Asia: Natural Cork Market 2024

Natural Cork Market Size in Asia

In 2021, the Asian natural cork market increased by 6.8% to $X, rising for the second year in a row after two years of decline. In general, consumption recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Natural Cork Production in Asia

In value terms, natural cork production contracted slightly to $X in 2021 estimated in export price. The total production indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +4.8% against 2019 indices. The pace of growth was the most pronounced in 2016 with an increase of 31%. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Natural Cork Exports

Exports in Asia

In 2021, shipments abroad of natural cork debacked or roughly squared increased by 48% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports saw resilient growth. The pace of growth appeared the most rapid in 2018 with an increase of 96% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, natural cork exports soared to $X in 2021. Overall, exports showed a strong increase. The growth pace was the most rapid in 2016 when exports increased by 75%. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Jordan (X tons), India (X tons), Saudi Arabia (X tons), Japan (X tons) and Malaysia (X tons) represented roughly 82% of total exports in 2021. It was distantly followed by the United Arab Emirates (X tons), committing an 8.3% share of total exports. South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Jordan (with a CAGR of +64.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) emerged as the largest natural cork supplier in Asia, comprising 33% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 16% share of total exports. It was followed by India, with a 9.4% share.

From 2012 to 2021, the average annual growth rate of value in Japan stood at +32.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+67.8% per year) and India (+13.2% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, rising by 11% against the previous year. Over the period under review, the export price saw a strong increase. The most prominent rate of growth was recorded in 2017 an increase of 51% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2018 to 2021, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+5.4%), while the other leaders experienced more modest paces of growth.

Natural Cork Imports

Imports in Asia

In 2021, after two years of decline, there was significant growth in supplies from abroad of natural cork debacked or roughly squared, when their volume increased by 29% to X tons. Over the period under review, imports, however, showed a abrupt downturn. The growth pace was the most rapid in 2017 with an increase of 56%. The volume of import peaked at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, natural cork imports skyrocketed to $X in 2021. In general, imports, however, saw a deep setback. The most prominent rate of growth was recorded in 2017 when imports increased by 48%. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The countries with the highest levels of natural cork imports in 2021 were Taiwan (Chinese) (X tons), Indonesia (X tons), the Philippines (X tons), Bahrain (X tons) and Yemen (X tons), together resulting at 57% of total import. It was distantly followed by Bangladesh (X tons) and Kyrgyzstan (X tons), together constituting a 10% share of total imports. The following importers - Qatar (X tons), the United Arab Emirates (X tons), Syrian Arab Republic (X tons), Oman (X tons), Japan (X tons) and Malaysia (X tons) - each resulted at a 17% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Kyrgyzstan (with a CAGR of +85.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Taiwan (Chinese) ($X) and Kyrgyzstan ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 43% share of total imports.

Kyrgyzstan, with a CAGR of +77.0%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, rising by 1.7% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of 45%. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kyrgyzstan ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Yemen (+8.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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