Asia: Wood Barrel Market 2023

Wood Barrel Market Size in Asia

The Asian wood barrel market expanded modestly to $X in 2022, surging by 4.5% against the previous year. The market value increased at an average annual rate of +3.2% 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 maximum level at $X in 2020; afterwards, it flattened through to 2022.

Wood Barrel Production in Asia

In value terms, wood barrel production expanded slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 25%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Wood Barrel Exports

Exports in Asia

In 2022, approx. X units of casks, barrels, vats, tubs, and coopers products of wood were exported in Asia; waning by -15% compared with 2021. Total exports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +7.7% against 2020 indices. The pace of growth was the most pronounced in 2013 when exports increased by 44% against the previous year. The volume of export peaked at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, wood barrel exports declined markedly to $X in 2022. Overall, exports, however, recorded buoyant growth. The pace of growth was the most pronounced in 2019 when exports increased by 58% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The biggest shipments were from Vietnam (X units), China (X units) and Thailand (X units), together resulting at 86% of total export. It was distantly followed by Japan (X units), comprising a 5.2% share of total exports. Turkey (X units) held a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +15.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest wood barrel supplying countries in Asia were Vietnam ($X), China ($X) and Japan ($X), with a combined 85% share of total exports.

Japan, with a CAGR of +24.6%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per unit in 2022, with a decrease of -3% against the previous year. Overall, the export price, however, enjoyed a strong expansion. The pace of growth appeared the most rapid in 2019 when the export price increased by 40%. The level of export peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+22.4%), while the other leaders experienced more modest paces of growth.

Wood Barrel Imports

Imports in Asia

In 2022, purchases abroad of casks, barrels, vats, tubs, and coopers products of wood increased by 4.1% to X units, rising for the second year in a row after two years of decline. Total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +5.3% 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 +37.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 32% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, wood barrel imports totaled $X in 2022. Overall, imports continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2021 when imports increased by 39%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

Japan represented the main importing country with an import of around X units, which accounted for 56% of total imports. China (X units) took a 27% share (based on physical terms) of total imports, which put it in second place, followed by India (4.7%). Israel (X units) and Taiwan (Chinese) (X units) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to wood barrel imports into Japan stood at +4.2%. At the same time, China (+14.5%), Israel (+3.2%) and Taiwan (Chinese) (+2.2%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Asia, with a CAGR of +14.5% from 2012-2022. By contrast, India (-1.7%) illustrated a downward trend over the same period. China (+15 p.p.) significantly strengthened its position in terms of the total imports, while India and Japan saw its share reduced by -4.7% and -6.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X), China ($X) and Israel ($X) constituted the countries with the highest levels of imports in 2022, with a combined 84% share of total imports. India and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 6.8%.

Among the main importing countries, Taiwan (Chinese), with a CAGR of +14.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia amounted to $X per unit, growing by 4.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. The pace of growth appeared the most rapid in 2016 an increase of 12%. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per unit), while India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+12.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Market Intelligence Platform

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