Asia: Wooden Kitchen Furniture Market 2024

Wooden Kitchen Furniture Market Size in Asia

In 2022, after three years of decline, there was significant growth in the Asian wooden kitchen furniture market, when its value increased by 10% to $X. Overall, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Wooden Kitchen Furniture Production in Asia

In value terms, wooden kitchen furniture production fell modestly to $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 17% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Wooden Kitchen Furniture Exports

Exports in Asia

In 2022, shipments abroad of wooden furniture for kitchens decreased by -27.6% to X units for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, posted a remarkable increase. The pace of growth was the most pronounced in 2020 when exports increased by 47%. Over the period under review, the exports hit record highs at X units in 2021, and then contracted markedly in the following year.

In value terms, wooden kitchen furniture exports dropped slightly to $X in 2022. Total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.3% 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 +22.7% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 24%. The level of export peaked at $X in 2021, and then shrank in the following year.

Exports by Country

In 2022, China (X units) was the key exporter of wooden furniture for kitchens, generating 42% of total exports. Malaysia (X units) took a 27% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (7.9%), Vietnam (7.8%) and Indonesia (6.3%). Taiwan (Chinese) (X units) and Turkey (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +56.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Vietnam ($X) and Malaysia ($X) appeared to be the countries with the highest levels of exports in 2022, together accounting for 83% of total exports. Thailand, Indonesia, Turkey and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 14%.

Taiwan (Chinese), with a CAGR of +42.6%, 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

In 2022, the export price in Asia amounted to $X per unit, increasing by 34% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The level of export peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while Taiwan (Chinese) ($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 Asia

In 2022, supplies from abroad of wooden furniture for kitchens decreased by -0.2% to X units, falling for the second consecutive year after six years of growth. Over the period under review, imports, however, saw prominent growth. The growth pace was the most rapid in 2019 when imports increased by 32%. Over the period under review, imports hit record highs at X units in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, wooden kitchen furniture imports declined slightly to $X in 2022. Total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 18%. The level of import peaked at $X in 2021, and then reduced modestly in the following year.

Imports by Country

In 2022, Malaysia (X units) represented the largest importer of wooden furniture for kitchens, comprising 29% of total imports. Japan (X units) took a 14% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (9.7%), the United Arab Emirates (6.6%), Taiwan (Chinese) (6.1%), China (5.8%) and the Philippines (5.5%). Thailand (X units), Israel (X units), Indonesia (X units) and India (X units) held a relatively small share 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%), the Philippines (+17.4%), Thailand (+16.8%), Taiwan (Chinese) (+12.7%), South Korea (+11.0%), the United Arab Emirates (+9.6%), Japan (+6.7%), China (+6.0%) and Israel (+2.6%) displayed positive paces of growth. By contrast, India (-1.4%) illustrated a downward trend over the same period. Malaysia (+23 p.p.), the Philippines (+3 p.p.), Indonesia (+2 p.p.), Taiwan (Chinese) (+1.8 p.p.), Thailand (+1.8 p.p.) and South Korea (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while China, Israel, India and Japan saw its share reduced by -1.7%, -2.2%, -2.6% and -2.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest wooden kitchen furniture importing markets in Asia were Malaysia ($X), Japan ($X) and China ($X), with a combined 49% share of total imports.

In terms of the main importing countries, Malaysia, with a CAGR of +36.8%, recorded the highest growth rate of 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 Asia stood at $X per unit in 2022, falling by -3.4% against the previous year. Over the period under review, the import price recorded a noticeable setback. The pace of growth was the most pronounced in 2020 an increase of 9.7% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2012; however, from 2013 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 China ($X per unit), while the Philippines ($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

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