Asia-Pacific: Artificial Fur Market 2024

Artificial Fur Market Size in Asia-Pacific

The Asia-Pacific artificial fur market declined sharply to $X in 2022, waning by -66.6% against the previous year. Overall, consumption saw a deep slump. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Artificial Fur Production in Asia-Pacific

In value terms, artificial fur production expanded modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 with an increase of 19%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Artificial Fur Exports

Exports in Asia-Pacific

In 2022, approx. X tons of artificial fur were exported in Asia-Pacific; increasing by 6% compared with the previous year. In general, exports posted a buoyant expansion. The pace of growth was the most pronounced in 2017 with an increase of 80% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in the near future.

In value terms, artificial fur exports shrank to $X in 2022. Over the period under review, exports posted a strong increase. The most prominent rate of growth was recorded in 2017 when exports increased by 138% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2021, and then reduced in the following year.

Exports by Country

China dominates exports structure, finishing at X tons, which was near 88% of total exports in 2022. It was distantly followed by Thailand (X tons), comprising an 8% share of total exports.

Exports from China increased at an average annual rate of +15.0% from 2012 to 2022. At the same time, Thailand (+23.5%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +23.5% from 2012-2022. From 2012 to 2022, the share of China and Thailand increased by +20 and +4.9 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest artificial fur supplier in Asia-Pacific, comprising 88% of total exports. The second position in the ranking was held by Thailand ($X), with a 4.6% share of total exports.

From 2012 to 2022, the average annual growth rate of value in China stood at +14.9%.

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, which is down by -11.3% against the previous year. Over the period under review, the export price recorded a mild descent. The growth pace was the most rapid in 2017 an increase of 32% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while Thailand totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-0.1%).

Artificial Fur Imports

Imports in Asia-Pacific

In 2022, purchases abroad of artificial fur increased by 7% to X tons, rising for the second year in a row after two years of decline. In general, imports posted a buoyant increase. The growth pace was the most rapid in 2018 with an increase of 61% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, artificial fur imports surged to $X in 2022. Over the period under review, imports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2014 with an increase of 53%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

Thailand represented the major importing country with an import of around X tons, which accounted for 61% of total imports. Myanmar (X tons) held an 11% share (based on physical terms) of total imports, which put it in second place, followed by Vietnam (6.5%), Cambodia (5.4%) and the Philippines (4.8%). The following importers - China (X tons) and India (X tons) - each recorded a 4.5% share of total imports.

Imports into Thailand increased at an average annual rate of +40.8% from 2012 to 2022. At the same time, Myanmar (+132.7%), Cambodia (+51.8%), the Philippines (+42.4%) and Vietnam (+25.2%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +132.7% from 2012-2022. By contrast, India (-2.3%) and China (-8.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Thailand, Myanmar, Cambodia, the Philippines and Vietnam increased by +52, +11, +5, +4.1 and +3.2 percentage points, respectively.

In value terms, China ($X) constitutes the largest market for imported artificial fur in Asia-Pacific, comprising 31% of total imports. The second position in the ranking was held by Vietnam ($X), with a 13% share of total imports. It was followed by Cambodia, with a 12% share.

In China, artificial fur imports expanded at an average annual rate of +12.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Vietnam (+20.9% per year) and Cambodia (+51.2% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, growing by 9.6% against the previous year. In general, the import price, however, showed a abrupt setback. The pace of growth was the most pronounced in 2021 an increase of 14% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+23.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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