Vietnam: Hairpin Market 2024

Hairpin Market Size in Vietnam

For the fifth year in a row, the Vietnamese hairpin market recorded growth in sales value, which increased by 23% to $X in 2021. Overall, consumption posted significant growth. Hairpin consumption peaked in 2021 and is likely to see gradual growth in years to come.

Hairpin Production in Vietnam

In value terms, hairpin production declined remarkably to $X in 2021 estimated in export price. Over the period under review, production, however, posted a strong increase. The most prominent rate of growth was recorded in 2020 when the production volume increased by 53%. As a result, production reached the peak level of $X, and then dropped remarkably in the following year.

Hairpin Exports

Exports from Vietnam

Hairpin exports from Vietnam dropped markedly to X tons in 2021, with a decrease of -76.6% on the previous year's figure. In general, exports saw a abrupt descent. The pace of growth appeared the most rapid in 2020 with an increase of 200%. As a result, the exports reached the peak of X tons, and then declined rapidly in the following year.

In value terms, hairpin exports shrank significantly to $X in 2021. Overall, exports recorded a perceptible reduction. The pace of growth appeared the most rapid in 2020 when exports increased by 470%. As a result, the exports attained the peak of $X, and then reduced sharply in the following year.

Exports by Country

The United States (X tons) was the main destination for hairpin exports from Vietnam, accounting for a 70% share of total exports. Moreover, hairpin exports to the United States exceeded the volume sent to the second major destination, Germany (X tons), sixfold. Japan (X tons) ranked third in terms of total exports with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +15.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+15.3% per year) and Japan (-21.4% per year).

In value terms, the United States ($X) remains the key foreign market for hairpin exports from Vietnam, comprising 70% of total exports. The second position in the ranking was held by Germany ($X), with a 13% share of total exports. It was followed by Japan, with a 10% share.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +21.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+21.5% per year) and Japan (-18.0% per year).

Export Prices by Country

The average hairpin export price stood at $X per ton in 2021, declining by -44.9% against the previous year. Over the period under review, the export price, however, continues to indicate a prominent increase. The pace of growth was the most pronounced in 2020 when the average export price increased by 90%. As a result, the export price reached the peak level of $X per ton, and then reduced dramatically in the following year.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+14.1%), while the prices for the other major destinations experienced more modest paces of growth.

Hairpin Imports

Imports into Vietnam

After four years of growth, overseas purchases of hairpins, curling pins, curling grips and hair-curlers decreased by -16% to X tons in 2021. Over the period under review, imports, however, showed a significant increase. The most prominent rate of growth was recorded in 2019 with an increase of 274% against the previous year. Over the period under review, imports hit record highs at X tons in 2020, and then contracted dramatically in the following year.

In value terms, hairpin imports rose rapidly to $X in 2021. In general, imports, however, recorded a significant expansion. The pace of growth was the most pronounced in 2019 when imports increased by 111%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest hairpin supplier to Vietnam, accounting for a 85% share of total imports. Moreover, hairpin imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), more than tenfold. Japan (X tons) ranked third in terms of total imports with a 5.9% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +51.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+10.4% per year) and Japan (+31.7% per year).

In value terms, China ($X) constituted the largest supplier of hairpin to Vietnam, comprising 85% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 6% share of total imports. It was followed by Japan, with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +51.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+10.0% per year) and Japan (+31.2% per year).

Import Prices by Country

The average hairpin import price stood at $X per ton in 2021, surging by 36% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of 38%. Over the period under review, average import prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (-0.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform