Vietnam: Natural Cork Stopper Market 2024

Natural Cork Stopper Market Size in Vietnam

The Vietnamese natural cork stopper market dropped to $X in 2022, which is down by -1.6% against the previous year. In general, consumption continues to indicate a abrupt shrinkage. The growth pace was the most rapid in 2021 with an increase of 3.4%. Natural cork stopper consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Natural Cork Stopper Production in Vietnam

In value terms, natural cork stopper production shrank modestly to $X in 2022 estimated in export price. In general, production recorded a deep setback. The growth pace was the most rapid in 2013 when the production volume increased by 9.5% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Natural Cork Stopper Exports

Exports from Vietnam

For the third year in a row, Vietnam recorded growth in overseas shipments of corks and stoppers of natural cork, which increased by 3.7% to X kg in 2022. Over the period under review, exports, however, showed a sharp contraction. The most prominent rate of growth was recorded in 2018 with an increase of 233% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, natural cork stopper exports reduced rapidly to $X in 2022. Overall, exports, however, showed a dramatic decrease. The pace of growth appeared the most rapid in 2018 when exports increased by 299% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Singapore (X kg), South Korea (X kg) and Taiwan (Chinese) (X kg) were the main destinations of natural cork stopper exports from Vietnam, with a combined 89% share of total exports. These countries were followed by Cyprus, which accounted for a further 7.1%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cyprus (with a CAGR of 0.0%), while the other leaders experienced a decline.

In value terms, Singapore ($X) remains the key foreign market for corks and stoppers of natural cork exports from Vietnam, comprising 81% of total exports. The second position in the ranking was held by Cyprus ($X), with a 6.5% share of total exports. It was followed by Taiwan (Chinese), with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Singapore stood at -19.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cyprus (+287.0% per year) and Taiwan (Chinese) (-39.9% per year).

Export Prices by Country

The average natural cork stopper export price stood at $X per ton in 2022, falling by -25.9% against the previous year. Overall, the export price, however, continues to indicate prominent growth. The most prominent rate of growth was recorded in 2013 an increase of 69% against the previous year. The export price peaked at $X per ton in 2021, and then contracted significantly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cyprus (+287.0%), while the prices for the other major destinations experienced more modest paces of growth.

Natural Cork Stopper Imports

Imports into Vietnam

In 2022, the amount of corks and stoppers of natural cork imported into Vietnam fell significantly to X tons, waning by -25% against the previous year's figure. Over the period under review, imports, however, enjoyed a resilient expansion. The pace of growth was the most pronounced in 2015 with an increase of 2,735% against the previous year. Imports peaked at X tons in 2021, and then shrank significantly in the following year.

In value terms, natural cork stopper imports dropped notably to $X in 2022. In general, imports, however, posted a strong increase. The pace of growth appeared the most rapid in 2015 with an increase of 2,898% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then fell markedly in the following year.

Imports by Country

In 2022, Portugal (X tons) constituted the largest natural cork stopper supplier to Vietnam, with a 24% share of total imports. Moreover, natural cork stopper imports from Portugal exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X kg), more than tenfold. Spain (X kg) ranked third in terms of total imports with a 0.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Portugal stood at +50.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-11.6% per year) and Spain (-21.0% per year).

In value terms, Portugal ($X) constituted the largest supplier of corks and stoppers of natural cork to Vietnam, comprising 43% of total imports. The second position in the ranking was taken by China ($X), with a 1.4% share of total imports. It was followed by Taiwan (Chinese), with a 1.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Portugal totaled +61.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+2.8% per year) and Taiwan (Chinese) (-4.9% per year).

Import Prices by Country

In 2022, the average natural cork stopper import price amounted to $X per ton, picking up by 2.2% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 19% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 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 France ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+13.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :