Natural cork articles market in Portugal

Earlier Report Observations

Portuguese production of natural cork articles fell from USD 907 million in 2018 to USD 615 million in 2021. During this period, the sector remained heavily export-oriented, led by Corticeira Amorim, and saw the introduction of new European rules for organic cork certification to reinforce sustainability. However, overall market volume declined sharply, particularly in 2021, amid a shift toward higher-priced premium cork stoppers as average prices rose.

From 2022 to 2024, production continued to drop, reaching USD 474 million in 2024. The war in Ukraine and associated sanctions disrupted trade flows in 2022, reducing exports to Russia and redirecting sales to neighboring markets. Then, in 2023, global wine production fell to its lowest level since 1961, directly cutting demand for natural corks—the primary application. This trend persisted into 2024 with further declines in world wine output and lower demand for thin corks, compounded by a 15% drop in average cork prices during the harvesting campaign.

Despite the contraction, the industry invested in diversification, expanding cork applications into construction, fashion, and design. A national plan for cork oak forests was also launched, aiming to boost productivity with over EUR 500 million in investments by 2030. By 2025, cork product exports showed a volume increase but a value decrease, reflecting changes in demand structure and a stronger focus on European markets.

Production natural cork articles in Portugal

In value, 2018-2021, M $ US

Portugal's production of natural cork articles has declined for the third consecutive year. In 2021, output was valued at 614.6 million US dollars, marking a 17.3% decrease from the previous year. Over the period from 2018 to 2021, production fell by 32.3%, with an average annual decline of 12.2%.

Annual dynamics of production in Portugal in value, 2018-2021, M $ US

In kind, 2018-2021, K t

Portugal's production volume of natural cork articles has declined for the third year in a row. In 2021, 66.9 thousand tonnes were produced, representing a sharp 62.4% drop from 2020. From 2018 to 2021, production decreased by 67.5%, with an average annual decline of 31.2%.

Annual dynamics of production in Portugal in kind, 2018-2021, K t

Exports natural cork articles from Portugal

Exports in kind, t

After two years of decline, Portugal's exports of natural cork articles by volume increased in 2021. Exports reached 13 851 tonnes, a slight 1.9% rise from 2020. Over the 2018-2021 period, exports decreased by 17.5%, with an average annual decline of 6.2%. The lowest volume was recorded in 2020 at 13 588 tonnes, while the largest decline occurred in 2019 at 13.9%.

Annual dynamics of product's exports from Portugal in kind, 2018-2021, t

From 2018 to 2021, the export market for natural cork articles by volume was diverse. France accounted for 20.2% of exports, the United States for 16.2%, and Spain for 12.1%, together making up 48.6% of total flows. The remaining 51.4% was distributed among numerous other countries.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Portugal in kind, 2018-2021

Exports in value, M $ US

Following two years of decline, Portugal's exports of natural cork articles by value increased in 2021. Exports stood at 541.4 million US dollars, a 10.3% increase compared to 2020. Over the 2018-2021 period, exports decreased by 8.3%, with an average annual decline of 2.9%. The lowest value was recorded in 2020 at 490.8 million US dollars, while the largest decline occurred in 2019 at 13.7%.

Annual dynamics of product's exports from Portugal in value, 2018-2021, M $ US

From 2018 to 2021, the United States was the top destination for Portugal's natural cork article exports by value, accounting for 24.9%. France followed with 21.6%, and Spain with 11.9%. Together, these three countries represented 58.4% of total export flows.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Portugal in value, 2018-2021

Imports natural cork articles to Portugal

Imports in kind, t

Portugal's imports of natural cork articles by volume have declined for the second consecutive year. In 2021, imports totaled 1 191 tonnes, a 25.2% decrease from the previous year. Between 2018 and 2021, imports fell by 36.4%, with an average annual decline of 14.0%. The highest volume was recorded in 2019 at 2 570 tonnes, while the largest decline occurred in 2020 at 38.1%. The largest increase was in 2019 at 37.3%.

Annual dynamics of product's imports to Portugal in kind, 2018-2021, t

From 2018 to 2021, Morocco was the leading source for Portugal's imports of natural cork articles by volume, accounting for 33.8%. Spain contributed 21.5%, and Italy 17.1%. Together, these three countries made up 72.5% of total import flows.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Portugal in kind, 2018-2021

Imports in value, M $ US

Portugal's imports of natural cork articles by value have declined for the second year in a row. In 2021, import volume stood at 23.1 million US dollars, a 3.9% decrease from 2020. Over the 2018-2021 period, imports decreased by 30.5%, with an average annual decline of 11.4%. The highest value was recorded in 2019 at 35.8 million US dollars, while the largest decline occurred in 2020 at 32.8%. The largest increase was in 2019 at 7.6%.

Annual dynamics of product's imports to Portugal in value, 2018-2021, M $ US

From 2018 to 2021, Morocco was the primary source for Portugal's imports of natural cork articles by value, accounting for 33.7%. Spain followed with 16.6%, and Italy with 12.8%. Together, these three countries absorbed 63.1% of total import value.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Portugal in value, 2018-2021