Asia-Pacific: Non-Cotton Terry Towelling Market 2024

Non-Cotton Terry Towelling Market Size in Asia-Pacific

In 2021, the Asia-Pacific non-cotton terry towelling market increased by 7.7% to $X, rising for the second consecutive year after three years of decline. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Non-Cotton Terry Towelling Production in Asia-Pacific

In value terms, non-cotton terry towelling production reduced slightly to $X in 2021 estimated in export price. Overall, production, however, saw a mild expansion. The pace of growth appeared the most rapid in 2014 when the production volume increased by 28%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Non-Cotton Terry Towelling Exports

Exports in Asia-Pacific

In 2021, the amount of terry towelling (excluding of cotton) exported in Asia-Pacific was estimated at X square meters, therefore, remained relatively stable against 2020 figures. Total exports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -4.8% against 2019 indices. The pace of growth was the most pronounced in 2015 when exports increased by 81% against the previous year. Over the period under review, the exports attained the peak figure at X square meters in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, non-cotton terry towelling exports expanded notably to $X in 2021. Total exports indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -13.2% against 2019 indices. The pace of growth appeared the most rapid in 2015 with an increase of 83%. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China represented the largest exporter of terry towelling (excluding of cotton) in Asia-Pacific, with the volume of exports accounting for X square meters, which was approx. 82% of total exports in 2021. It was distantly followed by Taiwan (Chinese) (X square meters), creating a 10% share of total exports. South Korea (X square meters) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +11.4% from 2012 to 2021. At the same time, Taiwan (Chinese) (+18.9%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +18.9% from 2012-2021. By contrast, South Korea (-15.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China and Taiwan (Chinese) increased by +34 and +7 percentage points, respectively.

In value terms, China ($X) remains the largest non-cotton terry towelling supplier in Asia-Pacific, comprising 78% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with an 11% share of total exports.

From 2012 to 2021, the average annual growth rate of value in China amounted to +12.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (+8.4% per year) and South Korea (-11.5% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per square meter in 2021, with an increase of 6% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the export price increased by 20% against the previous year. The level of export peaked at $X per square meter in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was South Korea ($X per square meter), while China ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+4.4%), while the other leaders experienced mixed trends in the export price figures.

Non-Cotton Terry Towelling Imports

Imports in Asia-Pacific

In 2021, overseas purchases of terry towelling (excluding of cotton) increased by 82% to X square meters, rising for the third year in a row after two years of decline. Overall, imports saw buoyant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, non-cotton terry towelling imports expanded notably to $X in 2021. Total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +18.9% against 2019 indices. The growth pace was the most rapid in 2016 when imports increased by 55% against the previous year. Over the period under review, imports attained the maximum in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

Thailand represented the largest importer of terry towelling (excluding of cotton) in Asia-Pacific, with the volume of imports accounting for X square meters, which was near 52% of total imports in 2021. Vietnam (X square meters) held the second position in the ranking, distantly followed by Sri Lanka (X square meters). All these countries together held near 30% share of total imports. The following importers - China (X square meters), South Korea (X square meters) and Hong Kong SAR (X square meters) - each amounted to a 12% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to non-cotton terry towelling imports into Thailand stood at +32.5%. At the same time, South Korea (+62.3%), Hong Kong SAR (+25.5%), Sri Lanka (+14.8%) and Vietnam (+9.0%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +62.3% from 2012-2021. By contrast, China (-13.5%) illustrated a downward trend over the same period. While the share of Thailand (+42 p.p.), South Korea (+3.7 p.p.), Hong Kong SAR (+2.5 p.p.) and Sri Lanka (+2.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Vietnam (-2.2 p.p.) and China (-32.3 p.p.) displayed negative dynamics.

In value terms, Vietnam ($X) constitutes the largest market for imported terry towelling (excluding of cotton) in Asia-Pacific, comprising 41% of total imports. The second position in the ranking was taken by Sri Lanka ($X), with a 14% share of total imports. It was followed by China, with a 9.6% share.

From 2012 to 2021, the average annual growth rate of value in Vietnam totaled +8.2%. The remaining importing countries recorded the following average annual rates of imports growth: Sri Lanka (+15.5% per year) and China (-6.9% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per square meter in 2021, falling by -40.4% against the previous year. Over the period under review, the import price showed a noticeable downturn. The most prominent rate of growth was recorded in 2015 an increase of 13%. Over the period under review, import prices reached the maximum at $X per square meter in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

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 China ($X per square meter), while Thailand ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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