Eastern Asia: Market for Industrial, Laboratory or Bakery Ovens 2024

Market Size for Industrial, Laboratory or Bakery Ovens in Eastern Asia

The East Asian market for industrial, laboratory or bakery ovens expanded notably to $X in 2022, surging by 8% against the previous year. The total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +7.8% 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 +7.2% against 2019 indices. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Production of Industrial, Laboratory or Bakery Ovens in Eastern Asia

In value terms, industrial, laboratory or bakery oven production reduced slightly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a strong expansion. The growth pace was the most rapid in 2019 with an increase of 32%. As a result, production attained the peak level of $X; afterwards, it flattened through to 2022.

Exports of Industrial, Laboratory or Bakery Ovens

Exports in Eastern Asia

Industrial, laboratory or bakery oven exports fell dramatically to X units in 2022, waning by -68.2% compared with 2021. Overall, exports showed a noticeable setback. The pace of growth was the most pronounced in 2021 when exports increased by 29% against the previous year. As a result, the exports reached the peak of X units, and then shrank remarkably in the following year.

In value terms, industrial, laboratory or bakery oven exports reduced slightly to $X in 2022. Total exports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +3.5% 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 +34.8% against 2014 indices. The growth pace was the most rapid in 2018 when exports increased by 30%. The level of export peaked at $X in 2021, and then contracted in the following year.

Exports by Country

The shipments of the three major exporters of industrial, laboratory or bakery ovens, namely Japan, Taiwan (Chinese) and South Korea, represented more than two-thirds of total export. Hong Kong SAR (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Taiwan (Chinese) (with a CAGR of +26.0%), while 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 accounting for 54% of total exports.

Among the main exporting countries, South Korea, with a CAGR of +11.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per unit, jumping by 199% against the previous year. Over the period under review, the export price showed prominent growth. 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 ($X per unit), while Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by 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 Eastern Asia

In 2022, imports of industrial, laboratory or bakery ovens in Eastern Asia declined rapidly to X units, shrinking by -37.7% on 2021 figures. In general, imports showed a abrupt shrinkage. The pace of growth appeared the most rapid in 2014 when imports increased by 70%. As a result, imports reached the peak of X units. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, industrial, laboratory or bakery oven imports shrank rapidly to $X in 2022. Overall, imports recorded a deep setback. The growth pace was the most rapid in 2021 when imports increased by 26%. As a result, imports reached the peak of $X, and then declined remarkably in the following year.

Imports by Country

South Korea was the main importing country with an import of around X units, which reached 67% of total imports. It was distantly followed by Japan (X units), Taiwan (Chinese) (X units) and Hong Kong SAR (X units), together achieving a 33% share of total imports.

South Korea was also the fastest-growing in terms of the industrial, laboratory or bakery ovens imports, with a CAGR of +15.9% from 2012 to 2022. At the same time, Taiwan (Chinese) (+13.3%), Japan (+9.9%) and Hong Kong SAR (+5.9%) displayed positive paces of growth. While the share of South Korea (+60 p.p.), Japan (+15 p.p.), Taiwan (Chinese) (+8.9 p.p.) and Hong Kong SAR (+3.8 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest industrial, laboratory or bakery oven importing markets in Eastern Asia were Taiwan (Chinese) ($X), South Korea ($X) and Hong Kong SAR ($X), with a combined 90% share of total imports.

In terms of the main importing countries, Taiwan (Chinese), with a CAGR of +10.9%, saw 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 Eastern Asia stood at $X per unit in 2022, with a decrease of -62.7% against the previous year. In general, the import price continues to indicate a abrupt decrease. The pace of growth was the most pronounced in 2019 when the import price increased by 53% against the previous year. The level of import peaked at $X per unit in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (-2.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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