Southern Asia: Wooden Kitchen Furniture Market 2024

Wooden Kitchen Furniture Market Size in Southern Asia

The South Asian wooden kitchen furniture market stood at $X in 2022, approximately mirroring the previous year. The market value increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2020; afterwards, it flattened through to 2022.

Wooden Kitchen Furniture Production in Southern Asia

In value terms, wooden kitchen furniture production expanded modestly to $X in 2022 estimated in export price. The total production indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.2% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 16%. Over the period under review, production hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Wooden Kitchen Furniture Exports

Exports in Southern Asia

In 2022, overseas shipments of wooden furniture for kitchens increased by 89% to X units, rising for the third consecutive year after two years of decline. In general, exports showed a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 159%. The volume of export peaked in 2022 and is expected to retain growth in the near future.

In value terms, wooden kitchen furniture exports surged to $X in 2022. Overall, exports saw a remarkable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, India (X units) represented the key exporter of wooden furniture for kitchens, achieving 68% of total exports. It was distantly followed by Sri Lanka (X units), comprising a 31% share of total exports.

Exports from India increased at an average annual rate of +22.1% from 2012 to 2022. At the same time, Sri Lanka (+40.1%) displayed positive paces of growth. Moreover, Sri Lanka emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of +40.1% from 2012-2022. While the share of Sri Lanka (+22 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of India (-11.2 p.p.) displayed negative dynamics.

In value terms, India ($X) and Sri Lanka ($X) were the countries with the highest levels of exports in 2022.

Sri Lanka, with a CAGR of +33.2%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review.

Export Prices by Country

The export price in Southern Asia stood at $X per unit in 2022, growing by 5.5% against the previous year. Over the period under review, the export price, however, saw a drastic downturn. The pace of growth appeared the most rapid in 2016 an increase of 65%. Over the period under review, the export prices reached the maximum at $X per unit in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sri Lanka ($X per unit), while India stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (-4.9%).

Wooden Kitchen Furniture Imports

Imports in Southern Asia

In 2022, imports of wooden furniture for kitchens in Southern Asia contracted to X units, waning by -14.6% on the previous year. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 40% against the previous year. The volume of import peaked at X units in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, wooden kitchen furniture imports dropped to $X in 2022. Total imports indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +11.2% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 40%. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

India prevails in imports structure, resulting at X units, which was approx. 73% of total imports in 2022. Sri Lanka (X units) ranks second in terms of the total imports with a 7.7% share, followed by Nepal (7%) and Maldives (5.5%). Pakistan (X units) and Bangladesh (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to wooden kitchen furniture imports into India stood at -1.4%. At the same time, Nepal (+25.0%), Sri Lanka (+2.4%), Maldives (+2.4%) and Pakistan (+1.9%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +25.0% from 2012-2022. By contrast, Bangladesh (-10.6%) illustrated a downward trend over the same period. While the share of Nepal (+6.3 p.p.) and Sri Lanka (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Bangladesh (-4.5 p.p.) and India (-5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported wooden furniture for kitchens in Southern Asia, comprising 81% of total imports. The second position in the ranking was held by Maldives ($X), with a 5.8% share of total imports. It was followed by Sri Lanka, with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India stood at +1.6%. In the other countries, the average annual rates were as follows: Maldives (+6.1% per year) and Sri Lanka (+7.9% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per unit in 2022, surging by 3% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The pace of growth appeared the most rapid in 2018 when the import price increased by 14% against the previous year. The level of import peaked at $X per unit in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Bangladesh ($X per unit), while Nepal ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (+5.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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