South-Eastern Asia: Handbag Market 2024

Handbag Market Size in South-Eastern Asia

In 2022, the Southeast Asian handbag market increased by 12% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Handbag Production in South-Eastern Asia

In value terms, handbag production dropped slightly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a temperate expansion. The most prominent rate of growth was recorded in 2019 when the production volume increased by 44%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Handbag Exports

Exports in South-Eastern Asia

In 2022, approx. X units of handbags were exported in South-Eastern Asia; declining by -13.9% against the previous year's figure. In general, exports, however, recorded resilient growth. The pace of growth appeared the most rapid in 2019 when exports increased by 130% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, handbag exports rose to $X in 2022. Overall, exports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2019 with an increase of 57% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Vietnam was the major exporting country with an export of about X units, which accounted for 41% of total exports. It was distantly followed by Cambodia (X units), Myanmar (X units), Indonesia (X units) and Thailand (X units), together creating a 53% share of total exports. The following exporters - the Philippines (X units) and Singapore (X units) - together made up 5.4% of total exports.

From 2012 to 2022, average annual rates of growth with regard to handbag exports from Vietnam stood at +18.1%. At the same time, Myanmar (+156.4%), Cambodia (+73.0%), the Philippines (+15.9%), Indonesia (+13.0%), Thailand (+7.3%) and Singapore (+1.7%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +156.4% from 2012-2022. From 2012 to 2022, the share of Myanmar and Cambodia increased by +19 and +19 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest handbag supplying countries in South-Eastern Asia were Vietnam ($X), Singapore ($X) and Cambodia ($X), with a combined 75% share of total exports. Indonesia, the Philippines, Myanmar and Thailand lagged somewhat behind, together accounting for a further 25%.

Among the main exporting countries, Myanmar, with a CAGR of +118.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in South-Eastern Asia stood at $X per unit in 2022, with an increase of 21% against the previous year. In general, the export price, however, continues to indicate a perceptible setback. The level of export peaked at $X per unit in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per unit), while Myanmar ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+12.1%), while the other leaders experienced more modest paces of growth.

Handbag Imports

Imports in South-Eastern Asia

In 2022, purchases abroad of handbags increased by 4.3% to X units, rising for the second consecutive year after two years of decline. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 28% against the previous year. The volume of import peaked at X units in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, handbag imports skyrocketed to $X in 2022. Over the period under review, imports recorded resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Thailand (X units) represented the major importer of handbags, comprising 45% of total imports. The Philippines (X units) took the second position in the ranking, followed by Indonesia (X units), Singapore (X units) and Malaysia (X units). All these countries together held approx. 51% share of total imports.

Thailand experienced a relatively flat trend pattern with regard to volume of imports of handbags. At the same time, Indonesia (+8.7%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +8.7% from 2012-2022. The Philippines experienced a relatively flat trend pattern. By contrast, Singapore (-4.1%) and Malaysia (-8.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Indonesia and Thailand increased by +8.4 and +3.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) constitutes the largest market for imported handbags in South-Eastern Asia, comprising 55% of total imports. The second position in the ranking was held by Thailand ($X), with a 20% share of total imports. It was followed by Indonesia, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore stood at +10.4%. In the other countries, the average annual rates were as follows: Thailand (+11.0% per year) and Indonesia (+13.3% per year).

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per unit, growing by 35% against the previous year. Over the period under review, the import price continues to indicate a prominent expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+15.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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