Republic of Korea: 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 Republic of Korea

The South Korean bedding and furnishing article market expanded notably to $X in 2021, rising by 5.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +8.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +19.2% against 2019 indices. Over the period under review, the market reached the peak level in 2021 and is likely to continue growth in the immediate term.

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

Exports from Republic of Korea

In 2021, the amount of bedding and furnishing articles (quilts, eiderdowns, cushions, pouffes and pillows) exported from South Korea skyrocketed to X tons, jumping by 55% against the previous year's figure. Overall, exports posted a strong expansion. The most prominent rate of growth was recorded in 2018 with an increase of 93% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, bedding and furnishing article exports skyrocketed to $X in 2021. Over the period under review, total exports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +8.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 with an increase of 33%. The exports peaked in 2021 and are likely to see steady growth in the near future.

Exports by Country

The Philippines (X tons) was the main destination for bedding and furnishing article exports from South Korea, with a 66% share of total exports. Moreover, bedding and furnishing article exports to the Philippines exceeded the volume sent to the second major destination, the United States (X tons), sevenfold. The third position in this ranking was held by China (X tons), with a 6.6% share.

From 2012 to 2021, the average annual growth rate of volume to the Philippines stood at +31.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+9.3% per year) and China (+19.1% per year).

In value terms, the United States ($X) remains the key foreign market for bedding and furnishing article exports from South Korea, comprising 29% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 14% share of total exports. It was followed by Japan, with a 12% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +13.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+38.2% per year) and Japan (+16.5% per year).

Export Prices by Country

The average bedding and furnishing article export price stood at $X per ton in 2021, which is down by -15% against the previous year. Over the period under review, the export price recorded a abrupt curtailment. The growth pace was the most rapid in 2020 when the average export price increased by 24% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+5.1%), 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 Republic of Korea

For the tenth year in a row, South Korea recorded growth in overseas purchases of bedding and furnishing articles (quilts, eiderdowns, cushions, pouffes and pillows), which increased by 5.1% to X tons in 2021. Over the period under review, imports enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2016 with an increase of 37%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, bedding and furnishing article imports amounted to $X in 2021. In general, imports saw a strong expansion. The pace of growth was the most pronounced in 2015 with an increase of 22%. Imports peaked in 2021 and are likely to see steady growth in years to come.

Imports by Country

In 2021, China (X tons) constituted the largest bedding and furnishing article supplier to South Korea, accounting for a 87% share of total imports. Moreover, bedding and furnishing article imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from China totaled +8.8%.

In value terms, China ($X) constituted the largest supplier of bedding and furnishing article to South Korea, comprising 71% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 12% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China amounted to +8.3%.

Import Prices by Country

The average bedding and furnishing article import price stood at $X per ton in 2021, growing by 7.5% against the previous year. In general, the import price recorded a relatively flat trend pattern. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Vietnam ($X per ton), while the price for China amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+5.1%).

Source: IndexBox Platform