ASEAN: Market for Industrial, Laboratory or Bakery Ovens 2024

Market Size for Industrial, Laboratory or Bakery Ovens in ASEAN

The ASEAN market for industrial, laboratory or bakery ovens skyrocketed to $X in 2022, with an increase of 50% against the previous year. Over the period under review, consumption continues to indicate a prominent increase. Over the period under review, the market reached the peak level in 2022 and is likely to continue growth in the immediate term.

Production of Industrial, Laboratory or Bakery Ovens in ASEAN

In value terms, industrial, laboratory or bakery oven production contracted to $X in 2022 estimated in export price. Overall, production, however, enjoyed a mild expansion. The most prominent rate of growth was recorded in 2018 with an increase of 207%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Exports of Industrial, Laboratory or Bakery Ovens

Exports in ASEAN

Industrial, laboratory or bakery oven exports fell to X units in 2022, shrinking by -14.8% compared with 2021 figures. In general, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when exports increased by 43%. As a result, the exports attained the peak of X units. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, industrial, laboratory or bakery oven exports declined modestly to $X in 2022. Over the period under review, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 36%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Singapore represented the largest exporting country with an export of around X units, which finished at 75% of total exports. It was distantly followed by Malaysia (X units), constituting a 22% share of total exports. Indonesia (X units) followed a long way behind the leaders.

Singapore was also the fastest-growing in terms of the industrial, laboratory or bakery ovens exports, with a CAGR of +18.7% from 2012 to 2022. At the same time, Indonesia (+14.9%) displayed positive paces of growth. By contrast, Malaysia (-1.9%) illustrated a downward trend over the same period. Singapore (+63 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia saw its share reduced by -2.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest industrial, laboratory or bakery oven supplying countries in ASEAN were Singapore ($X), Malaysia ($X) and Indonesia ($X), together comprising 97% of total exports.

Indonesia, with a CAGR of +10.6%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2022, growing by 12% against the previous year. Export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, industrial, laboratory or bakery oven export price increased by +51.2% against 2018 indices. The most prominent rate of growth was recorded in 2013 an increase of 38% against the previous year. The level of export peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+3.9%), while the other leaders experienced a decline in the export price figures.

Imports of Industrial, Laboratory or Bakery Ovens

Imports in ASEAN

In 2022, the amount of industrial, laboratory or bakery ovens imported in ASEAN skyrocketed to X units, growing by 78% compared with the previous year's figure. Over the period under review, imports posted a resilient increase. The pace of growth appeared the most rapid in 2015 when imports increased by 262%. The volume of import peaked in 2022 and is likely to see gradual growth in the immediate term.

In value terms, industrial, laboratory or bakery oven imports skyrocketed to $X in 2022. In general, imports showed resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Indonesia (X units) represented the largest importer of industrial, laboratory or bakery ovens, making up 66% of total imports. Vietnam (X units) ranks second in terms of the total imports with a 10% share, followed by Malaysia (9.3%) and the Philippines (7.5%). Singapore (X units) and Thailand (X units) took a relatively small share of total imports.

Indonesia was also the fastest-growing in terms of the industrial, laboratory or bakery ovens imports, with a CAGR of +36.5% from 2012 to 2022. At the same time, the Philippines (+25.9%), Malaysia (+21.6%), Singapore (+7.4%) and Vietnam (+5.8%) displayed positive paces of growth. By contrast, Thailand (-6.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Indonesia, the Philippines and Malaysia increased by +50, +3.2 and +1.8 percentage points, respectively.

In value terms, Indonesia ($X) constitutes the largest market for imported industrial, laboratory or bakery ovens in ASEAN, comprising 62% of total imports. The second position in the ranking was held by Vietnam ($X), with an 18% share of total imports. It was followed by Malaysia, with an 8.7% share.

In Indonesia, industrial, laboratory or bakery oven imports increased at an average annual rate of +33.0% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Vietnam (+8.4% per year) and Malaysia (+12.9% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per unit, therefore, remained relatively stable against the previous year. In general, the import price, however, recorded a noticeable decline. The most prominent rate of growth was recorded in 2016 an increase of 366%. Over the period under review, import prices reached the peak figure at $X per unit in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

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 Vietnam ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform