Vietnam: Mannequin Market 2024

Mannequin Market Size in Vietnam

The Vietnamese mannequin market contracted rapidly to $X in 2022, with a decrease of -30.8% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then declined markedly in the following year.

Mannequin Production in Vietnam

In value terms, mannequin production shrank to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2019 when the production volume increased by 285% against the previous year. Mannequin production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Mannequin Exports

Exports from Vietnam

In 2022, exports of mannequins from Vietnam skyrocketed to X tons, increasing by 47% against 2021 figures. Over the period under review, exports showed a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 9,018%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, mannequin exports soared to $X in 2022. Overall, exports saw a significant expansion. The pace of growth was the most pronounced in 2014 with an increase of 9,009% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons), South Korea (X tons) and Japan (X tons) were the main destinations of mannequin exports from Vietnam, together accounting for 31% of total exports. The UK, India, Canada, the United Arab Emirates, Germany, China, Russia, Thailand, the Netherlands and Colombia lagged somewhat behind, together comprising a further 40%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +124.4%), while the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), the United States ($X) and Japan ($X) appeared to be the largest markets for mannequin exported from Vietnam worldwide, with a combined 31% share of total exports. China, India, the UK, Canada, the United Arab Emirates, Germany, Russia, Thailand, Colombia and the Netherlands lagged somewhat behind, together comprising a further 35%.

The Netherlands, with a CAGR of +129.3%, recorded 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

The average mannequin export price stood at $X per ton in 2022, shrinking by -16.8% against the previous year. Over the last decade, it increased at an average annual rate of +3.4%. The pace of growth appeared the most rapid in 2021 when the average export price increased by 36%. As a result, the export price attained the peak level of $X per ton, and then reduced markedly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the UK ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+16.0%), while the prices for the other major destinations experienced more modest paces of growth.

Mannequin Imports

Imports into Vietnam

In 2022, after two years of growth, there was decline in supplies from abroad of mannequins, when their volume decreased by -4.1% to X tons. Over the period under review, imports saw a abrupt curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 191% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, mannequin imports fell to $X in 2022. In general, imports continue to indicate a slight slump. The most prominent rate of growth was recorded in 2017 with an increase of 160% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

China (X tons), Germany (X tons) and South Korea (X tons) were the main suppliers of mannequin imports to Vietnam, together accounting for 53% of total imports. The United States, Italy, Thailand, the UK, India, Russia, Norway, Singapore, Canada and Japan lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of +34.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Germany ($X) and the United States ($X) constituted the largest mannequin suppliers to Vietnam, with a combined 52% share of total imports. South Korea, Italy, Thailand, the UK, India, Russia, Japan, Norway, Canada and Singapore lagged somewhat behind, together comprising a further 37%.

In terms of the main suppliers, Thailand, with a CAGR of +49.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average mannequin import price stood at $X per ton in 2022, shrinking by -4.5% against the previous year. In general, import price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, mannequin import price increased by +45.7% against 2017 indices. The pace of growth was the most pronounced in 2019 an increase of 35%. The import price peaked at $X per ton in 2021, and then fell modestly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+15.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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