Braces And Garters Market

The braces and garters market is projected to experience a decline in consumption over the next eight years, with a forecasted decrease in market volume and value. The United States leads in both consumption and production, with significant growth rates in both areas. Global braces and garters imports and exports are also on the rise, with key exporting countries such as the United States and the Netherlands seeing substantial growth in recent years.

Market Forecast

The braces and garters market is expected to start a downward consumption trend over the next eight-year period. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -0.6% for the eight-year period from 2022 to 2030, which is projected to depress the market volume to 201M units by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of +1.9% for the period from 2022 to 2030, which is projected to bring the market value to $7.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Braces, Suspenders And Garters

Global braces and garters consumption soared to 211M units in 2022, with an increase of 59% on the previous year's figure. Over the period under review, consumption enjoyed a buoyant increase. Global consumption peaked in 2022 and is expected to retain growth in the near future.

The global braces and garters market value skyrocketed to $6.8B in 2022, increasing by 48% 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). In general, consumption enjoyed buoyant growth. As a result, consumption attained the peak level of $6.8B; afterwards, it flattened through to 2022.

Consumption By Country

The United States (33M units) constituted the country with the largest volume of braces and garters consumption, comprising approx. 16% of total volume. Moreover, braces and garters consumption in the United States exceeded the figures recorded by the second-largest consumer, China (12M units), threefold. The third position in this ranking was taken by France (11M units), with a 5.3% share.

In the United States, braces and garters consumption expanded at an average annual rate of +20.2% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: China (+7.6% per year) and France (+35.5% per year).

In value terms, the United States ($746M) led the market, alone. The second position in the ranking was held by France ($364M). It was followed by India.

In the United States, the braces and garters market increased at an average annual rate of +17.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: France (+31.3% per year) and India (+9.4% per year).

In 2022, the highest levels of braces and garters per capita consumption was registered in the Netherlands (622 units per 1000 persons), followed by France (166 units per 1000 persons), Germany (119 units per 1000 persons) and the United States (99 units per 1000 persons), while the world average per capita consumption of braces and garters was estimated at 27 units per 1000 persons.

From 2012 to 2022, the average annual growth rate of the braces and garters per capita consumption in the Netherlands amounted to +1.7%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: France (+34.6% per year) and Germany (+24.8% per year).

Production

World Production of Braces, Suspenders And Garters

In 2022, approx. 146M units of braces, suspenders and garters were produced worldwide; growing by 18% compared with 2021 figures. Over the period under review, production posted a remarkable increase. The most prominent rate of growth was recorded in 2020 with an increase of 197% against the previous year. As a result, production reached the peak volume of 160M units. From 2021 to 2022, global production growth remained at a somewhat lower figure.

In value terms, braces and garters production soared to $4.8B in 2022 estimated in export price. In general, production continues to indicate a resilient increase. The pace of growth was the most pronounced in 2020 when the production volume increased by 236% against the previous year. As a result, production reached the peak level of $5.9B. From 2021 to 2022, global production growth remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (16M units), the Netherlands (10M units) and Italy (8.9M units), with a combined 24% share of global production. Pakistan, Nigeria, India, the United States, Bangladesh, Russia, the Czech Republic, Brazil, Indonesia and Ethiopia lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by the United States (with a CAGR of +63.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Braces, Suspenders And Garters

In 2022, overseas purchases of braces, suspenders and garters increased by 107% to 168M units, rising for the third year in a row after three years of decline. Over the period under review, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 110%. Over the period under review, global imports reached the peak figure in 2022 and are likely to continue growth in the near future.

In value terms, braces and garters imports amounted to $1.1B in 2022. The total import value increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2021 when imports increased by 20%. Global imports peaked at $1.1B in 2018; afterwards, it flattened through to 2022.

Imports By Country

In 2022, the United States (58M units) represented the key importer of braces, suspenders and garters, generating 35% of total imports. France (17M units) held a 9.9% share (based on physical terms) of total imports, which put it in second place, followed by Germany (9.7%) and the Netherlands (7.8%). Japan (6.9M units), Poland (6.7M units), Italy (5.6M units), Spain (5.3M units), Thailand (4.3M units) and Belgium (3.7M units) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to braces and garters imports into the United States stood at +26.0%. At the same time, Poland (+41.7%), the Netherlands (+37.2%), France (+34.0%), Italy (+30.1%), Spain (+30.0%), Belgium (+29.8%), Germany (+25.7%), Thailand (+18.9%) and Japan (+16.1%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing importer imported in the world, with a CAGR of +41.7% from 2012-2022. From 2012 to 2022, the share of the United States, France, the Netherlands, Germany, Poland, Italy and Spain increased by +13, +6.6, +5.7, +3.5, +3.2, +1.8 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest braces and garters importing markets worldwide were Japan ($246M), the United States ($163M) and Germany ($72M), with a combined 45% share of global imports.

Among the main importing countries, Japan, with a CAGR of +16.3%, recorded the highest growth rate of 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

The average braces and garters import price stood at $6.3 per unit in 2022, which is down by -51.6% against the previous year. Overall, the import price continues to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 when the average import price increased by 13% against the previous year. Global import price peaked at $37 per unit in 2019; however, from 2020 to 2022, import prices remained at a 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 Japan ($36 per unit), while Poland ($2 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+0.2%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Braces, Suspenders And Garters

In 2022, shipments abroad of braces, suspenders and garters increased by 43% to 103M units, rising for the third year in a row after four years of decline. Overall, exports showed a significant expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 130%. Over the period under review, the global exports hit record highs in 2022 and are likely to see steady growth in the near future.

In value terms, braces and garters exports fell modestly to $770M in 2022. In general, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 28% against the previous year. The global exports peaked at $824M in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

In 2022, the United States (30M units) represented the major exporter of braces, suspenders and garters, generating 29% of total exports. The Netherlands (12M units) took a 12% share (based on physical terms) of total exports, which put it in second place, followed by Italy (9.6%), Poland (7.9%), France (7.7%) and Germany (6.4%). The Czech Republic (4.3M units), China (3.9M units), Spain (2.7M units), Romania (2.1M units) and Belgium (1.8M units) followed a long way behind the leaders.

The United States was also the fastest-growing in terms of the braces, suspenders and garters exports, with a CAGR of +50.5% from 2012 to 2022. At the same time, Poland (+48.8%), the Netherlands (+34.8%), Spain (+32.2%), Italy (+31.0%), the Czech Republic (+30.8%), Belgium (+30.7%), Romania (+28.6%), Germany (+23.7%), France (+20.8%) and China (+14.3%) displayed positive paces of growth. The United States (+26 p.p.), the Netherlands (+8.1 p.p.), Poland (+6.9 p.p.), Italy (+5.5 p.p.), the Czech Republic (+2.3 p.p.), Spain (+1.6 p.p.) and Germany (+1.5 p.p.) significantly strengthened its position in terms of the global exports, while China saw its share reduced by -2.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($85M), the United States ($67M) and the Netherlands ($51M) constituted the countries with the highest levels of exports in 2022, together comprising 26% of global exports.

Among the main exporting countries, the Netherlands, with a CAGR of +20.6%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average braces and garters export price amounted to $7.5 per unit, waning by -32.9% against the previous year. Overall, the export price recorded a abrupt downturn. The most prominent rate of growth was recorded in 2018 when the average export price increased by 13% against the previous year. The global export price peaked at $48 per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($22 per unit), while Italy ($2 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-1.0%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform