Philippines: Mannequin Market 2024

Mannequin Market Size in the Philippines

The Philippine mannequin market declined rapidly to $X in 2022, waning by -16% against the previous year. Overall, consumption, however, showed measured growth. Mannequin consumption peaked at $X in 2021, and then dropped sharply in the following year.

Mannequin Production in the Philippines

In value terms, mannequin production reduced slightly to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the production volume increased by 37% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Mannequin Exports

Exports from the Philippines

In 2022, shipments abroad of mannequins increased by 316% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, exports, however, showed a abrupt contraction. Over the period under review, the exports reached the peak figure at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, mannequin exports soared to $X in 2022. Overall, exports recorded strong growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan (X tons) was the main destination for mannequin exports from the Philippines, accounting for a 64% share of total exports. Moreover, mannequin exports to Japan exceeded the volume sent to the second major destination, the United States (X tons), fivefold. Switzerland (X tons) ranked third in terms of total exports with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan stood at -9.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-5.0% per year) and Switzerland (-16.5% per year).

In value terms, Japan ($X) emerged as the key foreign market for mannequins exports from the Philippines, comprising 65% of total exports. The second position in the ranking was taken by the United States ($X), with a 14% share of total exports. It was followed by Switzerland, with a 5.8% share.

From 2012 to 2022, the average annual growth rate of value to Japan amounted to +10.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+7.9% per year) and Switzerland (+1.4% per year).

Export Prices by Country

The average mannequin export price stood at $X per ton in 2022, reducing by -2.5% against the previous year. In general, the export price, however, posted significant growth. The pace of growth was the most pronounced in 2018 when the average export price increased by 459% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then declined modestly in the following year.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Israel ($X per ton) and Japan ($X per ton), while the average price for exports to Italy ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+33.8%), while the prices for the other major destinations experienced more modest paces of growth.

Mannequin Imports

Imports into the Philippines

Mannequin imports into the Philippines contracted remarkably to X tons in 2022, with a decrease of -37.7% against the previous year. Over the period under review, imports showed a noticeable setback. The pace of growth appeared the most rapid in 2016 with an increase of 469% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, mannequin imports plummeted to $X in 2022. Overall, imports, however, showed a strong expansion. The pace of growth was the most pronounced in 2016 when imports increased by 292% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United States (X tons), India (X tons) and China (X tons) were the main suppliers of mannequin imports to the Philippines, with a combined 58% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +13.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest mannequin suppliers to the Philippines were the United States ($X), India ($X) and China ($X), together accounting for 58% of total imports.

Among the main suppliers, India, with a CAGR of +41.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average mannequin import price amounted to $X per ton, surging by 33% against the previous year. Overall, the import price continues to indicate buoyant growth. The growth pace was the most rapid in 2018 when the average import price increased by 124% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to see gradual growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Israel ($X per ton) and China ($X per ton), while the price for the UK ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+32.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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