Singapore: Natural Cork Market 2025

Natural Cork Market Size in Singapore

In 2021, the Singaporean natural cork market increased by 9.7% to $X, rising for the third year in a row after three years of decline. Overall, consumption showed buoyant growth. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Natural Cork Production in Singapore

In value terms, natural cork production expanded sharply to $X in 2021 estimated in export price. Over the period under review, the total production indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +3.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -7.3% against 2019 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 44%. As a result, production attained the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Natural Cork Exports

Exports from Singapore

Natural cork exports from Singapore soared to X kg in 2021, growing by 121% compared with the year before. Overall, exports, however, faced a abrupt slump. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, natural cork exports skyrocketed to $X in 2021. Over the period under review, exports, however, saw a abrupt downturn. The pace of growth appeared the most rapid in 2017 with an increase of 615%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Malaysia (X kg), Thailand (X kg) and Indonesia (X kg) were the main destinations of natural cork exports from Singapore, with a combined 98% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of +15.5%), while the other leaders experienced a decline.

In value terms, Malaysia ($X) remains the key foreign market for natural cork debacked or roughly squared exports from Singapore, comprising 81% of total exports. The second position in the ranking was held by Thailand ($X), with an 11% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Malaysia amounted to -7.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-2.9% per year) and Indonesia (+0.3% per year).

Export Prices by Country

In 2021, the average natural cork export price amounted to $X per ton, falling by -31.1% against the previous year. Overall, the export price, however, enjoyed noticeable growth. The most prominent rate of growth was recorded in 2019 when the average export price increased by 388%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+9.6%), while the prices for the other major destinations experienced mixed trend patterns.

Natural Cork Imports

Imports into Singapore

In 2021, imports of natural cork debacked or roughly squared into Singapore surged to X tons, growing by 69% against the year before. In general, imports enjoyed a noticeable increase. The growth pace was the most rapid in 2015 when imports increased by 555%. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, natural cork imports surged to $X in 2021. Over the period under review, imports enjoyed a significant expansion. The growth pace was the most rapid in 2015 when imports increased by 525% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest natural cork supplier to Singapore, with a 66% share of total imports. Moreover, natural cork imports from the United States exceeded the figures recorded by the second-largest supplier, Japan (X kg), threefold. Malaysia (X kg) ranked third in terms of total imports with a 7.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States amounted to +48.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+29.9% per year) and Malaysia (+5.9% per year).

In value terms, the United States ($X) constituted the largest supplier of natural cork debacked or roughly squared to Singapore, comprising 58% of total imports. The second position in the ranking was taken by Japan ($X), with a 28% share of total imports. It was followed by Malaysia, with an 8.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States amounted to +44.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+33.7% per year) and Malaysia (+10.7% per year).

Import Prices by Country

The average natural cork import price stood at $X per ton in 2021, which is down by -23.2% against the previous year. In general, the import price, however, enjoyed a buoyant expansion. The growth pace was the most rapid in 2013 when the average import price increased by 208% against the previous year. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+50.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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