As we move into 2024, the import and export dynamics of the global umbrella industry are undergoing significant changes, influenced by a variety of economic, environmental and consumer behavior factors. This report aims to provide a comprehensive overview of the status and data of international trade in the umbrella industry.
The umbrella industry has experienced a steady growth trajectory in recent years, driven by growing consumer demand for innovative and durable products. The global umbrella market is expected to reach approximately USD 4 billion by the end of 2024, growing at a compound annual growth rate (CAGR) of 5.2% since 2020. This growth is primarily attributed to the growing awareness about climate change and the demand for protective gear to cope with unpredictable weather patterns.
Export data for the umbrella industry in 2024 shows a strong performance for the industry, with major exporters such as China, Italy and the United States leading the way. China remains the largest exporter, accounting for nearly 60% of global umbrella exports. China fully utilizes its manufacturing capabilities to produce a variety of umbrellas to meet the needs of various market segments, from affordable options to high-end designer products. Driven by strong demand in North America and Europe, China’s umbrella exports are expected to exceed US$2.3 billion in 2024.
Italy, renowned for its craftsmanship and design, ranks second in umbrella exports, which are expected to reach a value of $600 million in 2024. Italian manufacturers are increasingly focusing on sustainable materials and environmentally friendly production processes to follow the global trend of sustainability. This strategic shift not only enhances the appeal of Italian umbrellas, but also opens up new markets in environmentally conscious regions.
Although not dominant in terms of export volume, the United States has seen a significant increase in exports of premium umbrellas, especially in the luxury segment. American brands are leveraging their reputation for quality and innovation, with exports expected to reach $300 million in 2024. The US market is characterized by a growing preference for multifunctional umbrellas with features such as UV protection and wind protection.
The umbrella industry is also experiencing significant changes on the import side. European countries, especially Germany and France, are among the largest umbrella importers, with total imports expected to reach approximately $1.2 billion in 2024. The European market is increasingly favoring products that combine fashion and functionality, resulting in a surge in demand for high-quality umbrellas from both established and emerging brands.
In addition, the impact of e-commerce cannot be ignored. The rise of online shopping platforms has changed the way consumers buy umbrellas, with many choosing direct-sale brands that offer customized options and unique designs. This trend has prompted traditional retailers to adjust their strategies and focus on enhancing their online businesses to gain a foothold in the growing digital market.
In summary, the umbrella industry in 2024 will be characterized by a dynamic import and export landscape driven by innovation, sustainability, and changing consumer preferences. As manufacturers and retailers respond to these trends, a focus on quality, design, and environmental responsibility will be critical to remaining competitive in the global marketplace. The outlook for the umbrella industry remains positive, with opportunities for growth and expansion in both mature and emerging markets.
Post time: Dec-05-2024