ASEAN: Wooden Bedroom Furniture Market 2024

Wooden Bedroom Furniture Market Size in ASEAN

In 2022, the ASEAN wooden bedroom furniture market decreased by -6.2% to $X, falling for the third year in a row after three years of growth. The market value increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Wooden Bedroom Furniture Production in ASEAN

In value terms, wooden bedroom furniture production contracted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the production volume increased by 16% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; afterwards, it flattened through to 2022.

Wooden Bedroom Furniture Exports

Exports in ASEAN

Wooden bedroom furniture exports reduced to X units in 2022, therefore, remained relatively stable against the previous year. Total exports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +20.7% against 2018 indices. The most prominent rate of growth was recorded in 2016 with an increase of 30% against the previous year. The volume of export peaked at X units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, wooden bedroom furniture exports rose slightly to $X in 2022. The total export value increased at an average annual rate of +3.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when exports increased by 8.1% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

Malaysia (X units) and Vietnam (X units) were the largest exporters of wooden furniture of a kind used in the bedroom in 2022, reaching near 46% and 41% of total exports, respectively. It was distantly followed by Indonesia (X units), constituting an 11% share of total exports. Thailand (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +8.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Malaysia ($X) and Indonesia ($X) were the countries with the highest levels of exports in 2022, together comprising 98% of total exports.

Among the main exporting countries, Indonesia, with a CAGR of +6.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per unit, increasing by 2.3% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 27%. The level of export peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+3.4%), while the other leaders experienced a decline in the export price figures.

Wooden Bedroom Furniture Imports

Imports in ASEAN

For the third consecutive year, ASEAN recorded decline in overseas purchases of wooden furniture of a kind used in the bedroom, which decreased by -10.6% to X units in 2022. Over the period under review, imports, however, saw a temperate expansion. The most prominent rate of growth was recorded in 2016 with an increase of 66% against the previous year. Over the period under review, imports reached the maximum at X units in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, wooden bedroom furniture imports rose markedly to $X in 2022. In general, imports, however, saw a slight expansion. The pace of growth was the most pronounced in 2013 when imports increased by 38%. The level of import peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the Philippines (X units) was the largest importer of wooden furniture of a kind used in the bedroom, achieving 42% of total imports. Malaysia (X units) ranks second in terms of the total imports with a 21% share, followed by Singapore (13%), Thailand (9.5%) and Indonesia (4.8%). The following importers - Myanmar (X units) and Brunei Darussalam (X units) - each accounted for a 6.3% share of total imports.

Imports into the Philippines increased at an average annual rate of +7.8% from 2012 to 2022. At the same time, Myanmar (+30.7%), Brunei Darussalam (+4.7%), Thailand (+4.6%) and Malaysia (+4.4%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +30.7% from 2012-2022. By contrast, Singapore (-2.3%) and Indonesia (-2.8%) illustrated a downward trend over the same period. The Philippines (+14 p.p.), Myanmar (+2.9 p.p.) and Malaysia (+1.8 p.p.) significantly strengthened its position in terms of the total imports, while Indonesia and Singapore saw its share reduced by -4.1% and -10.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X), Malaysia ($X) and the Philippines ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 66% of total imports. Indonesia, Thailand, Brunei Darussalam and Myanmar lagged somewhat behind, together accounting for a further 28%.

In terms of the main importing countries, Myanmar, with a CAGR of +12.6%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2022, growing by 18% against the previous year. Overall, the import price, however, recorded a slight slump. The most prominent rate of growth was recorded in 2021 an increase of 27%. The level of import peaked at $X per unit in 2015; however, from 2016 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 Indonesia ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+4.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform