Asia-Pacific's Wooden Kitchen Furniture Market to Witness Gradual Growth with CAGR of +0.2% from 2024-2035 - News and Statistics - IndexBox

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IndexBox has just published a new report: Asia-Pacific - Wooden Furniture Of A Kind Used In The Kitchen - Market Analysis, Forecast, Size, Trends and Insights.

Driven by rising demand in Asia-Pacific, the wooden furniture market for kitchens is expected to see continued growth in the coming years. Despite a deceleration in market performance, both volume and value are forecasted to increase, with a projected CAGR of +0.2% for volume and +2.2% for value from 2024 to 2035. By 2035, the market is expected to reach 317M units in volume and $18.3B in value.

Driven by increasing demand for wooden furniture for kitchens in Asia-Pacific, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.2% for the period from 2024 to 2035, which is projected to bring the market volume to 317M units by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.2% for the period from 2024 to 2035, which is projected to bring the market value to $18.3B (in nominal wholesale prices) by the end of 2035.

Wooden kitchen furniture consumption reduced slightly to 309M units in 2024, declining by -1.6% on 2023. The total consumption indicated a moderate expansion from 2013 to 2024: its volume increased at an average annual rate of +2.6% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +5.0% against 2022 indices. Over the period under review, consumption reached the maximum volume at 340M units in 2019; however, from 2020 to 2024, consumption stood at a somewhat lower figure.

The size of the wooden kitchen furniture market in Asia-Pacific declined slightly to $14.5B in 2024, waning by -3.9% 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). The market value increased at an average annual rate of +1.4% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $18.1B in 2019; however, from 2020 to 2024, consumption remained at a lower figure.

China (191M units) remains the largest wooden kitchen furniture consuming country in Asia-Pacific, accounting for 62% of total volume. Moreover, wooden kitchen furniture consumption in China exceeded the figures recorded by the second-largest consumer, Pakistan (30M units), sixfold. The third position in this ranking was taken by Indonesia (26M units), with an 8.5% share.

In China, wooden kitchen furniture consumption expanded at an average annual rate of +4.2% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of consumption growth: Pakistan (+2.6% per year) and Indonesia (+4.1% per year).

In value terms, China ($8.7B) led the market, alone. The second position in the ranking was held by Indonesia ($1.4B). It was followed by Japan.

From 2013 to 2024, the average annual rate of growth in terms of value in China stood at +3.3%. The remaining consuming countries recorded the following average annual rates of market growth: Indonesia (+4.6% per year) and Japan (-8.3% per year).

In 2024, the highest levels of wooden kitchen furniture per capita consumption was registered in Malaysia (344 units per 1000 persons), followed by Thailand (165 units per 1000 persons), China (134 units per 1000 persons) and Pakistan (127 units per 1000 persons), while the world average per capita consumption of wooden kitchen furniture was estimated at 71 units per 1000 persons.

In Malaysia, wooden kitchen furniture per capita consumption increased at an average annual rate of +6.1% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Thailand (+3.7% per year) and China (+3.8% per year).

In 2024, production of wooden furniture for kitchens increased by 2% to 361M units, rising for the second year in a row after three years of decline. The total production indicated measured growth from 2013 to 2024: its volume increased at an average annual rate of +3.1% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production increased by +2.7% against 2022 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 17% against the previous year. Over the period under review, production reached the peak volume at 363M units in 2019; however, from 2020 to 2024, production remained at a lower figure.

In value terms, wooden kitchen furniture production reached $15.9B in 2024 estimated in export price. The total output value increased at an average annual rate of +1.5% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 26% against the previous year. Over the period under review, production reached the maximum level at $19.6B in 2019; however, from 2020 to 2024, production failed to regain momentum.

China (206M units) constituted the country with the largest volume of wooden kitchen furniture production, comprising approx. 57% of total volume. Moreover, wooden kitchen furniture production in China exceeded the figures recorded by the second-largest producer, Vietnam (42M units), fivefold. The third position in this ranking was taken by Pakistan (30M units), with an 8.4% share.

In China, wooden kitchen furniture production increased at an average annual rate of +3.5% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Vietnam (+13.9% per year) and Pakistan (+2.6% per year).

In 2024, approx. 23M units of wooden furniture for kitchens were imported in Asia-Pacific; picking up by 23% against the previous year. Overall, imports continue to indicate prominent growth. The growth pace was the most rapid in 2019 when imports increased by 98% against the previous year. The volume of import peaked at 26M units in 2021; however, from 2022 to 2024, imports remained at a lower figure.

