Belt And Bandolier Market

The global belt and bandolier market is expected to exhibit growth in both volume and value terms from 2022 to 2030. Consumption trends show an upward trajectory with a projected CAGR of +0.4%, reaching 615M units by 2030 in volume terms and $5.6B in value terms. Key consuming countries like the Philippines, China, and the United States play a significant role in driving market growth. Production, import, and export trends also provide insights into market dynamics, with China being the largest producer and exporter of belts and bandoliers. Import and export prices show fluctuations over the analyzed period, with notable growth rates recorded in specific years. Overall, the market is poised for continued growth, with various factors influencing its trajectory.

Market Forecast

Driven by increasing demand for belts and bandoliers worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.4% for the period from 2022 to 2030, which is projected to bring the market volume to 615M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.7% for the period from 2022 to 2030, which is projected to bring the market value to $5.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Belts And Bandoliers

In 2022, global consumption of belts and bandoliers amounted to 594M units, surging by 13% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. Global consumption peaked in 2022 and is expected to retain growth in the near future.

The global belt and bandolier market revenue expanded rapidly to $4.5B in 2022, increasing by 7.2% 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 recorded a relatively flat trend pattern. Over the period under review, the global market reached the peak level at $5.2B in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the Philippines (78M units), China (73M units) and the United States (71M units), together accounting for 37% of global consumption.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +30.7%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest belt and bandolier markets worldwide were the United States ($716M), Italy ($379M) and China ($313M), together comprising 31% of the global market. Pakistan, Bangladesh, Indonesia, Brazil, the Philippines and India lagged somewhat behind, together accounting for a further 15%.

Among the main consuming countries, the Philippines, with a CAGR of +26.1%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of belt and bandolier per capita consumption in 2022 were the Philippines (690 units per 1000 persons), Italy (437 units per 1000 persons) and the United States (213 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by the Philippines (with a CAGR of +28.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Belts And Bandoliers

In 2022, the amount of belts and bandoliers produced worldwide totaled 476M units, flattening at the year before. In general, production, however, continues to indicate a slight curtailment. The growth pace was the most rapid in 2019 with an increase of 11%. Global production peaked at 573M units in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

In value terms, belt and bandolier production dropped to $3.6B in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the production volume increased by 30%. As a result, production attained the peak level of $4.8B. From 2020 to 2022, global production growth remained at a lower figure.

Production By Country

China (139M units) remains the largest belt and bandolier producing country worldwide, comprising approx. 29% of total volume. Moreover, belt and bandolier production in China exceeded the figures recorded by the second-largest producer, India (51M units), threefold. Italy (35M units) ranked third in terms of total production with a 7.4% share.

In China, belt and bandolier production contracted by an average annual rate of -4.7% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: India (+0.8% per year) and Italy (+0.6% per year).

Imports

World Imports of Belts And Bandoliers

In 2022, global belt and bandolier imports soared to 321M units, with an increase of 31% on the previous year's figure. In general, imports showed a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, belt and bandolier imports expanded modestly to $2.7B in 2022. The total import value increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 24%. Over the period under review, global imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports By Country

The Philippines (74M units) and the United States (59M units) represented roughly 41% of total imports in 2022. It was distantly followed by Germany (16M units), comprising a 4.9% share of total imports. The following importers - France (9.5M units), the Netherlands (9.4M units), Nigeria (8.8M units), Indonesia (8M units), Hong Kong SAR (8M units), Japan (6.8M units), Italy (6.8M units), the UK (6.7M units), the United Arab Emirates (6.3M units) and Taiwan (Chinese) (5.3M units) - together made up 24% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the Philippines (with a CAGR of +39.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($564M) constitutes the largest market for imported belts and bandoliers worldwide, comprising 21% of global imports. The second position in the ranking was held by France ($201M), with a 7.5% share of global imports. It was followed by Hong Kong SAR, with a 5.5% share.

In the United States, belt and bandolier imports expanded at an average annual rate of +1.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: France (+3.1% per year) and Hong Kong SAR (-6.6% per year).

Import Prices By Country

The average belt and bandolier import price stood at $8.3 per unit in 2022, shrinking by -22.4% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 12%. Global import price peaked at $11 per unit in 2020; however, from 2021 to 2022, import prices stood 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 ($21 per unit), while the Philippines ($0.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+8.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Belts And Bandoliers

In 2022, approx. 203M units of belts and bandoliers were exported worldwide; surging by 7.2% on 2021 figures. Overall, exports, however, continue to indicate a perceptible setback. The most prominent rate of growth was recorded in 2021 when exports increased by 28% against the previous year. The global exports peaked at 280M units in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, belt and bandolier exports stood at $2.7B in 2022. The total export value increased at an average annual rate of +2.0% 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 29% against the previous year. Over the period under review, the global exports hit record highs at $2.8B in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

In 2022, China (69M units) represented the major exporter of belts and bandoliers, comprising 34% of total exports. India (24M units) took a 12% share (based on physical terms) of total exports, which put it in second place, followed by Italy (7.9%) and Taiwan (Chinese) (4.9%). Germany (9M units), the Netherlands (8.1M units), Hong Kong SAR (7.1M units), Turkey (6.4M units), the United States (6.4M units), Guatemala (5.3M units), Romania (4.1M units), Spain (3.9M units) and France (3.6M units) held a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to belt and bandolier exports from China stood at -6.7%. At the same time, Taiwan (Chinese) (+13.7%), the United States (+10.0%), Guatemala (+5.3%), Spain (+3.8%), Germany (+3.0%), France (+2.1%), Turkey (+1.4%) and India (+1.0%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in the world, with a CAGR of +13.7% from 2012-2022. Romania and Italy experienced a relatively flat trend pattern. By contrast, the Netherlands (-6.8%) and Hong Kong SAR (-13.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India, Taiwan (Chinese), the United States, Italy and Germany increased by +4.2, +3.9, +2.3, +2.2 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest belt and bandolier supplying countries worldwide were Italy ($725M), France ($425M) and China ($406M), with a combined 57% share of global exports. India, Germany, Hong Kong SAR, Spain, the Netherlands, Taiwan (Chinese), Romania, the United States, Guatemala and Turkey lagged somewhat behind, together comprising a further 29%.

Taiwan (Chinese), with a CAGR of +14.1%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average belt and bandolier export price stood at $13 per unit in 2022, declining by -3.5% against the previous year. Overall, export price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, belt and bandolier export price decreased by -4.6% against 2019 indices. The pace of growth appeared the most rapid in 2019 an increase of 17% against the previous year. As a result, the export price reached the peak level of $14 per unit. From 2020 to 2022, the average export prices failed to regain momentum.

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 France ($117 per unit), while Turkey ($4.2 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+8.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform