ASEAN: Wooden Kitchen Furniture Market 2024

Wooden Kitchen Furniture Market Size in ASEAN

The ASEAN wooden kitchen furniture market skyrocketed to $X in 2022, picking up by 34% against the previous year. In general, consumption showed slight growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Wooden Kitchen Furniture Production in ASEAN

In value terms, wooden kitchen furniture production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2020 when the production volume increased by 21%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Wooden Kitchen Furniture Exports

Exports in ASEAN

In 2022, shipments abroad of wooden furniture for kitchens decreased by -43.4% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2020 with an increase of 209% against the previous year. The volume of export peaked at X units in 2021, and then reduced markedly in the following year.

In value terms, wooden kitchen furniture exports fell modestly to $X in 2022. Overall, exports, however, posted a strong increase. The pace of growth appeared the most rapid in 2020 with an increase of 144% against the previous year. The level of export peaked at $X in 2021, and then contracted in the following year.

Exports by Country

Malaysia represented the key exporter of wooden furniture for kitchens in ASEAN, with the volume of exports resulting at X units, which was near 53% of total exports in 2022. Thailand (X units) held a 16% share (based on physical terms) of total exports, which put it in second place, followed by Vietnam (15%) and Indonesia (13%). Cambodia (X units) followed a long way behind the leaders.

Exports from Malaysia increased at an average annual rate of +9.5% from 2012 to 2022. At the same time, Cambodia (+95.5%), Thailand (+17.6%), Indonesia (+12.9%) and Vietnam (+4.6%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +95.5% from 2012-2022. From 2012 to 2022, the share of Thailand, Cambodia and Indonesia increased by +7.5, +2.9 and +2.8 percentage points, respectively.

In value terms, Vietnam ($X), Malaysia ($X) and Thailand ($X) constituted the countries with the highest levels of exports in 2022, together comprising 91% of total exports. Indonesia and Cambodia lagged somewhat behind, together accounting for a further 8.6%.

Among the main exporting countries, Cambodia, with a CAGR of +90.6%, saw the highest rates of growth with regard to 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

The export price in ASEAN stood at $X per unit in 2022, increasing by 69% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.4%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while Indonesia ($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 (+13.8%), while the other leaders experienced mixed trends in the export price figures.

Wooden Kitchen Furniture Imports

Imports in ASEAN

In 2022, imports of wooden furniture for kitchens in ASEAN expanded sharply to X units, surging by 5.2% against 2021. In general, imports continue to indicate a significant expansion. The growth pace was the most rapid in 2019 with an increase of 80% against the previous year. Over the period under review, imports attained the peak figure at X units in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, wooden kitchen furniture imports amounted to $X in 2022. Over the period under review, imports enjoyed a significant expansion. The growth pace was the most rapid in 2020 when imports increased by 112%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Malaysia was the key importing country with an import of around X units, which amounted to 67% of total imports. The Philippines (X units) ranks second in terms of the total imports with a 13% share, followed by Thailand (8.2%) and Indonesia (6.3%). The following importers - Singapore (X units) and Vietnam (X units) - together made up 4.8% of total imports.

Malaysia was also the fastest-growing in terms of the wooden furniture for kitchens imports, with a CAGR of +28.2% from 2012 to 2022. At the same time, Indonesia (+25.1%), Vietnam (+23.2%), the Philippines (+17.4%) and Thailand (+16.8%) displayed positive paces of growth. By contrast, Singapore (-2.1%) illustrated a downward trend over the same period. While the share of Malaysia (+30 p.p.) and Indonesia (+1.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Thailand (-3.4 p.p.), the Philippines (-4.4 p.p.) and Singapore (-18.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) constitutes the largest market for imported wooden furniture for kitchens in ASEAN, comprising 78% of total imports. The second position in the ranking was held by Thailand ($X), with a 5.4% share of total imports. It was followed by Indonesia, with a 4.9% share.

In Malaysia, wooden kitchen furniture imports increased at an average annual rate of +36.8% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (+9.4% per year) and Indonesia (+17.9% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per unit, which is down by -1.9% against the previous year. Import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wooden kitchen furniture import price increased by +90.2% against 2018 indices. The most prominent rate of growth was recorded in 2020 an increase of 60% against the previous year. The level of import peaked at $X per unit in 2021, and then declined modestly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+6.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform