Cork Article Market

The article discusses the increasing demand for cork articles globally, with the market projected to grow significantly over the period of 2022 to 2030. Consumption of cork articles is on the rise, reaching 1.5M tons in 2022 after a three-year decline. Market value is expected to increase to $18.9B by 2030. Portugal, China, and the United States are among the top consumers and producers of cork articles. The import and export trends, as well as pricing variations, are also analyzed in the article.

Market Forecast

Driven by increasing demand for cork articles worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.1% for the period from 2022 to 2030, which is projected to bring the market volume to 2M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.4% for the period from 2022 to 2030, which is projected to bring the market value to $18.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Articles of Natural Cork and Agglomerated Cork

In 2022, consumption of cork articles increased by 2.9% to 1.5M tons for the first time since 2018, thus ending a three-year declining trend. The total consumption volume increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at 1.8M tons in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

The global cork article market value amounted to $12.5B in 2022, remaining stable 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 +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market hit record highs at $14.2B in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Egypt (435K tons), China (327K tons) and the United States (232K tons), together accounting for 64% of global consumption. Portugal, Italy, France, Canada and Vietnam lagged somewhat behind, together accounting for a further 15%.

From 2012 to 2022, the biggest increases were recorded for Portugal (with a CAGR of +8.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($3.2B), Egypt ($2.7B) and China ($1.1B) appeared to be the countries with the highest levels of market value in 2022, together accounting for 56% of the global market. Italy, Portugal, France, Canada and Vietnam lagged somewhat behind, together accounting for a further 17%.

Portugal, with a CAGR of +8.6%, saw the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of cork article per capita consumption in 2022 were Portugal (8.1 kg per person), Egypt (4.1 kg per person) and Italy (0.9 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Portugal (with a CAGR of +9.2%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Articles of Natural Cork and Agglomerated Cork

In 2022, production of cork articles was finally on the rise to reach 1.5M tons for the first time since 2018, thus ending a three-year declining trend. The total output volume increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 19%. Over the period under review, global production reached the maximum volume at 1.8M tons in 2018; however, from 2019 to 2022, production remained at a lower figure.

In value terms, cork article production declined to $12.7B in 2022 estimated in export price. Over the period under review, production saw a moderate expansion. The pace of growth was the most pronounced in 2016 with an increase of 48% against the previous year. Global production peaked at $20.1B in 2017; however, from 2018 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were Egypt (435K tons), China (333K tons) and the United States (208K tons), with a combined 63% share of global production. Portugal, Italy, France and Canada lagged somewhat behind, together comprising a further 18%.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +6.8%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Articles of Natural Cork and Agglomerated Cork

In 2022, the amount of cork articles imported worldwide fell to 205K tons, reducing by -2.6% against 2021 figures. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 11% against the previous year. As a result, imports reached the peak of 243K tons. From 2017 to 2022, the growth of global imports failed to regain momentum.

In value terms, cork article imports reduced modestly to $1.8B in 2022. The total import value increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 13%. As a result, imports attained the peak of $1.8B, and then declined in the following year.

Imports By Country

In 2022, the United States (25K tons), Italy (24K tons), Spain (22K tons), Germany (22K tons) and France (22K tons) was the major importer of cork articles in the world, generating 57% of total import. Portugal (7.4K tons), the UK (5.5K tons), Belgium (4.1K tons), China (3.9K tons), Russia (3.6K tons), Chile (3.5K tons), Greece (3.5K tons) and Switzerland (3.4K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Greece (with a CAGR of +21.4%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($299M), France ($299M) and Italy ($234M) constituted the countries with the highest levels of imports in 2022, together accounting for 47% of global imports. Spain, Germany, the UK, Portugal, Chile, China, Switzerland, Russia, Belgium and Greece lagged somewhat behind, together accounting for a further 28%.

The UK, with a CAGR of +9.7%, 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 global leaders experienced more modest paces of growth.

Imports By Type

In 2022, agglomerated cork (with or without a binding substance) and articles of agglomerated cork (170K tons) was the major type of cork articles, committing 83% of total imports. It was distantly followed by articles of natural cork (36K tons), mixing up a 17% share of total imports.

Agglomerated cork (with or without a binding substance) and articles of agglomerated cork experienced a relatively flat trend pattern with regard to volume of imports. articles of natural cork (-1.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of agglomerated cork (with or without a binding substance) and articles of agglomerated cork increased by +3.2 percentage points.

