Asia: Handbag Market 2024

Handbag Market Size in Asia

In 2022, the Asian handbag market decreased by -0.1% to $X, falling for the second year in a row after three years of growth. Over the period under review, consumption saw a mild descent. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Handbag Production in Asia

In value terms, handbag production stood at $X in 2022 estimated in export price. In general, production saw a mild curtailment. The most prominent rate of growth was recorded in 2019 with an increase of 16% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Handbag Exports

Exports in Asia

In 2022, overseas shipments of handbags increased by 8.9% to X units, rising for the second consecutive year after five years of decline. Overall, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 27%. The volume of export peaked at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, handbag exports reached $X in 2022. The total export value increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 21% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

China was the main exporter of handbags in Asia, with the volume of exports accounting for X units, which was near 69% of total exports in 2022. It was distantly followed by India (X units), achieving a 19% share of total exports. Vietnam (X units), Cambodia (X units) and Myanmar (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to handbag exports from China stood at -2.1%. At the same time, Myanmar (+156.4%), Cambodia (+73.0%), Vietnam (+18.1%) and India (+13.3%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing exporter exported in Asia, with a CAGR of +156.4% from 2012-2022. India (+13 p.p.), Vietnam (+2.8 p.p.), Cambodia (+1.6 p.p.) and Myanmar (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while China saw its share reduced by -17.9% from 2012 to 2022, respectively.

In value terms, China ($X) remains the largest handbag supplier in Asia, comprising 50% of total exports. The second position in the ranking was taken by Vietnam ($X), with an 8.1% share of total exports. It was followed by India, with a 6.4% share.

In China, handbag exports increased at an average annual rate of +1.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Vietnam (+8.8% per year) and India (+7.7% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per unit, stabilizing at the previous year. Over the last decade, it increased at an average annual rate of +2.6%. The growth pace was the most rapid in 2017 an increase of 19%. The level of export peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cambodia ($X per unit), while India ($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 (+10.2%), while the other leaders experienced mixed trends in the export price figures.

Handbag Imports

Imports in Asia

In 2022, the amount of handbags imported in Asia soared to X units, increasing by 17% against the previous year's figure. Over the period under review, imports posted a slight increase. The most prominent rate of growth was recorded in 2020 when imports increased by 1,018% against the previous year. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, handbag imports rose modestly to $X in 2022. Total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +6.6% 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 +87.4% against 2016 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 34%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

In 2022, India (X units) represented the main importer of handbags, making up 33% of total imports. South Korea (X units) held the second position in the ranking, followed by Thailand (X units), Japan (X units) and China (X units). All these countries together took near 39% share of total imports. The Philippines (X units), Hong Kong SAR (X units), Indonesia (X units), Singapore (X units) and the United Arab Emirates (X units) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to handbag imports into India stood at +24.2%. At the same time, China (+30.2%), Japan (+10.4%), Indonesia (+8.7%) and South Korea (+3.5%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Asia, with a CAGR of +30.2% from 2012-2022. Thailand and the Philippines experienced a relatively flat trend pattern. By contrast, Singapore (-4.1%), the United Arab Emirates (-5.8%) and Hong Kong SAR (-17.5%) illustrated a downward trend over the same period. While the share of India (+28 p.p.), China (+5.3 p.p.), Japan (+5.2 p.p.), South Korea (+2.5 p.p.) and Indonesia (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Singapore (-2.2 p.p.), the United Arab Emirates (-2.9 p.p.) and Hong Kong SAR (-27.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), South Korea ($X) and Hong Kong SAR ($X) were the countries with the highest levels of imports in 2022, together accounting for 53% of total imports.

In terms of the main importing countries, China, with a CAGR of +18.2%, recorded the highest growth rate of 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 import price in Asia stood at $X per unit in 2022, reducing by -11.4% against the previous year. Over the period under review, the import price, however, saw prominent growth. The growth pace was the most rapid in 2021 when the import price increased by 1,569%. As a result, import price attained the peak level of $X per unit, and then shrank 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 China ($X per unit), while India ($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 United Arab Emirates (+19.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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