Eastern Asia: Footwear Treatments Market 2024

Footwear Treatments Market Size in Eastern Asia

The East Asian footwear treatments market contracted to $X in 2022, with a decrease of -13.2% against the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Footwear Treatments Production in Eastern Asia

In value terms, footwear treatments production dropped to $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 22% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Footwear Treatments Exports

Exports in Eastern Asia

In 2022, overseas shipments of polishes and creams for footwear or leather were finally on the rise to reach X tons after two years of decline. Over the period under review, exports, however, saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2017 when exports increased by 31% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, footwear treatments exports skyrocketed to $X in 2022. In general, exports, however, showed a mild setback. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China dominates exports structure, accounting for X tons, which was near 93% of total exports in 2022. The following exporters - Hong Kong SAR (X tons) and South Korea (X tons) - together made up 6.1% of total exports.

China was also the fastest-growing in terms of the polishes and creams for footwear or leather exports, with a CAGR of -1.9% from 2012 to 2022. Hong Kong SAR (-1.9%) and South Korea (-8.6%) illustrated a downward trend over the same period. China (+2.8 p.p.) significantly strengthened its position in terms of the total exports, while South Korea saw its share reduced by -1.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest footwear treatments supplier in Eastern Asia, comprising 87% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 6.5% share of total exports.

In China, footwear treatments exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Hong Kong SAR (-0.2% per year) and South Korea (-6.9% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, growing by 2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The pace of growth appeared the most rapid in 2013 when the export price increased by 14%. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

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 South Korea ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+1.9%), while the other leaders experienced more modest paces of growth.

Footwear Treatments Imports

Imports in Eastern Asia

In 2022, footwear treatments imports in Eastern Asia declined notably to X tons, which is down by -21.5% against the previous year's figure. Overall, imports showed a perceptible decrease. The most prominent rate of growth was recorded in 2021 with an increase of 21%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, footwear treatments imports reduced sharply to $X in 2022. In general, imports continue to indicate a perceptible contraction. The pace of growth was the most pronounced in 2021 with an increase of 24%. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons) and Hong Kong SAR (X tons) were the major importers of polishes and creams for footwear or leather in 2022, resulting at approx. 37% and 30% of total imports, respectively. Japan (X tons) ranks next in terms of the total imports with a 15% share, followed by South Korea (8.7%) and Taiwan (Chinese) (4.7%). Democratic People's Republic of Korea (X tons) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +8.8%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest footwear treatments importing markets in Eastern Asia were China ($X), Japan ($X) and Hong Kong SAR ($X), with a combined 83% share of total imports. South Korea, Taiwan (Chinese) and Democratic People's Republic of Korea lagged somewhat behind, together accounting for a further 17%.

South Korea, with a CAGR of +5.6%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, increasing by 4.8% against the previous year. Over the last decade, it increased at an average annual rate of +2.5%. The pace of growth was the most pronounced in 2018 when the import price increased by 14% against the previous year. As a result, import price reached the peak level of $X per ton; afterwards, it flattened through to 2022.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while Democratic People's Republic of Korea ($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 (+5.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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