Republic of Korea: Mannequin Market 2024

Mannequin Market Size in Republic of Korea

The South Korean mannequin market reduced to $X in 2022, with a decrease of -7% against the previous year. In general, consumption saw a slight slump. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Mannequin Production in Republic of Korea

In value terms, mannequin production fell modestly to $X in 2022 estimated in export price. In general, production saw a deep slump. The most prominent rate of growth was recorded in 2019 with an increase of 37% against the previous year. Mannequin production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Mannequin Exports

Exports from Republic of Korea

In 2022, overseas shipments of mannequins were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, continue to indicate a deep setback. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, mannequin exports surged to $X in 2022. Overall, exports, however, recorded a mild setback. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons), China (X tons) and the United Arab Emirates (X tons) were the main destinations of mannequin exports from South Korea, with a combined 31% share of total exports. India, Singapore, Vietnam, Morocco, Ecuador, Austria, Malaysia, Australia, Japan and Indonesia lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2022, the biggest increases were recorded for Austria (with a CAGR of +34.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for mannequin exported from South Korea were the United States ($X), China ($X) and Japan ($X), with a combined 41% share of total exports. Vietnam, India, Singapore, Indonesia, Australia, Austria, the United Arab Emirates, Malaysia, Morocco and Ecuador lagged somewhat behind, together comprising a further 24%.

Austria, with a CAGR of +28.9%, recorded the highest rates of growth with regard to 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

In 2022, the average mannequin export price amounted to $X per ton, growing by 8.7% against the previous year. In general, export price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, mannequin export price decreased by -1.7% against 2020 indices. The growth pace was the most rapid in 2017 an increase of 76%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Ecuador ($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 (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.

Mannequin Imports

Imports into Republic of Korea

In 2022, overseas purchases of mannequins increased by 12% to X tons for the first time since 2016, thus ending a five-year declining trend. The total import volume increased at an average annual rate of +4.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 when imports increased by 24%. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, mannequin imports soared to $X in 2022. Over the period under review, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 when imports increased by 26%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of mannequin to South Korea, accounting for a 59% share of total imports. Moreover, mannequin imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. The third position in this ranking was held by the UK (X tons), with a 9.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+1.0% per year) and the UK (+19.1% per year).

In value terms, the largest mannequin suppliers to South Korea were the United States ($X), China ($X) and Vietnam ($X), with a combined 68% share of total imports.

In terms of the main suppliers, Vietnam, with a CAGR of +83.5%, 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, growing by 4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2017 an increase of 22%. Over the period under review, average import prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+27.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :