Eastern Asia: Natural Cork Market 2024

Natural Cork Market Size in Eastern Asia

The East Asian natural cork market shrank to $X in 2021, approximately equating the previous year. Over the period under review, consumption, however, saw a mild setback. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Natural Cork Production in Eastern Asia

In value terms, natural cork production fell to $X in 2021 estimated in export price. Overall, production continues to indicate a buoyant expansion. The growth pace was the most rapid in 2017 when the production volume increased by 54%. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Natural Cork Exports

Exports in Eastern Asia

In 2021, the amount of natural cork debacked or roughly squared exported in Eastern Asia surged to X tons, rising by 90% against the previous year. Overall, exports recorded a tangible increase. The pace of growth appeared the most rapid in 2020 with an increase of 178% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, natural cork exports skyrocketed to $X in 2021. In general, exports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2020 with an increase of 227%. Over the period under review, the exports attained the maximum in 2021 and are likely to continue growth in the near future.

Exports by Country

Japan represented the key exporting country with an export of around X tons, which finished at 75% of total exports. South Korea (X tons) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by China (7.2%). Hong Kong SAR (X tons) and Taiwan (Chinese) (X tons) held a relatively small share of total exports.

Japan was also the fastest-growing in terms of the natural cork debacked or roughly squared exports, with a CAGR of +36.7% from 2012 to 2021. At the same time, South Korea (+26.9%) displayed positive paces of growth. By contrast, Hong Kong SAR (-5.1%), China (-16.6%) and Taiwan (Chinese) (-24.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Japan and South Korea increased by +68 and +11 percentage points, respectively.

In value terms, Japan ($X) remains the largest natural cork supplier in Eastern Asia, comprising 65% of total exports. The second position in the ranking was taken by China ($X), with a 21% share of total exports. It was followed by South Korea, with a 6.3% share.

In Japan, natural cork exports expanded at an average annual rate of +32.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: China (+17.5% per year) and South Korea (+30.5% per year).

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, surging by 38% against the previous year. Over the period under review, the export price saw buoyant growth. The pace of growth was the most pronounced in 2014 when the export price increased by 71% against the previous year. Over the period under review, the export prices hit record highs in 2021 and is expected to retain growth in the immediate term.

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 China ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+41.0%), while the other leaders experienced more modest paces of growth.

Natural Cork Imports

Imports in Eastern Asia

In 2021, the amount of natural cork debacked or roughly squared imported in Eastern Asia shrank to X tons, declining by -2.3% against the year before. In general, imports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 when imports increased by 195% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, natural cork imports expanded significantly to $X in 2021. Over the period under review, imports saw a deep downturn. The growth pace was the most rapid in 2020 when imports increased by 128% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Taiwan (Chinese) represented the main importing country with an import of around X tons, which resulted at 73% of total imports. It was distantly followed by Japan (X tons) and China (X tons), together constituting a 22% share of total imports. South Korea (X tons) followed a long way behind the leaders.

Taiwan (Chinese) was also the fastest-growing in terms of the natural cork debacked or roughly squared imports, with a CAGR of +9.1% from 2012 to 2021. Japan (-9.7%), South Korea (-13.4%) and China (-25.8%) illustrated a downward trend over the same period. Taiwan (Chinese) (+61 p.p.) significantly strengthened its position in terms of the total imports, while China saw its share reduced by -43.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Taiwan (Chinese) ($X) constitutes the largest market for imported natural cork debacked or roughly squared in Eastern Asia, comprising 48% of total imports. The second position in the ranking was held by South Korea ($X), with a 21% share of total imports. It was followed by Japan, with a 15% share.

From 2012 to 2021, the average annual growth rate of value in Taiwan (Chinese) was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (-12.3% per year) and Japan (-11.0% per year).

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per ton, rising by 7.9% against the previous year. In general, the import price, however, recorded a noticeable reduction. The pace of growth appeared the most rapid in 2016 when the import price increased by 30% against the previous year. The level of import peaked at $X per ton in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was South Korea ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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