For Southeast Asian pearl merchants, the current market landscape presents a confounding paradox. On one hand, authoritative market research firms project a healthy future for the global pearl industry. According to Fortune Business Insights, the global pearl market was valued at USD 23.69 billion in 2024 and is expected to reach USD 33.71 billion by 2032, expanding at a compound annual growth rate (CAGR) of 4.5% [1]. Grand View Research offers a similar outlook, estimating the 2024 market size at USD 25.7 billion with a CAGR of 4.6% through 2030 [2]. This steady growth is primarily fueled by rising disposable incomes in emerging economies and a renewed appreciation for natural gemstones.
However, this optimistic global narrative starkly contrasts with the reality faced by many Southeast Asian exporters on Alibaba.com. Our platform data reveals a volatile and challenging journey. After a modest 2.04% recovery in 2024, the total trade amount for this category plummeted by 12.85% year-over-year in 2025. This decline is not an isolated metric; it is corroborated by a 13.79% YoY drop in the AB rate (a measure of buyer activity) and a significant 43.71% decrease in the average number of inquiries per product. The market's supply-demand ratio has also worsened, falling from 1.83 in 2024 to 1.43 in 2025, indicating a clear case of oversupply where sellers are struggling to find qualified buyers.

