Asia: Market for Leather of Bovine and Equine Animals 2024

Market Size for Leather of Bovine and Equine Animals in Asia

The Asian bovine and equine leather market skyrocketed to $X in 2021, increasing by 18% against the previous year. Overall, consumption continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Production of Leather of Bovine and Equine Animals in Asia

In value terms, bovine and equine leather production soared to $X in 2021 estimated in export price. In general, production recorded a slight expansion. The most prominent rate of growth was recorded in 2019 when the production volume increased by 35% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Exports of Leather of Bovine and Equine Animals

Exports in Asia

After two years of decline, shipments abroad of leather of bovine and equine animals increased by 22% to X tons in 2021. Over the period under review, exports, however, saw a noticeable slump. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, bovine and equine leather exports soared to $X in 2021. In general, exports, however, recorded a pronounced decrease. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

The shipments of the nine major exporters of leather of bovine and equine animals, namely Vietnam, China, Thailand, Hong Kong SAR, India, Taiwan (Chinese), Bangladesh, South Korea and Turkey, represented more than two-thirds of total export.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +10.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Hong Kong SAR ($X) and Thailand ($X) were the countries with the highest levels of exports in 2021, with a combined 50% share of total exports.

In terms of the main exporting countries, China, with a CAGR of +11.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, increasing by 8.1% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 18% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, 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 Hong Kong SAR ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+7.2%), while the other leaders experienced more modest paces of growth.

Imports of Leather of Bovine and Equine Animals

Imports in Asia

After three years of decline, purchases abroad of leather of bovine and equine animals increased by 19% to X tons in 2021. Overall, imports, however, showed a slight contraction. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, bovine and equine leather imports skyrocketed to $X in 2021. Over the period under review, imports, however, continue to indicate a pronounced descent. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) was the largest importer of leather of bovine and equine animals, making up 52% of total imports. Vietnam (X tons) took the second position in the ranking, distantly followed by Thailand (X tons). All these countries together held near 26% share of total imports. Indonesia (X tons), India (X tons), Taiwan (Chinese) (X tons), Hong Kong SAR (X tons) and South Korea (X tons) held a minor share of total imports.

Imports into China decreased at an average annual rate of -3.5% from 2012 to 2021. At the same time, Vietnam (+9.3%), India (+7.5%), Thailand (+4.3%) and Indonesia (+3.7%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in Asia, with a CAGR of +9.3% from 2012-2021. By contrast, Taiwan (Chinese) (-1.5%), South Korea (-8.4%) and Hong Kong SAR (-15.4%) illustrated a downward trend over the same period. While the share of Vietnam (+14 p.p.), India (+2.2 p.p.), Thailand (+1.9 p.p.) and Indonesia (+1.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of South Korea (-1.5 p.p.), China (-8.5 p.p.) and Hong Kong SAR (-9.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest bovine and equine leather importing markets in Asia were China ($X), Vietnam ($X) and Hong Kong SAR ($X), together comprising 65% of total imports.

Vietnam, with a CAGR of +7.6%, recorded the highest rates of growth with regard to 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

In 2021, the import price in Asia amounted to $X per ton, surging by 11% against the previous year. Over the period under review, the import price, however, showed a pronounced reduction. The level of import peaked at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

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 Hong Kong SAR ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+1.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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