Eastern Asia: Wood Barrel Market 2024

Wood Barrel Market Size in Eastern Asia

The East Asian wood barrel market expanded remarkably to $X in 2022, surging by 5.7% against the previous year. The total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +44.6% against 2017 indices. Over the period under review, the market attained the maximum level in 2022 and is likely to continue growth in the immediate term.

Wood Barrel Production in Eastern Asia

In value terms, wood barrel production rose slightly to $X in 2022 estimated in export price. The total production indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.3% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 41%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Wood Barrel Exports

Exports in Eastern Asia

In 2022, after two years of growth, there was significant decline in overseas shipments of casks, barrels, vats, tubs, and coopers products of wood, when their volume decreased by -39.1% to X units. In general, exports, however, saw a remarkable increase. The pace of growth appeared the most rapid in 2015 with an increase of 189%. The volume of export peaked at X units in 2021, and then shrank rapidly in the following year.

In value terms, wood barrel exports dropped sharply to $X in 2022. Overall, exports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2015 with an increase of 151%. Over the period under review, the exports attained the maximum at $X in 2021, and then fell sharply in the following year.

Exports by Country

China was the major exporter of casks, barrels, vats, tubs, and coopers products of wood in Eastern Asia, with the volume of exports finishing at X units, which was approx. 80% of total exports in 2022. It was distantly followed by Japan (X units), making up a 15% share of total exports. South Korea (X units) and Taiwan (Chinese) (X units) took a little share of total exports.

Exports from China increased at an average annual rate of +12.2% from 2012 to 2022. At the same time, Taiwan (Chinese) (+17.5%), South Korea (+16.8%) and Japan (+1.7%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +17.5% from 2012-2022. China (+15 p.p.) and South Korea (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while Japan saw its share reduced by -17.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest wood barrel supplier in Eastern Asia, comprising 69% of total exports. The second position in the ranking was taken by Japan ($X), with a 25% share of total exports. It was followed by South Korea, with a 2.2% share.

In China, wood barrel exports increased at an average annual rate of +16.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (+24.6% per year) and South Korea (+11.5% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per unit, with an increase of 8.3% against the previous year. Export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wood barrel export price increased by +97.2% against 2017 indices. The pace of growth appeared the most rapid in 2020 when the export price increased by 66% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+22.4%), while the other leaders experienced mixed trends in the export price figures.

Wood Barrel Imports

Imports in Eastern Asia

In 2022, approx. X units of casks, barrels, vats, tubs, and coopers products of wood were imported in Eastern Asia; with an increase of 11% compared with 2021 figures. In general, imports posted a buoyant increase. The pace of growth was the most pronounced in 2021 with an increase of 44% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, wood barrel imports totaled $X in 2022. Over the period under review, imports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 50%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Japan (X units) represented the largest importer of casks, barrels, vats, tubs, and coopers products of wood, making up 65% of total imports. It was distantly followed by China (X units), making up a 32% share of total imports. Taiwan (Chinese) (X units) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to wood barrel imports into Japan stood at +4.2%. At the same time, China (+14.5%) and Taiwan (Chinese) (+2.2%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +14.5% from 2012-2022. While the share of China (+16 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Japan (-15.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest wood barrel importing markets in Eastern Asia were Japan ($X), China ($X) and Taiwan (Chinese) ($X), together accounting for 99% of total imports.

Taiwan (Chinese), with a CAGR of +14.5%, saw the highest growth rate of 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

The import price in Eastern Asia stood at $X per unit in 2022, remaining relatively unchanged against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.3%. The growth pace was the most rapid in 2018 when the import price increased by 12% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per unit), while Japan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+12.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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