Republic of Korea: Artificial Fur Market 2024

Artificial Fur Market Size in Republic of Korea

The South Korean artificial fur market was finally on the rise to reach $X in 2022, after three years of decline. Over the period under review, consumption showed a slight reduction. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Artificial Fur Production in Republic of Korea

In value terms, artificial fur production reached $X in 2022 estimated in export price. Over the period under review, production continues to indicate a slight setback. The most prominent rate of growth was recorded in 2020 when the production volume increased by 20% against the previous year. Artificial fur production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Artificial Fur Exports

Exports from Republic of Korea

In 2022, overseas shipments of artificial fur increased by 11% to X tons, rising for the fifth consecutive year after two years of decline. Over the period under review, exports enjoyed a tangible increase. The most prominent rate of growth was recorded in 2015 with an increase of 105%. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, artificial fur exports shrank modestly to $X in 2022. Overall, exports, however, recorded a mild shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 60% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Myanmar (X tons), China (X tons) and Japan (X tons) were the main destinations of artificial fur exports from South Korea, with a combined 93% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +45.1%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Japan ($X) remains the key foreign market for artificial fur exports from South Korea, comprising 61% of total exports. The second position in the ranking was held by China ($X), with an 18% share of total exports. It was followed by Myanmar, with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan totaled +13.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-7.3% per year) and Myanmar (+3.5% per year).

Export Prices by Country

In 2022, the average artificial fur export price amounted to $X per ton, falling by -13.1% against the previous year. Over the period under review, the export price showed a perceptible decline. The growth pace was the most rapid in 2017 when the average export price increased by 146% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+3.1%), while the prices for the other major destinations experienced a decline.

Artificial Fur Imports

Imports into Republic of Korea

After three years of decline, overseas purchases of artificial fur increased by 55% to X tons in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when imports increased by 345% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, artificial fur imports surged to $X in 2022. In general, imports posted a modest expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 231% against the previous year. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

China (X tons) and Vietnam (X tons) were the main suppliers of artificial fur imports to South Korea.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +76.7%).

In value terms, China ($X) constituted the largest supplier of artificial fur to South Korea, comprising 43% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 21% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to -6.4%.

Import Prices by Country

The average artificial fur import price stood at $X per ton in 2022, remaining stable against the previous year. In general, import price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, artificial fur import price increased by +51.6% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 67% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for Vietnam stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-1.1%).

Source: IndexBox Platform

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