Vietnam: Market for Tableware And Kitchenware Of Wood 2024

Market Size for Tableware And Kitchenware Of Wood in Vietnam

In 2021, after two years of growth, there was significant decline in the Vietnamese wood kitchenware and tableware market, when its value decreased by -68.2% to $X. Overall, consumption continues to indicate a drastic downturn. Wood kitchenware and tableware consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Tableware And Kitchenware Of Wood in Vietnam

In value terms, wood kitchenware and tableware production declined modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 with an increase of 17%. Wood kitchenware and tableware production peaked at $X in 2020, and then contracted slightly in the following year.

Exports of Tableware And Kitchenware Of Wood

Exports from Vietnam

In 2021, shipments abroad of tableware and kitchenware of wood increased by 13% to X tons, rising for the fourth consecutive year after two years of decline. Overall, exports saw strong growth. The growth pace was the most rapid in 2013 with an increase of 36%. Over the period under review, the exports reached the maximum in 2021 and are likely to see steady growth in years to come.

In value terms, wood kitchenware and tableware exports surged to $X in 2021. In general, exports posted a resilient expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan (X tons), South Korea (X tons) and the United States (X tons) were the main destinations of wood kitchenware and tableware exports from Vietnam, with a combined 70% 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 the United States (with a CAGR of +20.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for wood kitchenware and tableware exported from Vietnam were Japan ($X), South Korea ($X) and the United States ($X), together accounting for 69% of total exports. These countries were followed by Germany, China, Algeria, Saudi Arabia, the UK and Taiwan (Chinese), which together accounted for a further 18%.

China, with a CAGR of +21.4%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average wood kitchenware and tableware export price stood at $X per ton in 2021, growing by 16% against the previous year. Overall, the export price, however, saw a mild decline. The pace of growth was the most pronounced in 2017 an increase of 17% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2021, the average export prices failed to regain momentum.

Average prices varied somewhat for the major overseas markets. In 2021, amid the top suppliers, the countries with the highest prices were Algeria ($X per ton) and Saudi Arabia ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+2.8%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Tableware And Kitchenware Of Wood

Imports into Vietnam

In 2021, the amount of tableware and kitchenware of wood imported into Vietnam skyrocketed to X tons, with an increase of 18% against 2020 figures. In general, imports saw a noticeable increase. The pace of growth was the most pronounced in 2017 when imports increased by 248%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, wood kitchenware and tableware imports soared to $X in 2021. Overall, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 178%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, China (X tons) constituted the largest wood kitchenware and tableware supplier to Vietnam, accounting for a 86% share of total imports. Moreover, wood kitchenware and tableware imports from China exceeded the figures recorded by the second-largest supplier, Russia (X tons), ninefold. Hong Kong SAR (X tons) ranked third in terms of total imports with a 1.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+7.2% per year) and Hong Kong SAR (+70.6% per year).

In value terms, China ($X) constituted the largest supplier of tableware and kitchenware of wood to Vietnam, comprising 79% of total imports. The second position in the ranking was held by Russia ($X), with a 10% share of total imports. It was followed by Hong Kong SAR, with a 3.4% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +16.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+0.3% per year) and Hong Kong SAR (+29.0% per year).

Import Prices by Country

The average wood kitchenware and tableware import price stood at $X per ton in 2021, picking up by 22% against the previous year. In general, the import price, however, showed a perceptible shrinkage. Over the period under review, average import prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+8.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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