Artificial Fur Market

The global artificial fur market is expected to experience an upward consumption trend over the next eight years, with a forecasted increase in volume and value. China leads in both consumption and production of artificial fur, while Thailand and Italy are also significant players in the market. Demand for artificial fur is driven by rising consumer preferences and trends, leading to fluctuations in import prices. Overall, the market shows resilience with consistent growth in exports despite fluctuations in prices.

Market Forecast

Driven by rising demand for artificial fur worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +3.2% for the period from 2022 to 2030, which is projected to bring the market volume to 33K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.2% for the period from 2022 to 2030, which is projected to bring the market value to $590M (in nominal prices) by the end of 2030.

Consumption

World Consumption of Artificial Fur

In 2022, approx. 26K tons of artificial fur were consumed worldwide; which is down by -50.2% on 2021. In general, consumption saw a abrupt downturn. As a result, consumption attained the peak volume of 53K tons. From 2019 to 2022, the growth of the global consumption remained at a lower figure.

The global artificial fur market revenue dropped notably to $365M in 2022, with a decrease of -61.9% 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 showed a deep downturn. As a result, consumption attained the peak level of $1.1B. From 2018 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

China (6.6K tons) remains the largest artificial fur consuming country worldwide, comprising approx. 25% of total volume. Moreover, artificial fur consumption in China exceeded the figures recorded by the second-largest consumer, Thailand (2.4K tons), threefold. Italy (1.5K tons) ranked third in terms of total consumption with a 5.6% share.

In China, artificial fur consumption expanded at an average annual rate of +1.6% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: Thailand (+19.8% per year) and Italy (+26.5% per year).

In value terms, China ($88M) led the market, alone. The second position in the ranking was taken by Italy ($39M). It was followed by Pakistan.

In China, the artificial fur market increased at an average annual rate of +1.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Italy (+24.2% per year) and Pakistan (+1.5% per year).

The countries with the highest levels of artificial fur per capita consumption in 2022 were Belarus (54 kg per 1000 persons), Poland (37 kg per 1000 persons) and Thailand (34 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +26.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Artificial Fur

In 2022, approx. 24K tons of artificial fur were produced worldwide; shrinking by -52.2% compared with the previous year. Over the period under review, production saw a perceptible reduction. The most prominent rate of growth was recorded in 2017 when the production volume increased by 12% against the previous year. Over the period under review, global production reached the maximum volume at 50K tons in 2021, and then declined significantly in the following year.

In value terms, artificial fur production expanded markedly to $1.5B in 2022 estimated in export price. The total output value increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2016 with an increase of 13% against the previous year. Over the period under review, global production attained the peak level in 2022 and is expected to retain growth in years to come.

Production By Country

The country with the largest volume of artificial fur production was China (11K tons), accounting for 46% of total volume. Moreover, artificial fur production in China exceeded the figures recorded by the second-largest producer, Poland (1.4K tons), eightfold. Pakistan (1.4K tons) ranked third in terms of total production with a 5.9% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at +5.5%. The remaining producing countries recorded the following average annual rates of production growth: Poland (-0.9% per year) and Pakistan (+4.2% per year).

Imports

World Imports of Artificial Fur

In 2022, overseas purchases of artificial fur increased by 4.9% to 9.8K tons, rising for the second year in a row after two years of decline. In general, total imports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +5.1% against 2020 indices. The growth pace was the most rapid in 2018 with an increase of 61% against the previous year. As a result, imports reached the peak of 16K tons. From 2019 to 2022, the growth of global imports remained at a lower figure.

In value terms, artificial fur imports expanded sharply to $109M in 2022. Over the period under review, total imports indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +15.5% against 2020 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 27%. As a result, imports reached the peak of $166M. From 2019 to 2022, the growth of global imports remained at a lower figure.

