Philippines: Wooden Kitchen Furniture Market 2024

Wooden Kitchen Furniture Market Size in the Philippines

The Philippine wooden kitchen furniture market amounted to $X in 2022, growing by 2.4% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Wooden Kitchen Furniture Production in the Philippines

In value terms, wooden kitchen furniture production rose remarkably to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the production volume increased by 27% against the previous year. Over the period under review, production attained the maximum level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Wooden Kitchen Furniture Exports

Exports from the Philippines

Wooden kitchen furniture exports from the Philippines surged to X units in 2022, increasing by 136% on the previous year's figure. Overall, exports posted a resilient increase. The most prominent rate of growth was recorded in 2021 when exports increased by 1,161% against the previous year. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, wooden kitchen furniture exports soared to $X in 2022. In general, exports showed a pronounced expansion. The pace of growth was the most pronounced in 2021 when exports increased by 915% against the previous year. Over the period under review, the exports attained the maximum at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for wooden kitchen furniture exports from the Philippines, accounting for a 91% share of total exports. Moreover, wooden kitchen furniture exports to the United States exceeded the volume sent to the second major destination, Japan (X units), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +38.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-18.7% per year) and the United Arab Emirates (+6.0% per year).

In value terms, the United States ($X) remains the key foreign market for wooden furniture for kitchens exports from the Philippines, comprising 75% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 7.5% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +13.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+5.1% per year) and Japan (-20.3% per year).

Export Prices by Country

In 2022, the average wooden kitchen furniture export price amounted to $X per unit, declining by -8% against the previous year. In general, the export price showed a deep setback. The pace of growth was the most pronounced in 2020 an increase of 97%. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to the United States ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (-0.8%), while the prices for the other major destinations experienced a decline.

Wooden Kitchen Furniture Imports

Imports into the Philippines

In 2022, purchases abroad of wooden furniture for kitchens decreased by -12.4% to X units, falling for the third consecutive year after five years of growth. Over the period under review, imports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 114%. Over the period under review, imports reached the maximum at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, wooden kitchen furniture imports soared to $X in 2022. In general, imports, however, enjoyed strong growth. The pace of growth was the most pronounced in 2013 with an increase of 92% against the previous year. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of wooden kitchen furniture to the Philippines, accounting for a 61% share of total imports. Moreover, wooden kitchen furniture imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), twofold. The third position in this ranking was held by Japan (X units), with a 4% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +22.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+15.2% per year) and Japan (+7.0% per year).

In value terms, the largest wooden kitchen furniture suppliers to the Philippines were China ($X), Malaysia ($X) and Germany ($X), with a combined 89% share of total imports. Japan, Thailand and South Korea lagged somewhat behind, together accounting for a further 4.7%.

South Korea, with a CAGR of +27.4%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average wooden kitchen furniture import price amounted to $X per unit, picking up by 33% against the previous year. In general, the import price saw a relatively flat trend pattern. The import price peaked at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for South Korea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+12.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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