In value terms, wooden kitchen furniture imports contracted to $720M in 2024. Total imports indicated tangible growth from 2013 to 2024: its value increased at an average annual rate of +3.5% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports decreased by -23.5% against 2021 indices. The pace of growth appeared the most rapid in 2020 with an increase of 22% against the previous year. The level of import peaked at $940M in 2021; however, from 2022 to 2024, imports stood at a somewhat lower figure.

Malaysia represented the key importer of wooden furniture for kitchens in Asia-Pacific, with the volume of imports resulting at 12M units, which was approx. 52% of total imports in 2024. Australia (2.4M units) took a 10% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (7.3%), the Philippines (5.2%), Taiwan (Chinese) (4.9%) and Japan (4.9%). China (971K units) held a relatively small share of total imports.

Malaysia was also the fastest-growing in terms of the wooden furniture for kitchens imports, with a CAGR of +33.2% from 2013 to 2024. At the same time, the Philippines (+14.1%), Taiwan (Chinese) (+13.9%), South Korea (+9.3%), China (+7.2%) and Australia (+5.4%) displayed positive paces of growth. By contrast, Japan (-2.0%) illustrated a downward trend over the same period. From 2013 to 2024, the share of Malaysia increased by +44 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($129M), Japan ($126M) and South Korea ($111M) were the countries with the highest levels of imports in 2024, with a combined 51% share of total imports. Australia, Malaysia, Taiwan (Chinese) and the Philippines lagged somewhat behind, together accounting for a further 34%.

Malaysia, with a CAGR of +15.4%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

The import price in Asia-Pacific stood at $31 per unit in 2024, with a decrease of -19% against the previous year. Overall, the import price recorded a drastic downturn. The most prominent rate of growth was recorded in 2022 an increase of 56% against the previous year. The level of import peaked at $79 per unit in 2013; however, from 2014 to 2024, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($133 per unit), while Malaysia ($4.7 per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Australia (+2.0%), while the other leaders experienced more modest paces of growth.

In 2024, overseas shipments of wooden furniture for kitchens increased by 28% to 74M units for the first time since 2021, thus ending a two-year declining trend. Over the period under review, exports posted buoyant growth. The growth pace was the most rapid in 2020 when exports increased by 41% against the previous year. Over the period under review, the exports hit record highs at 75M units in 2021; however, from 2022 to 2024, the exports remained at a lower figure.

In value terms, wooden kitchen furniture exports expanded markedly to $2.5B in 2024. Total exports indicated a temperate expansion from 2013 to 2024: its value increased at an average annual rate of +4.9% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports decreased by -17.0% against 2022 indices. The pace of growth appeared the most rapid in 2015 with an increase of 24% against the previous year. The level of export peaked at $3B in 2022; however, from 2023 to 2024, the exports failed to regain momentum.

In 2024, Vietnam (34M units) was the largest exporter of wooden furniture for kitchens, making up 46% of total exports. Malaysia (18M units) held a 24% share (based on physical terms) of total exports, which put it in second place, followed by China (22%). The following exporters - Thailand (3.2M units) and Cambodia (1.6M units) - together made up 6.4% of total exports.

From 2013 to 2024, the biggest increases were recorded for Cambodia (with a CAGR of +30.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($1.1B), China ($834M) and Malaysia ($280M) were the countries with the highest levels of exports in 2024, together comprising 89% of total exports. Thailand and Cambodia lagged somewhat behind, together accounting for a further 7.8%.

Cambodia, with a CAGR of +27.9%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

The export price in Asia-Pacific stood at $34 per unit in 2024, waning by -17.8% against the previous year. In general, the export price showed a perceptible downturn. The most prominent rate of growth was recorded in 2022 an increase of 21% against the previous year. The level of export peaked at $54 per unit in 2014; however, from 2015 to 2024, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was China ($52 per unit), while Malaysia ($16 per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Thailand (+2.4%), while the other leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the wooden kitchen furniture market in Asia-Pacific. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

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A Quick Overview of Market Performance

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Finding New Products to Diversify Your Business

Choosing the Best Countries to Establish Your Sustainable Supply Chain

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The Latest Trends and Insights into The Industry

The Largest Importers on The Market and How They Succeed

The Largest Exporters on The Market and How They Succeed

The Largest Producers on The Market and Their Profiles

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