Imports By Country

Thailand represented the largest importer of artificial fur in the world, with the volume of imports amounting to 2.8K tons, which was approx. 28% of total imports in 2022. Vietnam (1,145 tons) held a 12% share (based on physical terms) of total imports, which put it in second place, followed by Myanmar (11%), Belarus (9.9%) and Italy (5.4%). The following importers - the Philippines (216 tons), the UK (192 tons), Russia (191 tons), France (175 tons), the Netherlands (156 tons) and the United States (155 tons) - each recorded an 11% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to artificial fur imports into Thailand stood at +40.8%. At the same time, Myanmar (+150.8%), the Philippines (+42.4%), Belarus (+17.1%), Italy (+13.5%), the Netherlands (+8.2%) and France (+5.3%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in the world, with a CAGR of +150.8% from 2012-2022. By contrast, Russia (-1.5%), the UK (-2.6%), Vietnam (-5.9%) and the United States (-7.7%) illustrated a downward trend over the same period. While the share of Thailand (+27 p.p.), Myanmar (+11 p.p.), Belarus (+7.3 p.p.), Italy (+3.5 p.p.) and the Philippines (+2.1 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of the United States (-2.9 p.p.) and Vietnam (-15.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($22M), Italy ($14M) and France ($5.8M) appeared to be the countries with the highest levels of imports in 2022, with a combined 38% share of global imports. The Netherlands, the United States, the UK, Russia, Myanmar, the Philippines, Thailand and Belarus lagged somewhat behind, together accounting for a further 20%.

Among the main importing countries, Myanmar, with a CAGR of +102.6%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average artificial fur import price amounted to $11,129 per ton, rising by 1.6% against the previous year. Overall, the import price, however, showed a mild decline. The growth pace was the most rapid in 2017 an increase of 16% against the previous year. As a result, import price reached the peak level of $13,595 per ton. From 2018 to 2022, the average import prices remained at a somewhat lower figure.

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 France ($32,877 per ton), while Thailand ($616 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+6.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Artificial Fur

Global artificial fur exports expanded slightly to 7.9K tons in 2022, surging by 4.4% on 2021. In general, exports showed a strong increase. The most prominent rate of growth was recorded in 2019 with an increase of 38%. As a result, the exports reached the peak of 7.9K tons; afterwards, it flattened through to 2022.

In value terms, artificial fur exports dropped to $104M in 2022. Overall, exports posted a resilient increase. The pace of growth was the most pronounced in 2017 with an increase of 71% against the previous year. The global exports peaked at $105M in 2021, and then contracted modestly in the following year.

Exports By Country

China was the major exporting country with an export of around 4.6K tons, which accounted for 59% of total exports. Syrian Arab Republic (1,066 tons) ranks second in terms of the total exports with a 14% share, followed by Belarus (6%) and Thailand (5.4%). The following exporters - Italy (158 tons) and Poland (136 tons) - each reached a 3.7% share of total exports.

Exports from China increased at an average annual rate of +15.1% from 2012 to 2022. At the same time, Belarus (+30.1%), Thailand (+24.3%), Poland (+24.0%), Italy (+11.7%) and Syrian Arab Republic (+3.0%) displayed positive paces of growth. Moreover, Belarus emerged as the fastest-growing exporter exported in the world, with a CAGR of +30.1% from 2012-2022. While the share of China (+28 p.p.), Belarus (+5 p.p.) and Thailand (+4.1 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Syrian Arab Republic (-7.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($55M) remains the largest artificial fur supplier worldwide, comprising 53% of global exports. The second position in the ranking was taken by Italy ($11M), with a 10% share of global exports. It was followed by Belarus, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +14.9%. In the other countries, the average annual rates were as follows: Italy (+11.7% per year) and Belarus (+29.0% per year).

Export Prices By Country

In 2022, the average artificial fur export price amounted to $13,185 per ton, shrinking by -5.4% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average export price increased by 58%. As a result, the export price reached the peak level of $18,074 per ton. From 2018 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Italy ($68,720 per ton), while Syrian Arab Republic ($1,905 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Syrian Arab Republic (+0.5%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform