Vietnam: Market for Leather of Bovine and Equine Animals 2024

Market Size for Leather of Bovine and Equine Animals in Vietnam

The Vietnamese bovine and equine leather market surged to $X in 2021, rising by 78% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a resilient increase. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in the near future.

Exports of Leather of Bovine and Equine Animals

Exports from Vietnam

Bovine and equine leather exports from Vietnam expanded slightly to X tons in 2021, surging by 2.8% compared with 2020. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 111% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, bovine and equine leather exports surged to $X in 2021. Over the period under review, exports, however, saw a mild decline. The most prominent rate of growth was recorded in 2014 with an increase of 43% against the previous year. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for bovine and equine leather exports from Vietnam, accounting for a 67% share of total exports. Moreover, bovine and equine leather exports to China exceeded the volume sent to the second major destination, Indonesia (X tons), sixfold. The third position in this ranking was taken by Cambodia (X tons), with a 5.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled -1.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+10.4% per year) and Cambodia (+44.3% per year).

In value terms, Indonesia ($X), China ($X) and Bangladesh ($X) were the largest markets for bovine and equine leather exported from Vietnam worldwide, with a combined 56% share of total exports.

Bangladesh, with a CAGR of +38.0%, saw the highest growth rate of the value of exports, in terms of the main countries of destination 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 bovine and equine leather export price amounted to $X per ton, growing by 22% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average export price increased by 101% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Bangladesh ($X per ton), while the average price for exports to China ($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 Bangladesh (+13.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Leather of Bovine and Equine Animals

Imports into Vietnam

In 2021, bovine and equine leather imports into Vietnam soared to X tons, rising by 44% on 2020 figures. Overall, total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +9.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +56.7% against 2016 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 56% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, bovine and equine leather imports skyrocketed to $X in 2021. Over the period under review, total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +7.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United States (X tons), Italy (X tons) and Brazil (X tons) were the main suppliers of bovine and equine leather imports to Vietnam, together comprising 53% of total imports. These countries were followed by China, Thailand, Mexico, Argentina, South Africa, Australia, Taiwan (Chinese), South Korea, Hong Kong SAR and Uruguay, which together accounted for a further 37%.

From 2012 to 2021, the biggest increases were recorded for Mexico (with a CAGR of +46.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Italy ($X) and Thailand ($X) appeared to be the largest bovine and equine leather suppliers to Vietnam, together accounting for 51% of total imports. These countries were followed by the United States, Brazil, South Korea, Taiwan (Chinese), Hong Kong SAR, Argentina, Mexico, Australia, Uruguay and South Africa, which together accounted for a further 32%.

Mexico, with a CAGR of +32.2%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average bovine and equine leather import price stood at $X per ton in 2021, surging by 7.9% against the previous year. Over the period under review, the import price, however, recorded a mild decline. The growth pace was the most rapid in 2018 when the average import price increased by 16%. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+6.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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