Vietnam: Plastic Furniture Market 2024

Plastic Furniture Market Size in Vietnam

The Vietnamese plastic furniture market fell remarkably to $X in 2021, shrinking by -32.7% against the previous year. Over the period under review, consumption showed a slight contraction. Plastic furniture consumption peaked at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Plastic Furniture Production in Vietnam

In value terms, plastic furniture production contracted markedly to $X in 2021 estimated in export price. Overall, production, however, showed a perceptible expansion. The pace of growth was the most pronounced in 2020 when the production volume increased by 127% against the previous year. As a result, production attained the peak level of $X, and then shrank notably in the following year.

Plastic Furniture Exports

Exports from Vietnam

In 2021, exports of furniture of plastic from Vietnam reached X units, stabilizing at the previous year's figure. In general, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 565% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, plastic furniture exports expanded notably to $X in 2021. Overall, exports posted a significant increase. The pace of growth was the most pronounced in 2020 with an increase of 498%. The exports peaked in 2021 and are likely to see steady growth in the near future.

Exports by Country

The United States (X units) was the main destination for plastic furniture exports from Vietnam, with a 46% share of total exports. Moreover, plastic furniture exports to the United States exceeded the volume sent to the second major destination, Germany (X units), threefold. The third position in this ranking was taken by the UK (X units), with a 13% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +52.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+13.4% per year) and the UK (+34.2% per year).

In value terms, the largest markets for plastic furniture exported from Vietnam were the United States ($X), the UK ($X) and Germany ($X), together comprising 75% of total exports. These countries were followed by Japan, Canada, Mexico, Australia, the Netherlands, Taiwan (Chinese), Sweden and France, which together accounted for a further 19%.

In terms of the main countries of destination, Mexico, with a CAGR of +117.7%, saw the highest growth rate of 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

In 2021, the average plastic furniture export price amounted to $X per unit, with an increase of 15% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.1%. The pace of growth was the most pronounced in 2018 an increase of 22% against the previous year. The export price peaked in 2021 and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was the UK ($X per unit), while the average price for exports to Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+14.3%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Furniture Imports

Imports into Vietnam

Plastic furniture imports into Vietnam skyrocketed to X units in 2021, surging by 374% against the previous year. Overall, imports showed a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, plastic furniture imports surged to $X in 2021. Over the period under review, imports posted a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest plastic furniture supplier to Vietnam, with a 79% share of total imports. Moreover, plastic furniture imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), more than tenfold. South Korea (X units) ranked third in terms of total imports with a 3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +49.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+54.8% per year) and South Korea (+33.9% per year).

In value terms, China ($X) constituted the largest supplier of plastic furniture to Vietnam, comprising 79% of total imports. The second position in the ranking was held by Germany ($X), with a 7.2% share of total imports. It was followed by South Korea, with a 3% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +53.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+61.1% per year) and South Korea (+37.4% per year).

Import Prices by Country

In 2021, the average plastic furniture import price amounted to $X per unit, increasing by 41% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.3%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were Taiwan (Chinese) ($X per unit) and Japan ($X per unit), while the price for Germany ($X per unit) and Italy ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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