ASEAN: Umbrella Market 2024

Umbrella Market Size in ASEAN

In 2022, the ASEAN umbrella market increased by 6.3% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, continues to indicate a deep reduction. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Umbrella Production in ASEAN

In value terms, umbrella production rose modestly to $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 44% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Umbrella Exports

Exports in ASEAN

Umbrella exports expanded slightly to X units in 2022, increasing by 1.8% compared with 2021. Over the period under review, exports posted buoyant growth. The pace of growth appeared the most rapid in 2015 when exports increased by 82%. Over the period under review, the exports attained the maximum at X units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, umbrella exports rose rapidly to $X in 2022. In general, exports recorded a buoyant expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 48%. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Cambodia (X units) represented the key exporter of umbrellas, achieving 82% of total exports. It was distantly followed by Vietnam (X units), comprising a 13% share of total exports. Myanmar (X units) held a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to umbrella exports from Cambodia stood at +16.4%. At the same time, Myanmar (+41.7%) and Vietnam (+10.4%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +41.7% from 2012-2022. Cambodia (+15 p.p.) and Myanmar (+2.2 p.p.) significantly strengthened its position in terms of the total exports, while Vietnam saw its share reduced by -4.9% from 2012 to 2022, respectively.

In value terms, Cambodia ($X) remains the largest umbrella supplier in ASEAN, comprising 70% of total exports. The second position in the ranking was held by Vietnam ($X), with a 17% share of total exports.

In Cambodia, umbrella exports increased at an average annual rate of +12.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Vietnam (+6.7% per year) and Myanmar (+31.7% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per unit, increasing by 5.7% against the previous year. Over the period under review, the export price, however, saw a noticeable slump. The pace of growth was the most pronounced in 2017 when the export price increased by 8% against the previous year. Over the period under review, the export prices attained the maximum at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cambodia (-3.3%), while the other leaders experienced a decline in the export price figures.

Umbrella Imports

Imports in ASEAN

In 2022, purchases abroad of umbrellas increased by 32% to X units, rising for the second year in a row after three years of decline. Overall, imports, however, saw a abrupt decrease. Over the period under review, imports attained the peak figure at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, umbrella imports expanded significantly to $X in 2022. Over the period under review, imports, however, recorded a mild curtailment. The most prominent rate of growth was recorded in 2017 when imports increased by 41%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the Philippines (X units), distantly followed by Thailand (X units), Myanmar (X units), Malaysia (X units), Indonesia (X units) and Singapore (X units) represented the main importers of umbrellas, together making up 96% of total imports. Vietnam (X units) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +42.5%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, the largest umbrella importing markets in ASEAN were Indonesia ($X), the Philippines ($X) and Thailand ($X), with a combined 62% share of total imports. Singapore, Malaysia, Vietnam and Myanmar lagged somewhat behind, together comprising a further 36%.

Myanmar, with a CAGR of +17.1%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2022, falling by -13% against the previous year. Import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the import price increased by 26%. The level of import peaked at $X per unit in 2021, and then contracted in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per unit), while Myanmar ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+12.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform