Natural Cork Market

The global natural cork market is forecasted to see an increase in consumption over the next eight years, with a projected CAGR of +1.0% in volume and +2.6% in value from 2022 to 2030. Consumption peaked at 11M tons in 2017 but remained relatively flat from 2018 to 2022. China, the United States, and India were the top consuming countries. Production and imports also showed slight fluctuations, with Spain dominating exports. The average export price increased by 18% in 2022, with Poland having the highest export price per ton.

Market Forecast

Driven by increasing demand for natural cork debacked or roughly squared 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 +1.0% for the period from 2022 to 2030, which is projected to bring the market volume to 11M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.6% for the period from 2022 to 2030, which is projected to bring the market value to $101B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Natural Cork Debacked Or Roughly Squared

In 2022, consumption of natural cork debacked or roughly squared increased by 0.1% to 9.8M tons for the first time since 2017, thus ending a four-year declining trend. In general, consumption continues to indicate a relatively flat trend pattern. Global consumption peaked at 11M tons in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

The global natural cork market size declined slightly to $82.4B 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 +1.1% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the market value increased by 7.6%. As a result, consumption attained the peak level of $92.9B. From 2018 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (2.1M tons), the United States (1.8M tons) and India (846K tons), together comprising 48% of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by China (with a CAGR of +3.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($16.3B), the United States ($9.5B) and Japan ($7.9B) constituted the countries with the highest levels of market value in 2022, together accounting for 41% of the global market.

Among the main consuming countries, China, with a CAGR of +4.4%, saw the highest growth rate of market size 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 natural cork per capita consumption in 2022 were the United States (5.3 kg per person), Germany (4.7 kg per person) and Canada (4.4 kg per person).

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +2.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Natural Cork Debacked Or Roughly Squared

In 2022, production of natural cork debacked or roughly squared was finally on the rise to reach 9.7M tons for the first time since 2017, thus ending a four-year declining trend. Overall, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 5.3%. Over the period under review, global production attained the peak volume at 11M tons in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

In value terms, natural cork production reduced slightly to $83.9B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% 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 2017 with an increase of 9.6%. As a result, production attained the peak level of $95.1B. From 2018 to 2022, global production growth failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (2.1M tons), the United States (1.8M tons) and India (846K tons), with a combined 48% share of global production.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +3.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Natural Cork Debacked Or Roughly Squared

In 2022, global natural cork imports expanded rapidly to 18K tons, surging by 10% against 2021 figures. Over the period under review, total imports indicated a tangible expansion from 2012 to 2022: its volume increased at an average annual rate of +2.9% 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 +33.6% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 42% against the previous year. Global imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, natural cork imports surged to $45M in 2022. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 30%. Global imports peaked at $50M in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports By Country

Slovakia (5.8K tons) and Spain (5.6K tons) represented the main importers of natural cork debacked or roughly squared in 2022, accounting for near 32% and 31% of total imports, respectively. It was distantly followed by Portugal (2.7K tons), constituting a 15% share of total imports. Poland (679 tons), the Czech Republic (678 tons), Qatar (589 tons) and the United States (301 tons) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the Czech Republic (with a CAGR of +39.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest natural cork importing markets worldwide were Portugal ($13M), Spain ($9.5M) and Slovakia ($7.1M), with a combined 65% share of global imports. Qatar, Poland, the United States and the Czech Republic lagged somewhat behind, together comprising a further 16%.

In terms of the main importing countries, Poland, with a CAGR of +37.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average natural cork import price stood at $2,497 per ton in 2022, surging by 12% against the previous year. In general, the import price, however, showed a noticeable downturn. The pace of growth was the most pronounced in 2014 when the average import price increased by 21%. Global import price peaked at $3,638 per ton in 2012; however, from 2013 to 2022, 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 Qatar ($4,780 per ton), while Slovakia ($1,224 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+3.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Natural Cork Debacked Or Roughly Squared

In 2022, approx. 14K tons of natural cork debacked or roughly squared were exported worldwide; declining by -14.3% against the previous year. Overall, exports showed a slight contraction. The pace of growth appeared the most rapid in 2013 when exports increased by 52%. The global exports peaked at 28K tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, natural cork exports reached $40M in 2022. In general, exports showed a perceptible descent. The growth pace was the most rapid in 2013 with an increase of 39% against the previous year. The global exports peaked at $72M in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

Spain dominates exports structure, finishing at 12K tons, which was approx. 84% of total exports in 2022. The following exporters - Poland (568 tons), the United States (315 tons), Portugal (311 tons), Italy (273 tons) and Slovakia (221 tons) - together made up 12% of total exports.

From 2012 to 2022, average annual rates of growth with regard to natural cork exports from Spain stood at -1.4%. At the same time, Slovakia (+68.0%), Poland (+28.1%) and the United States (+19.2%) displayed positive paces of growth. Moreover, Slovakia emerged as the fastest-growing exporter exported in the world, with a CAGR of +68.0% from 2012-2022. Italy experienced a relatively flat trend pattern. By contrast, Portugal (-14.1%) illustrated a downward trend over the same period. While the share of Poland (+3.8 p.p.), Spain (+2 p.p.), the United States (+1.9 p.p.) and Slovakia (+1.6 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Portugal (-6.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Spain ($27M) remains the largest natural cork supplier worldwide, comprising 69% of global exports. The second position in the ranking was taken by Poland ($4.3M), with an 11% share of global exports. It was followed by Portugal, with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Spain stood at -2.7%. In the other countries, the average annual rates were as follows: Poland (+40.1% per year) and Portugal (-17.4% per year).

Export Prices By Country

The average natural cork export price stood at $2,841 per ton in 2022, increasing by 18% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average export price increased by 34% against the previous year. The global export price peaked at $3,057 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Poland ($7,500 per ton), while Slovakia ($1,459 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+9.4%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform