Asia-Pacific: Market for Furnishing Articles, Furniture and Cushion Covers 2024

Market Size for Furnishing Articles, Furniture and Cushion Covers in Asia-Pacific

For the third consecutive year, the Asia-Pacific market for furnishing articles, furniture and cushion covers recorded decline in sales value, which decreased by X% to $X in 2022. The market value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Production of Furnishing Articles, Furniture and Cushion Covers in Asia-Pacific

In value terms, production of furnishing articles, furniture and cushion covers fell to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of X%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

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Exports of Furnishing Articles, Furniture and Cushion Covers

Exports in Asia-Pacific

In 2022, the amount of furnishing articles, furniture and cushion covers exported in Asia-Pacific dropped modestly to X tons, with a decrease of X% compared with the previous year's figure. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by X%. As a result, the exports reached the peak of X tons, and then reduced in the following year.

In value terms, exports of furnishing articles, furniture and cushion covers shrank to $X in 2022. The total export value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, the exports reached the peak of $X, and then fell in the following year.

Exports by Country

China was the major exporter of furnishing articles, furniture and cushion covers in Asia-Pacific, with the volume of exports amounting to X tons, which was approx. X% of total exports in 2022. It was distantly followed by India (X tons), committing a X% share of total exports. Vietnam (X tons) held a minor share of total exports.

China experienced a relatively flat trend pattern with regard to volume of exports of furnishing articles, furniture and cushion covers. At the same time, India (X%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of X% from 2012-2022. By contrast, Vietnam (X%) illustrated a downward trend over the same period. While the share of India (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Vietnam (X p.p.) and China (X p.p.) displayed negative dynamics.

In value terms, the largest furnishing article, furniture and cushion cover supplying countries in Asia-Pacific were China ($X), India ($X) and Vietnam ($X), with a combined X% share of total exports.

In terms of the main exporting countries, India, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, 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 Asia-Pacific stood at $X per ton in 2022, which is down by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2016 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was India ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the other leaders experienced a decline in the export price figures.

Imports of Furnishing Articles, Furniture and Cushion Covers

Imports in Asia-Pacific

In 2022, overseas purchases of furnishing articles, furniture and cushion covers decreased by X% to X tons for the first time since 2018, thus ending a three-year rising trend. The total import volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons, and then reduced in the following year.

In value terms, imports of furnishing articles, furniture and cushion covers contracted to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X, and then shrank in the following year.

Imports by Country

In 2022, Japan (X tons), distantly followed by Australia (X tons), South Korea (X tons), Malaysia (X tons), Thailand (X tons) and India (X tons) represented the key importers of furnishing articles, furniture and cushion covers, together creating X% of total imports. Myanmar (X tons), New Zealand (X tons), Bangladesh (X tons), China (X tons), Afghanistan (X tons), Singapore (X tons) and the Philippines (X tons) took a little share of total imports.

Imports into Japan decreased at an average annual rate of X% from 2012 to 2022. At the same time, Myanmar (X%), Malaysia (X%), Afghanistan (X%), Bangladesh (X%), Thailand (X%), India (X%), South Korea (X%), New Zealand (X%) and China (X%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of X% from 2012-2022. Singapore and the Philippines experienced a relatively flat trend pattern. By contrast, Australia (X%) illustrated a downward trend over the same period. Malaysia (X p.p.), Thailand (X p.p.), Myanmar (X p.p.), South Korea (X p.p.), Bangladesh (X p.p.), Afghanistan (X p.p.) and India (X p.p.) significantly strengthened its position in terms of the total imports, while Australia and Japan saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported furnishing articles, furniture and cushion covers in Asia-Pacific, comprising X% of total imports. The second position in the ranking was taken by Australia ($X), with a X% share of total imports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Japan was relatively modest. In the other countries, the average annual rates were as follows: Australia (X% per year) and South Korea (X% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, dropping by X% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of X%. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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