Philippines: Market for Bedding and Furnishing Articles (Quilts, Eiderdowns, Cushions, Pouffes And Pillows) 2022

Market Size for Bedding and Furnishing Articles (Quilts, Eiderdowns, Cushions, Pouffes And Pillows) in the Philippines

The Philippine bedding and furnishing article market soared to $X in 2021, rising by 317% against the previous year. Over the period under review, consumption continues to indicate significant growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Bedding and Furnishing Articles (Quilts, Eiderdowns, Cushions, Pouffes And Pillows) in the Philippines

In value terms, bedding and furnishing article production fell notably to $X in 2021 estimated in export price. Overall, production continues to indicate a precipitous decrease. As a result, production reached the peak level of $X, and then fell notably in the following year.

Exports of Bedding and Furnishing Articles (Quilts, Eiderdowns, Cushions, Pouffes And Pillows)

Exports from the Philippines

In 2021, approx. X tons of bedding and furnishing articles (quilts, eiderdowns, cushions, pouffes and pillows) were exported from the Philippines; shrinking by -85.3% against the year before. In general, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 4,265% against the previous year. As a result, the exports attained the peak of X tons, and then dropped significantly in the following year.

In value terms, bedding and furnishing article exports dropped markedly to $X in 2021. Overall, exports, however, enjoyed a significant increase. The pace of growth appeared the most rapid in 2020 when exports increased by 3,740% against the previous year. As a result, the exports attained the peak of $X, and then reduced sharply in the following year.

Exports by Country

The Netherlands (X tons), Japan (X tons) and the United States (X tons) were the main destinations of bedding and furnishing article exports from the Philippines, with a combined 98% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +664.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for bedding and furnishing article exported from the Philippines were the Netherlands ($X), Japan ($X) and the United States ($X), together accounting for 98% of total exports.

The Netherlands, with a CAGR of +1,234.4%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average bedding and furnishing article export price amounted to $X per ton, jumping by 27% against the previous year. In general, the export price, however, saw a abrupt shrinkage. The pace of growth was the most pronounced in 2014 an increase of 69% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2021, the countries with the highest prices were the United Arab Emirates ($X per ton) and Japan ($X per ton), while the average price for exports to the Netherlands ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+18.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Bedding and Furnishing Articles (Quilts, Eiderdowns, Cushions, Pouffes And Pillows)

Imports into the Philippines

After three years of decline, purchases abroad of bedding and furnishing articles (quilts, eiderdowns, cushions, pouffes and pillows) increased by 39% to X tons in 2021. Over the period under review, imports enjoyed buoyant growth. The pace of growth appeared the most rapid in 2014 when imports increased by 55% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, bedding and furnishing article imports surged to $X in 2021. Overall, imports posted a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 51%. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of bedding and furnishing article to the Philippines, accounting for a 57% share of total imports. Moreover, bedding and furnishing article imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The third position in this ranking was taken by the Netherlands (X tons), with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+42.3% per year) and the Netherlands (+146.9% per year).

In value terms, China ($X) constituted the largest supplier of bedding and furnishing article to the Philippines, comprising 57% of total imports. The second position in the ranking was taken by Japan ($X), with a 22% share of total imports. It was followed by the Netherlands, with a 6.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +30.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+63.4% per year) and the Netherlands (+130.2% per year).

Import Prices by Country

The average bedding and furnishing article import price stood at $X per ton in 2021, surging by 7.8% against the previous year. Over the period under review, the import price recorded significant growth. The most prominent rate of growth was recorded in 2018 when the average import price increased by 181%. The import price peaked in 2021 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were Japan ($X per ton) and China ($X per ton), while the price for Thailand ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+40.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform