Global Mannequins Market Size Estimated to be $8.9–10 Billion, Says Beroe Inc
Source: PR Newswire
RALEIGH, North Carolina, Nov 14, 2019 - The global market for mannequins is currently growing at a rate of 3.9 percent, according to Beroe Inc., a procurement intelligence firm. The growing expansion of modern retail in the emerging markets is expected to strongly drive mannequin sales. The growing trend of online shopping has necessitated the retailers to make more attractive windows in which mannequins plays an inevitable role.
North America, Western Europe, and markets in the Asia Pacific, such as China, and in Europe such as the UK, France, Russia, Germany, Italy, have high market maturity for mannequins. Asia-Pacific, excluding Japan, is anticipated to remain the largest market for mannequins, projected to register the highest CAGR through 2022, followed by North America. Markets in the Middle East and Africa and Latin America are expected to be high-growth markets.
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: live.beroeinc.com
Mannequins are now also operating as a key source of information by leveraging technological advancements like facial recognition and beacon technology, driving the growth of the market. Retailers use beacon-enabled mannequins to enhance the customer experience, as well as to retrieve valuable data regarding shopping behavior. The market is facing challenges due to the increasing popularity of Hologram mannequins that can interact with customers. The adoption of E-Commerce retail reduces the significance of other retail formats, posing a threat to the sales of offline stores that use mannequins.
The global mannequins market is witnessing several trends, including a greater focus on bio-production, increasing focus on customization, material exploration, technology Integration and abstract to realistic mannequins. Mannequin manufacturers are focussing on producing environmental friendly mannequins not only to improve working conditions but also to reduce the impact on the environment. Automated production techniques are utilized to reduce the time taken for production.
- Full body mannequins will continue to be the most lucrative among products in the global mannequin market. Sales of full body and upper body mannequins are projected to register the fastest expansion in the market through 2022.
- The technology of 3D printing is utilized to replace sculpted representation which is later used to prepare the mould. This can help reduce the lead time by a few weeks which is a significant period of time in the manufacturing lead-time, reducing the price of customization.
- Regional pricing includes shipping which is economical for the buyer as compared to global production. Premium apparel retailers engage with suppliers who can manufacture in every region since it results in reduced logistics costs and shorter lead time.
- Global suppliers are extending their geographic footprint in different regions as it enables them to manufacture the mannequins and sell it at a much competitive price, along with other key benefits like a quick turn around time with a higher focus on consistency and quality assurance.
- Manufacturers choose global production locations like China, to leverage lower labor and raw materials costs. The mannequins can be purchased for 35–40 percent less cost as compared to purchasing in the US, but shipping and duty can largely impact cost savings.
The research methodology adopted for the report included:
- Experts with twenty years of domain experience
- Interaction with buyers
- Inputs from supply chain partners
Raw materials, logistics, and labor are the major impactful cost components for mannequins, accounting for 50-60 percent of the total cost of production. Fixed Fee per Mannequin pricing is the most highly adopted pricing model, as mannequin price can vary depending on the raw materials, such as Fiberglass, Polyurethane, Plastic, finishes like high gloss or matte, design and the level of customization. As mannequins are generally purchased in bulk, and the negotiation can be done on volumes to be purchased.
The report also includes:
- Global Market Maturity
- Global Industry Trends
- Regional Market Outlook
- Drivers and Constraints
- Porter’s Five Forces Analysis
- Supply Trends and Insights
- Key Global and Regional suppliers
- Supplier profiles
- SWOT Analysis
Procurement Best Practices:
- Sourcing Models Adoption
- Comparative Analysis
- Pros and Cons
- Key KPI Components
- Cost Saving Opportunities
- Case Studies
- Industry benchmarking in Mannequin management
About Beroe Inc.:
Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions—leading to lower costs, greater profits and reduced risk. Beroe has been providing these services for more than 13 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.
To learn more about Beroe Inc., please visit: https://www.beroeinc.com