Asia-Pacific: Market for Industrial, Laboratory or Bakery Ovens 2024

Market Size for Industrial, Laboratory or Bakery Ovens in Asia-Pacific

The Asia-Pacific market for industrial, laboratory or bakery ovens stood at $X in 2022, surging by 12% against the previous year. Over the period under review, consumption saw a buoyant increase. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the immediate term.

Production of Industrial, Laboratory or Bakery Ovens in Asia-Pacific

In value terms, industrial, laboratory or bakery oven production declined to $X in 2022 estimated in export price. In general, production, however, saw a strong expansion. The pace of growth was the most pronounced in 2019 with an increase of 26% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Exports of Industrial, Laboratory or Bakery Ovens

Exports in Asia-Pacific

In 2022, industrial, laboratory or bakery oven exports in Asia-Pacific declined rapidly to X units, dropping by -65.3% compared with 2021 figures. Over the period under review, exports recorded a noticeable contraction. The growth pace was the most rapid in 2021 when exports increased by 26% against the previous year. As a result, the exports reached the peak of X units, and then dropped notably in the following year.

In value terms, industrial, laboratory or bakery oven exports shrank slightly to $X in 2022. Total exports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.4% 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 +33.6% against 2014 indices. The growth pace was the most rapid in 2018 when exports increased by 27%. Over the period under review, the exports hit record highs at $X in 2021, and then declined slightly in the following year.

Exports by Country

In 2022, Japan (X units), Taiwan (Chinese) (X units) and South Korea (X units) was the largest exporter of industrial, laboratory or bakery ovens in Asia-Pacific, comprising 85% of total export. It was distantly followed by India (X units), committing a 6.4% share of total exports. Singapore (X units) and Hong Kong SAR (X units) took a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +26.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), South Korea ($X) and Taiwan (Chinese) ($X) appeared to be the countries with the highest levels of exports in 2022, together comprising 53% of total exports.

South Korea, with a CAGR of +11.4%, saw 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 Asia-Pacific stood at $X per unit in 2022, surging by 174% against the previous year. Overall, the export price saw a resilient increase. 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 Hong Kong SAR ($X per unit), while India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (-0.3%), while the other leaders experienced a decline in the export price figures.

Imports of Industrial, Laboratory or Bakery Ovens

Imports in Asia-Pacific

In 2022, supplies from abroad of industrial, laboratory or bakery ovens increased by 15% to X units, rising for the second consecutive year after two years of decline. Total imports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +59.2% against 2020 indices. The pace of growth appeared the most rapid in 2014 when imports increased by 56% against the previous year. The volume of import peaked at X units in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, industrial, laboratory or bakery oven imports declined notably to $X in 2022. Over the period under review, imports, however, continue to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2018 when imports increased by 28%. The level of import peaked at $X in 2021, and then reduced markedly in the following year.

Imports by Country

Indonesia represented the main importing country with an import of around X units, which accounted for 46% of total imports. South Korea (X units) took an 18% share (based on physical terms) of total imports, which put it in second place, followed by Vietnam (7.1%), Malaysia (6.4%), the Philippines (5.2%) and Japan (4.9%). Taiwan (Chinese) (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%), South Korea (+15.9%), Taiwan (Chinese) (+13.3%), Japan (+9.9%) and Vietnam (+5.8%) displayed positive paces of growth. While the share of Indonesia (+43 p.p.), South Korea (+13 p.p.), Malaysia (+5.2 p.p.), the Philippines (+4.5 p.p.), Japan (+2.4 p.p.), Vietnam (+1.8 p.p.) and Taiwan (Chinese) (+1.7 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported industrial, laboratory or bakery ovens in Asia-Pacific, comprising 39% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 14% share of total imports. It was followed by Vietnam, with an 11% 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: Taiwan (Chinese) (+10.9% per year) and Vietnam (+8.4% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per unit in 2022, with a decrease of -51.4% against the previous year. Overall, the import price continues to indicate a drastic downturn. The pace of growth was the most pronounced in 2016 when the import price increased by 56% against the previous year. The level of import peaked at $X per unit in 2020; however, from 2021 to 2022, import prices stood at a somewhat 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 Taiwan (Chinese) ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+2.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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