South-Eastern Asia: Leather Market 2022

Leather Market Size in South-Eastern Asia

In 2021, the Southeast Asian leather market increased by 23% to $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +2.8% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Leather Production in South-Eastern Asia

In value terms, leather production skyrocketed to $X in 2021 estimated in export price. In general, production showed a relatively flat trend pattern. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Leather Exports

Exports in South-Eastern Asia

In 2021, the amount of leather exported in South-Eastern Asia expanded to X tons, increasing by 3.9% against 2020 figures. Over the period under review, exports, however, continue to indicate a perceptible slump. The pace of growth appeared the most rapid in 2017 with an increase of 61% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, leather exports rose sharply to $X in 2021. Overall, exports, however, continue to indicate a relatively flat trend pattern. The level of export peaked at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Vietnam represented the main exporter of leather in South-Eastern Asia, with the volume of exports finishing at X tons, which was near 72% of total exports in 2021. It was distantly followed by Thailand (X tons), comprising a 20% share of total exports. Indonesia (X tons) and Cambodia (X tons) took a relatively small share of total exports.

Vietnam experienced a relatively flat trend pattern with regard to volume of exports of leather. At the same time, Cambodia (+12.3%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +12.3% from 2012-2021. By contrast, Thailand (-8.4%) and Indonesia (-8.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Vietnam increased by +17 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X), Vietnam ($X) and Indonesia ($X) appeared to be the countries with the highest levels of exports in 2021, together comprising 90% of total exports. These countries were followed by Cambodia, which accounted for a further 1.2%.

Cambodia, with a CAGR of +24.7%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2021, increasing by 9.8% against the previous year. Export price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, leather export price increased by +55.1% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the export price increased by 41%. The level of export peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Indonesia ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cambodia (+11.1%), while the other leaders experienced more modest paces of growth.

Leather Imports

Imports in South-Eastern Asia

In 2021, approx. X tons of leather were imported in South-Eastern Asia; growing by 5.5% on 2020 figures. The total import volume increased at an average annual rate of +3.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 when imports increased by 16%. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, leather imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.4% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

Vietnam was the major importing country with an import of about X tons, which resulted at 62% of total imports. Indonesia (X tons) ranks second in terms of the total imports with a 16% share, followed by Cambodia (10%) and Thailand (6.4%). The following importers - the Philippines (X tons) and Malaysia (X tons) - each amounted to a 3.4% share of total imports.

Imports into Vietnam increased at an average annual rate of +4.8% from 2012 to 2021. At the same time, Cambodia (+16.7%), the Philippines (+5.4%) and Indonesia (+2.8%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +16.7% from 2012-2021. By contrast, Malaysia (-5.7%) and Thailand (-6.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Cambodia and Vietnam increased by +6.8 and +5.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) constitutes the largest market for imported leather in South-Eastern Asia, comprising 43% of total imports. The second position in the ranking was taken by Indonesia ($X), with an 18% share of total imports. It was followed by Thailand, with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Vietnam amounted to +1.6%. In the other countries, the average annual rates were as follows: Indonesia (+0.1% per year) and Thailand (+0.1% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2021, with an increase of 12% against the previous year. Over the period under review, the import price, however, saw a perceptible decrease. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Thailand ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+7.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :