Republic of Korea: Wooden Kitchen Furniture Market 2024

Wooden Kitchen Furniture Market Size in Republic of Korea

The South Korean wooden kitchen furniture market expanded significantly to $X in 2022, surging by 11% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a remarkable increase. Wooden kitchen furniture consumption peaked in 2022 and is likely to continue growth in the near future.

Wooden Kitchen Furniture Exports

Exports from Republic of Korea

In 2022, the amount of wooden furniture for kitchens exported from South Korea expanded significantly to X units, picking up by 7.3% against the year before. Overall, exports, however, saw a deep downturn. The most prominent rate of growth was recorded in 2020 when exports increased by 113% against the previous year. As a result, the exports reached the peak of X units. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, wooden kitchen furniture exports reduced markedly to $X in 2022. In general, exports, however, faced a abrupt descent. The pace of growth was the most pronounced in 2020 with an increase of 100% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Japan (X units) was the main destination for wooden kitchen furniture exports from South Korea, accounting for a 70% share of total exports. Moreover, wooden kitchen furniture exports to Japan exceeded the volume sent to the second major destination, the United States (X units), fivefold. The third position in this ranking was taken by the Philippines (X units), with a 4.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan stood at -8.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+2.6% per year) and the Philippines (+8.8% per year).

In value terms, Japan ($X) remains the key foreign market for wooden furniture for kitchens exports from South Korea, comprising 70% of total exports. The second position in the ranking was taken by the United States ($X), with a 14% share of total exports. It was followed by the Philippines, with a 4.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan amounted to -11.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-1.3% per year) and the Philippines (+4.7% per year).

Export Prices by Country

In 2022, the average wooden kitchen furniture export price amounted to $X per unit, which is down by -34.8% against the previous year. In general, the export price saw a pronounced curtailment. The growth pace was the most rapid in 2021 an increase of 28% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were China ($X per unit) and the Philippines ($X per unit), while the average price for exports to Uganda ($X per unit) and New Zealand ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to New Zealand (-3.2%), while the prices for the other major destinations experienced a decline.

Wooden Kitchen Furniture Imports

Imports into Republic of Korea

In 2022, supplies from abroad of wooden furniture for kitchens increased by 9.1% to X units for the first time since 2019, thus ending a two-year declining trend. Overall, imports posted resilient growth. The most prominent rate of growth was recorded in 2015 with an increase of 39% against the previous year. Over the period under review, imports attained 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 rose markedly to $X in 2022. Over the period under review, imports posted a buoyant expansion. The most prominent rate of growth was recorded in 2015 when imports increased by 22%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

Italy (X units), Germany (X units) and Vietnam (X units) were the main suppliers of wooden kitchen furniture imports to South Korea, with a combined 72% share of total imports. China, San Marino, Malaysia, Indonesia and Thailand lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by San Marino (with a CAGR of +196.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest wooden kitchen furniture suppliers to South Korea were Italy ($X), Germany ($X) and Vietnam ($X), with a combined 72% share of total imports. China, San Marino, Malaysia, Indonesia and Thailand lagged somewhat behind, together comprising a further 22%.

In terms of the main suppliers, San Marino, with a CAGR of +215.1%, 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 average wooden kitchen furniture import price stood at $X per unit in 2022, picking up by 2.3% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average import price increased by 21% against the previous year. As a result, import price reached the peak level of $X per unit. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Vietnam ($X per unit) and San Marino ($X per unit), while the price for Thailand ($X per unit) and Germany ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by San Marino (+6.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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