South-Eastern Asia: Leather Footwear Market 2024

Leather Footwear Market Size in South-Eastern Asia

In 2021, the Southeast Asian leather footwear market decreased by -5.3% to $X, falling for the second year in a row after two years of growth. Over the period under review, consumption saw a abrupt shrinkage. The growth pace was the most rapid in 2018 with an increase of 8.6%. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Leather Footwear Production in South-Eastern Asia

In value terms, leather footwear production reached $X in 2021 estimated in export price. In general, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 8.6%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Leather Footwear Exports

Exports in South-Eastern Asia

In 2021, approx. X tons of leather footwear were exported in South-Eastern Asia; rising by 22% against 2020. The total export volume increased at an average annual rate of +4.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, leather footwear exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +5.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Vietnam (X tons) represented the largest exporter of leather footwear, creating 73% of total exports. Indonesia (X tons) took the second position in the ranking, followed by Cambodia (X tons) and Thailand (X tons). All these countries together held approx. 24% share of total exports.

Vietnam was also the fastest-growing in terms of the leather footwear exports, with a CAGR of +6.0% from 2012 to 2021. At the same time, Cambodia (+4.2%) and Thailand (+4.2%) displayed positive paces of growth. By contrast, Indonesia (-1.3%) illustrated a downward trend over the same period. Vietnam (+7.6 p.p.) significantly strengthened its position in terms of the total exports, while Indonesia saw its share reduced by -8.1% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) remains the largest leather footwear supplier in South-Eastern Asia, comprising 77% of total exports. The second position in the ranking was taken by Cambodia ($X), with an 8.3% share of total exports. It was followed by Indonesia, with a 7.3% share.

From 2012 to 2021, the average annual growth rate of value in Vietnam stood at +6.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Cambodia (+6.1% per year) and Indonesia (-0.3% per year).

Export Prices by Country

In 2021, the export price in South-Eastern Asia amounted to $X per kg, approximately equating the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 5.5%. As a result, the export price attained the peak level of $X per kg, leveling off in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cambodia ($X per kg), while Indonesia ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cambodia (+1.8%), while the other leaders experienced more modest paces of growth.

Leather Footwear Imports

Imports in South-Eastern Asia

After three years of decline, overseas purchases of leather footwear increased by 6% to X tons in 2021. Overall, imports, however, recorded a slight curtailment. The most prominent rate of growth was recorded in 2013 when imports increased by 22% against the previous year. The volume of import peaked at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, leather footwear imports expanded remarkably to $X in 2021. The total import value increased at an average annual rate of +2.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 18% against the previous year. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Singapore (X tons) and Thailand (X tons) represented the main importers of leather footwear in South-Eastern Asia, together comprising 65% of total imports. Malaysia (X tons) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by Indonesia (10%), the Philippines (7.5%) and Vietnam (4.8%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Vietnam (with a CAGR of +6.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Thailand ($X) and Malaysia ($X) were the countries with the highest levels of imports in 2021, with a combined 80% share of total imports. These countries were followed by Indonesia, the Philippines and Vietnam, which together accounted for a further 19%.

Vietnam, with a CAGR of +9.5%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in South-Eastern Asia amounted to $X per kg, increasing by 3.3% against the previous year. Import price indicated a tangible increase from 2012 to 2021: its price increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, leather footwear import price increased by +74.6% against 2015 indices. The pace of growth appeared the most rapid in 2016 when the import price increased by 29% against the previous year. The level of import peaked in 2021 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Singapore ($X per kg), while Indonesia ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+23.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform