Philippines: Plastic Furniture Market 2024

Plastic Furniture Market Size in the Philippines

The Philippine plastic furniture market rose modestly to $X in 2021, surging by 4.7% against the previous year. In general, consumption, however, posted a buoyant increase. Plastic furniture consumption peaked in 2021 and is likely to continue growth in the near future.

Plastic Furniture Production in the Philippines

In value terms, plastic furniture production dropped to $X in 2021 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 59% against the previous year. Plastic furniture production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Plastic Furniture Exports

Exports from the Philippines

In 2021, the amount of furniture of plastic exported from the Philippines soared to X units, picking up by 859% on the previous year. Over the period under review, exports showed buoyant growth. The exports peaked at X units in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, plastic furniture exports surged to $X in 2021. Overall, exports saw a buoyant increase. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X units), Germany (X units) and Australia (X units) were the main destinations of plastic furniture exports from the Philippines, together comprising 89% of total exports.

From 2012 to 2021, the biggest increases were in Germany (with a CAGR of +45.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Germany ($X) and Australia ($X) appeared to be the largest markets for plastic furniture exported from the Philippines worldwide, with a combined 89% share of total exports.

Germany, with a CAGR of +49.1%, recorded the highest growth rate of the value of exports, among 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

The average plastic furniture export price stood at $X per unit in 2021, growing by 16% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2017 when the average export price increased by 78% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2018 to 2021, the average export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2021, the highest price was recorded for prices to Spain ($X per unit) and Australia ($X per unit), while the average price for exports to Germany ($X per unit) and the United States ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+5.0%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Furniture Imports

Imports into the Philippines

In 2021, overseas purchases of furniture of plastic were finally on the rise to reach X units for the first time since 2017, thus ending a three-year declining trend. In general, imports recorded resilient growth. The most prominent rate of growth was recorded in 2017 when imports increased by 121%. As a result, imports attained the peak of X units. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, plastic furniture imports surged to $X in 2021. Overall, imports enjoyed a significant increase. The pace of growth appeared the most rapid in 2016 with an increase of 81%. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, China (X units) was the main supplier of plastic furniture to the Philippines, with a 90% share of total imports. It was followed by Thailand (X units), with a 2.9% share of total imports. The third position in this ranking was held by Japan (X units), with a 2.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +16.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+37.9% per year) and Japan (+1.7% per year).

In value terms, China ($X) constituted the largest supplier of plastic furniture to the Philippines, comprising 90% of total imports. The second position in the ranking was taken by Thailand ($X), with a 2.9% share of total imports. It was followed by Japan, with a 2.4% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +38.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+41.8% per year) and Japan (+26.7% per year).

Import Prices by Country

The average plastic furniture import price stood at $X per unit in 2021, surging by 13% against the previous year. In general, the import price continues to indicate prominent growth. The most prominent rate of growth was recorded in 2018 an increase of 111%. Over the period under review, average import prices hit record highs in 2021 and is likely to see steady growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+24.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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