Japan Furniture Market Shipment Analysis
Japan Furniture Market registered a decline of -0.83% in value shipments in 2022 as compared to 2021 and an increase of 1.33% CAGR in 2022 over a period of 2017. In Furniture Market Japan is becoming less competitive as HHI index in 2022 was 3303 while in 2017 it was 3082. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market.
Japan has reportedly relied more on imports to meet its growing demand in Furniture Market. India is shifting towards local production to meet its demand as we see the trend is shifting towards reducing imports. The import factor of Furniture Market in 2022 was 44.79 while in 2017 it was 56.3. China, Vietnam, Malaysia, Indonesia and Thailand were among the top players of the market in 2022, where China acquired the largest market share of 51.74% with a shipment value of 1100.52 million USD in 2022 China also offered the product below the average market price thus having a competitive advantage over others In 2017 China had the largest market share of 50.04% with the shipment value of 991.27 million USD. The country was offering its product with an average price which is lower than the average market price offered in the country. As China price is lower than the average price, it provided a significant edge among other competitor in 2017.
