Sails Market

The article provides a detailed analysis of the global sails market, highlighting trends in consumption, production, import, and export. It forecasts market performance to increase with a CAGR of +3.3% in volume and +5.1% in value by 2030. China is the leading consumer and producer of sails, with significant growth rates observed. The United States is a major importer, while Sri Lanka is a large exporter of sails. Prices and volumes have shown fluctuations over the years, with overall growth expected to continue in the near future.

Market Forecast

Driven by increasing demand for sails worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.3% for the period from 2022 to 2030, which is projected to bring the market volume to 47K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.1% for the period from 2022 to 2030, which is projected to bring the market value to $3.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Sails

In 2022, the amount of sails consumed worldwide fell to 37K tons, which is down by -12.9% on 2021. In general, the total consumption indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +53.2% against 2017 indices. Global consumption peaked at 42K tons in 2021, and then contracted in the following year.

The global sails market revenue fell to $2.3B in 2022, waning by -13.6% 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). Overall, the total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +3.9% against 2020 indices. Global consumption peaked at $2.7B in 2021, and then contracted in the following year.

Consumption By Country

The country with the largest volume of sails consumption was China (5.8K tons), accounting for 16% of total volume. Moreover, sails consumption in China exceeded the figures recorded by the second-largest consumer, India (2.3K tons), threefold. The third position in this ranking was taken by the United States (2.1K tons), with a 5.9% share.

In China, sails consumption increased at an average annual rate of +6.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+5.3% per year) and the United States (+4.8% per year).

In value terms, the largest sails markets worldwide were Japan ($270M), China ($156M) and Germany ($142M), together comprising 24% of the global market. India, Russia, the United States, Brazil, Mexico, Indonesia, Nigeria, France, Bangladesh and the Netherlands lagged somewhat behind, together accounting for a further 26%.

Among the main consuming countries, the Netherlands, with a CAGR of +14.0%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of sails per capita consumption was registered in the Netherlands (42 kg per 1000 persons), followed by Germany (13 kg per 1000 persons), France (12 kg per 1000 persons) and Russia (8.6 kg per 1000 persons), while the world average per capita consumption of sails was estimated at 4.7 kg per 1000 persons.

From 2012 to 2022, the average annual growth rate of the sails per capita consumption in the Netherlands amounted to +14.3%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Germany (+6.5% per year) and France (+9.4% per year).

Production

World Production of Sails

In 2022, global sails production declined to 36K tons, waning by -10.5% against 2021. Overall, the total production indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +58.8% against 2016 indices. The most prominent rate of growth was recorded in 2018 with an increase of 30%. Over the period under review, global production attained the peak volume at 40K tons in 2021, and then declined in the following year.

In value terms, sails production shrank dramatically to $6.1B in 2022 estimated in export price. Over the period under review, production, however, saw a measured increase. The pace of growth appeared the most rapid in 2019 when the production volume increased by 171% against the previous year. Over the period under review, global production hit record highs at $7.3B in 2021, and then contracted rapidly in the following year.

Production By Country

China (6.1K tons) constituted the country with the largest volume of sails production, accounting for 17% of total volume. Moreover, sails production in China exceeded the figures recorded by the second-largest producer, India (2.3K tons), threefold. The third position in this ranking was held by Russia (1.2K tons), with a 3.5% share.

In China, sails production increased at an average annual rate of +4.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+5.3% per year) and Russia (+2.5% per year).

Imports

World Imports of Sails

In 2022, the amount of sails imported worldwide reduced to 4.5K tons, waning by -14.7% on the previous year's figure. Overall, total imports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +2.2% 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 +2.0% against 2020 indices. The growth pace was the most rapid in 2019 when imports increased by 38%. As a result, imports attained the peak of 6.1K tons. From 2020 to 2022, the growth of global imports remained at a lower figure.

In value terms, sails imports rose remarkably to $177M in 2022. The total import value increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 18% against the previous year. Over the period under review, global imports attained the maximum in 2022 and are expected to retain growth in the near future.

Imports By Country

The United States was the major importing country with an import of about 1.8K tons, which accounted for 40% of total imports. France (447 tons) held the second position in the ranking, followed by the Netherlands (298 tons), Slovakia (269 tons) and the UK (259 tons). All these countries together held near 28% share of total imports. Germany (196 tons), Denmark (145 tons), Australia (72 tons), Hong Kong SAR (71 tons) and Canada (68 tons) followed a long way behind the leaders.

Imports into the United States increased at an average annual rate of +19.1% from 2012 to 2022. At the same time, Slovakia (+53.9%), the Netherlands (+13.5%), France (+12.0%), Denmark (+11.6%) and Canada (+8.6%) displayed positive paces of growth. Moreover, Slovakia emerged as the fastest-growing importer imported in the world, with a CAGR of +53.9% from 2012-2022. Germany experienced a relatively flat trend pattern. By contrast, Australia (-2.5%), the UK (-4.3%) and Hong Kong SAR (-9.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United States, France, Slovakia, the Netherlands and Denmark increased by +32, +6, +5.9, +4.3 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($38M), Germany ($19M) and France ($18M) appeared to be the countries with the highest levels of imports in 2022, together accounting for 42% of global imports. Denmark, the UK, Australia, the Netherlands, Canada, Hong Kong SAR and Slovakia lagged somewhat behind, together comprising a further 24%.

Among the main importing countries, Slovakia, with a CAGR of +30.3%, saw the highest rates of growth with regard to 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 sails import price amounted to $39,595 per ton, picking up by 24% against the previous year. Overall, import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sails import price increased by +42.1% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 69% against the previous year. As a result, import price reached the peak level of $46,800 per ton. From 2018 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Australia ($105,717 per ton), while Slovakia ($2,103 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+6.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Sails

In 2022, shipments abroad of sails increased by 14% to 3.7K tons, rising for the second consecutive year after three years of decline. The total export volume increased at an average annual rate of +4.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when exports increased by 38%. The global exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, sails exports expanded remarkably to $227M in 2022. The total export value increased at an average annual rate of +3.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when exports increased by 18% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the near future.

Exports By Country

In 2022, the Philippines (835 tons), distantly followed by Sri Lanka (467 tons), China (341 tons), Tunisia (327 tons), France (230 tons) and the United States (175 tons) represented the key exporters of sails, together comprising 64% of total exports. The UK (149 tons), Denmark (129 tons), Germany (126 tons), South Africa (116 tons), Hong Kong SAR (107 tons), New Zealand (100 tons) and Slovakia (99 tons) took a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Slovakia (with a CAGR of +36.7%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Sri Lanka ($51M) remains the largest sails supplier worldwide, comprising 22% of global exports. The second position in the ranking was taken by Germany ($21M), with a 9.4% share of global exports. It was followed by Denmark, with a 9.3% share.

In Sri Lanka, sails exports expanded at an average annual rate of +9.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+18.0% per year) and Denmark (+2.0% per year).

Export Prices By Country

The average sails export price stood at $61,306 per ton in 2022, waning by -3.7% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 17% against the previous year. As a result, the export price attained the peak level of $80,022 per ton. From 2020 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 New Zealand ($169,460 per ton), while the Philippines ($5,953 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform