ANNUAL 2023 WINNERS-wood and wood product company

India has the 4th largest market size for wood and wood products regionally, with demand reaching $ 21.5 billion in 2021. The industry is dominated by domestic suppliers, as imports account for 3.8 per cent of total market size. The cost of the industry increased by 15.1 per cent in 2021, largely driven by rising B2B costs. The B2B spend represents 92.7 per cent of total demand. The industry’s profitability stood at 19.5 per cent of production value in 2021, the second highest regionally. With a production value of $ 26.9 billion, India accounts for 6.8 per cent of the Asia Pacific.The wood products market registered a growth of 8.55 per cent in value shipments in 2022, compared to 2021, and a decrease of -11.51 per cent CAGR in 2022 over a period of 2017. India is becoming more competitive in the market with a HHI index of 1,737 in 2022 compared to 3,648 in 2017. India has reportedly relied more on domestic production to meet its growing demand and the trend is shifting towards reducing imports. The import factor of the wood products Market in 2022 was 0.15 while it was 0.48 in 2017. China, Malaysia, Sri Lanka, Singapore and Thailand were among the top players of the market in 2022, where China acquired the largest market share of 29.09 per cent with a shipment value of $ 32.92 million in 2022. To read the full story, CLICK HERE.