In value terms, the largest types of imported cork articles were agglomerated cork (with or without a binding substance) and articles of agglomerated cork ($1.1B) and articles of natural cork ($707M).

Among the main imported products, agglomerated cork (with or without a binding substance) and articles of agglomerated cork, with a CAGR of +3.1%, saw the highest growth rate of the value of imports, over the period under review.

Import Prices By Type

In 2022, the average cork article import price amounted to $8,595 per ton, picking up by 1.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The pace of growth appeared the most rapid in 2018 when the average import price increased by 10%. Global import price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by the product type; the product with the highest price was articles of natural cork ($19,746 per ton), while the price for agglomerated cork (with or without a binding substance) and articles of agglomerated cork totaled $6,212 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by agglomerated cork (with or without a binding substance) and articles of agglomerated cork (+2.7%).

Import Prices By Country

In 2022, the average cork article import price amounted to $8,595 per ton, increasing by 1.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The growth pace was the most rapid in 2018 when the average import price increased by 10%. Global import price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($13,580 per ton), while Greece ($2,754 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+5.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Articles of Natural Cork and Agglomerated Cork

Global cork article exports fell to 200K tons in 2022, reducing by -4.7% compared with 2021 figures. Over the period under review, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 11% against the previous year. Over the period under review, the global exports hit record highs at 210K tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, cork article exports declined modestly to $1.8B in 2022. The total export value increased at an average annual rate of +2.2% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 17%. As a result, the exports reached the peak of $1.9B, and then dropped in the following year.

Exports By Country

Portugal represented the largest exporting country with an export of around 124K tons, which recorded 62% of total exports. It was distantly followed by Spain (28K tons) and China (10K tons), together committing a 19% share of total exports. France (6.6K tons), Zambia (4.9K tons) and Italy (3.4K tons) held a little share of total exports.

Exports from Portugal decreased at an average annual rate of -1.5% from 2012 to 2022. At the same time, Zambia (+113.4%), China (+6.2%), France (+5.8%) and Spain (+5.2%) displayed positive paces of growth. Moreover, Zambia emerged as the fastest-growing exporter exported in the world, with a CAGR of +113.4% from 2012-2022. Italy experienced a relatively flat trend pattern. From 2012 to 2022, the share of Spain, Zambia and China increased by +5.7, +2.5 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Portugal ($1.2B) remains the largest cork article supplier worldwide, comprising 63% of global exports. The second position in the ranking was taken by Spain ($280M), with a 15% share of global exports. It was followed by France, with a 5.8% share.

From 2012 to 2022, the average annual growth rate of value in Portugal totaled +1.5%. In the other countries, the average annual rates were as follows: Spain (+4.6% per year) and France (+4.5% per year).

Exports By Type

Agglomerated cork (with or without a binding substance) and articles of agglomerated cork represented the major exported product with an export of around 172K tons, which finished at 86% of total exports. It was distantly followed by articles of natural cork (27K tons), achieving a 14% share of total exports.

Agglomerated cork (with or without a binding substance) and articles of agglomerated cork experienced a relatively flat trend pattern with regard to volume of exports. Articles of natural cork experienced a relatively flat trend pattern. The shares of the largest types remained relatively stable throughout the analyzed period.

In value terms, the largest types of exported cork articles were agglomerated cork (with or without a binding substance) and articles of agglomerated cork ($1.2B) and articles of natural cork ($690M).

Agglomerated cork (with or without a binding substance) and articles of agglomerated cork, with a CAGR of +3.5%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exported products over the period under review.

Export Prices By Type

In 2022, the average cork article export price amounted to $9,237 per ton, with an increase of 2% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The pace of growth appeared the most rapid in 2018 when the average export price increased by 12% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by the product type; the product with the highest price was articles of natural cork ($25,295 per ton), while the average price for exports of agglomerated cork (with or without a binding substance) and articles of agglomerated cork amounted to $6,728 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by agglomerated cork (with or without a binding substance) and articles of agglomerated cork (+3.6%).

Export Prices By Country

In 2022, the average cork article export price amounted to $9,237 per ton, rising by 2% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2018 when the average export price increased by 12%. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was France ($16,441 per ton), while Zambia ($415 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform