Waste Cork Market

The waste cork market is expected to grow steadily over the next eight years, with consumption, production, imports, and exports all showing different trends from 2012 to 2022. Countries like China, Portugal, and the United States play a significant role in both consumption and production. The market value is predicted to reach $10B by the end of 2030, with import and export prices fluctuating over the years.

Market Forecast

Driven by rising demand for waste cork worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +2.1% for the period from 2022 to 2030, which is projected to bring the market volume to 2.3M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market value to $10B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Waste Cork, Crushed, Granulated Or Ground Cork

In 2022, consumption of waste cork, crushed, granulated or ground cork was finally on the rise to reach 2M tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption, however, saw a noticeable decrease. Over the period under review, global consumption reached the peak volume at 2.9M tons in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

The global waste cork market value contracted modestly to $7.5B in 2022, approximately equating 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). In general, consumption, however, recorded a perceptible downturn. Over the period under review, the global market reached the peak level at $11.5B in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (383K tons), Portugal (223K tons) and the United States (216K tons), with a combined 42% share of global consumption.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +3.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the UK ($1.7B), India ($1B) and China ($589M) appeared to be the countries with the highest levels of market value in 2022, with a combined 44% share of the global market. The United States, Turkey, Germany, Portugal, Mexico, France, Japan, Indonesia, Spain and Canada lagged somewhat behind, together accounting for a further 31%.

Among the main consuming countries, Spain, with a CAGR of +7.1%, recorded 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.

In 2022, the highest levels of waste cork per capita consumption was registered in Portugal (22 kg per person), followed by Spain (1.1 kg per person), Germany (0.9 kg per person) and Canada (0.8 kg per person), while the world average per capita consumption of waste cork was estimated at 0.2 kg per person.

From 2012 to 2022, the average annual growth rate of the waste cork per capita consumption in Portugal stood at +3.5%. In the other countries, the average annual rates were as follows: Spain (+2.4% per year) and Germany (-7.8% per year).

Production

World Production of Waste Cork, Crushed, Granulated Or Ground Cork

In 2022, production of waste cork, crushed, granulated or ground cork was finally on the rise to reach 2M tons for the first time since 2019, thus ending a two-year declining trend. Overall, production, however, continues to indicate a pronounced decrease. The growth pace was the most rapid in 2016 with an increase of 17% against the previous year. Global production peaked at 2.9M tons in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

In value terms, waste cork production dropped to $7.5B in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a pronounced setback. The growth pace was the most rapid in 2019 with an increase of 19% against the previous year. Over the period under review, global production attained the peak level at $11.2B in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (382K tons), Portugal (228K tons) and the United States (212K tons), with a combined 42% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Portugal (with a CAGR of +3.6%), while production for the other global leaders experienced mixed trends in the production figures.

Imports

World Imports of Waste Cork, Crushed, Granulated Or Ground Cork

Global waste cork imports skyrocketed to 110K tons in 2022, picking up by 24% compared with the previous year. Overall, total imports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +4.9% 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 +46.7% against 2020 indices. The pace of growth was the most pronounced in 2018 when imports increased by 27% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, waste cork imports soared to $201M in 2022. Over the period under review, imports showed resilient growth. The most prominent rate of growth was recorded in 2018 when imports increased by 66%. Over the period under review, global imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports By Country

Portugal (46K tons) and Spain (37K tons) prevails in imports structure, together committing 76% of total imports. It was distantly followed by France (6.9K tons), generating a 6.3% share of total imports. The United States (3.9K tons), Germany (2.9K tons), Italy (2.8K tons) and India (1.8K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +18.1%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest waste cork importing markets worldwide were Spain ($76M), Portugal ($54M) and France ($26M), together comprising 78% of global imports.

Spain, with a CAGR of +18.5%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average waste cork import price amounted to $1,825 per ton, shrinking by -3.7% against the previous year. In general, import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 an increase of 31% against the previous year. Global import price peaked at $1,896 per ton in 2021, and then reduced modestly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was France ($3,767 per ton), while the United States ($955 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+6.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Waste Cork, Crushed, Granulated Or Ground Cork

Global waste cork exports reduced to 98K tons in 2022, falling by -13.6% on the previous year. Overall, total exports indicated a pronounced increase 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 +16.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 35%. Over the period under review, the global exports reached the peak figure at 127K tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, waste cork exports declined to $188M in 2022. In general, exports, however, enjoyed a prominent expansion. The growth pace was the most rapid in 2018 with an increase of 57% against the previous year. Over the period under review, the global exports attained the peak figure at $197M in 2021, and then dropped modestly in the following year.

Exports By Country

Portugal was the main exporting country with an export of about 52K tons, which amounted to 53% of total exports. Spain (23K tons) ranks second in terms of the total exports with a 23% share, followed by Algeria (8.2%) and Morocco (8.2%). Tunisia (3.7K tons) and Italy (1.7K tons) took a little share of total exports.

Exports from Portugal increased at an average annual rate of +3.0% from 2012 to 2022. At the same time, Algeria (+11.9%) and Morocco (+1.0%) displayed positive paces of growth. Moreover, Algeria emerged as the fastest-growing exporter exported in the world, with a CAGR of +11.9% from 2012-2022. Tunisia and Spain experienced a relatively flat trend pattern. By contrast, Italy (-3.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Algeria and Portugal increased by +4.8 and +3.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Portugal ($106M) remains the largest waste cork supplier worldwide, comprising 56% of global exports. The second position in the ranking was held by Spain ($44M), with a 23% share of global exports. It was followed by Algeria, with a 5.9% share.

From 2012 to 2022, the average annual growth rate of value in Portugal totaled +9.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Spain (+5.8% per year) and Algeria (+15.7% per year).

Export Prices By Country

The average waste cork export price stood at $1,922 per ton in 2022, rising by 10% against the previous year. Overall, the export price showed a remarkable increase. The pace of growth appeared the most rapid in 2018 an increase of 34%. The global export price peaked in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Italy ($2,172 per ton), while Tunisia ($858 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+7.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform