DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/7djlj7/philippines) has announced the addition of the "Philippines Sourcing Report: - Wicker Baskets" report to their offering.
Rising demand for models made of natural materials is driving the growth of the wicker basket industry in the Philippines. Exports have seen significant increases since 2009 as key markets started recovering from the global economic crisis.
Annual shipments over the past three years have surged by an average of nearly 40 percent. The US leads as the sector's largest foreign destination, accounting for roughly three-quarters of turnover.
The industry relies on a stable supply of indigenous raw materials not normally available in other sourcing centers in Asia. This advantage helps enhance design diversity and emphasize the low environmental impact of products.
Manufacturers also typically hire craftsmen who have gained expertise in various labor-intensive skills such as weaving.
This report focuses on the main types of wicker baskets from the Philippines - bamboo, rattan, Manila hemp and natural material.
Key Findings
1. Prices of wicker baskets are mostly expected to remain unchanged over the next six months to ensure competitiveness amid an expanding supply market. A significant percentage of makers plan to raise quotes to cope with higher labor and production costs, but this will be done moderately.
2. The industry forecasts exports over the coming 12 months to generally stay level. The majority of enterprises featured in this report, however, are optimistic of recording increases in foreign revenue. The bright outlook is caused primarily by renewed orders from the US and efforts to expand reach in emerging destinations.
3. Quotes are largely determined by the size and shape of products. The style of weaving and number of embellishments also play a role in setting the price range. Upscale models are often larger and feature more complex patterns and profiles compared with less expensive items.
4. Several manufacturers are taking steps to comply with regulations concerning harmful product treatments. These include the use of natural saltwater as a preservative. In addition, plant-based agents are utilized as dyes and insect repellent.
5. Sluggish demand from a number of key markets, particularly among EU members, is the most crucial challenge confronting the industry. Due to the sovereign debt crisis, some small companies are finding it difficult to maintain their operations and workforce. The surging cost of labor and raw materials is also seen as a difficulty facing the sector.
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