exports. The following exporters - the Philippines (X tons) and Indonesia (X tons) - together made up 5.1% of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +33.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) remains the largest mannequin supplier in ASEAN, comprising 44% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 21% share of total exports. It was followed by Singapore, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Vietnam stood at +37.5%. In the other countries, the average annual rates were as follows: Malaysia (+2.5% per year) and Singapore (-10.2% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, shrinking by -8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.5%. The most prominent rate of growth was recorded in 2018 when the export price increased by 33% against the previous year. The level of export peaked at $X per ton in 2021, and then fell in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+21.0%), while the other leaders experienced more modest paces of growth.

Mannequin Imports

Imports in ASEAN

In 2022, purchases abroad of mannequins increased by 95% to X tons, rising for the second consecutive year after two years of decline. In general, imports saw a tangible increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, mannequin imports skyrocketed to $X in 2022. Total imports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +93.3% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Indonesia (X tons) represented the largest importer of mannequins, generating 74% of total imports. Malaysia (X tons) took a 10% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (5.2%). Vietnam (X tons), Singapore (X tons) and the Philippines (X tons) held a relatively small share of total imports.

Indonesia was also the fastest-growing in terms of the mannequins imports, with a CAGR of +15.1% from 2012 to 2022. The Philippines (-2.9%), Malaysia (-4.8%), Thailand (-5.0%), Vietnam (-8.0%) and Singapore (-12.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Indonesia increased by +47 percentage points.

In value terms, Indonesia ($X) constitutes the largest market for imported mannequins in ASEAN, comprising 57% of total imports. The second position in the ranking was held by Thailand ($X), with an 11% share of total imports. It was followed by Vietnam, with a 9.7% share.

In Indonesia, mannequin imports expanded at an average annual rate of +12.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Thailand (-1.8% per year) and Vietnam (-1.9% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, with a decrease of -17.8% against the previous year. Overall, the import price showed a slight slump. The pace of growth was the most pronounced in 2017 when the import price increased by 21% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2019; however, from 2020 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 the Philippines ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+12.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform