Thailand: Animal Feed Market 2024

Animal Feed Market Size in Thailand

The Thai animal feed market reduced to $X in 2022, waning by -5.3% against the previous year. In general, the total consumption indicated strong growth from 2012 to 2022: its value 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, consumption increased by +4.1% against 2020 indices. Animal feed consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Animal Feed Production in Thailand

In value terms, animal feed production shrank slightly to $X in 2022 estimated in export price. Overall, the total production indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +5.5% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 27% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Animal Feed Exports

Exports from Thailand

In 2022, shipments abroad of animal and pet feed increased by 0.3% to X tons, rising for the third consecutive year after four years of decline. The total export volume increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 29% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to continue growth in the near future.

In value terms, animal feed exports stood at $X in 2022. Overall, total exports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +3.7% 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 +54.3% against 2016 indices. The pace of growth appeared the most rapid in 2017 with an increase of 14%. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Lao People's Democratic Republic (X tons), Cambodia (X tons) and Vietnam (X tons) were the main destinations of animal feed exports from Thailand, together accounting for 76% of total exports. Myanmar, India, Sri Lanka, Indonesia, Malaysia and the Philippines lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Myanmar (with a CAGR of +49.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for animal feed exported from Thailand were Vietnam ($X), Lao People's Democratic Republic ($X) and Cambodia ($X), with a combined 49% share of total exports. India, Myanmar, Indonesia, Malaysia, the Philippines and Sri Lanka lagged somewhat behind, together accounting for a further 33%.

In terms of the main countries of destination, Myanmar, with a CAGR of +47.5%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average animal feed export price amounted to $X per ton, approximately reflecting the previous year. In general, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, animal feed export price decreased by -20.3% against 2019 indices. The pace of growth appeared the most rapid in 2017 when the average export price increased by 21% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+9.9%), while the prices for the other major destinations experienced more modest paces of growth.

Animal Feed Imports

Imports into Thailand

In 2022, the amount of animal and pet feed imported into Thailand contracted dramatically to X tons, reducing by -16% against the previous year's figure. Overall, total imports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -16.6% against 2020 indices. The pace of growth appeared the most rapid in 2020 with an increase of 62%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, animal feed imports reduced to $X in 2022. Over the period under review, total imports indicated a moderate expansion from 2012 to 2022: its value 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. Based on 2022 figures, imports increased by +29.0% against 2019 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 20%. Imports peaked at $X in 2021, and then declined in the following year.

Imports by Country

China (X tons), the United States (X tons) and South Korea (X tons) were the main suppliers of animal feed imports to Thailand, together comprising 64% of total imports. Vietnam, the Netherlands, Spain, Singapore, France, Belgium, Finland, Norway, Morocco and Taiwan (Chinese) lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Finland (with a CAGR of +59.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest animal feed suppliers to Thailand were China ($X), the United States ($X) and South Korea ($X), together accounting for 50% of total imports. The Netherlands, France, Singapore, Vietnam, Belgium, Spain, Taiwan (Chinese), Finland, Norway and Morocco lagged somewhat behind, together accounting for a further 32%.

Among the main suppliers, Vietnam, with a CAGR of +29.2%, recorded the highest rates of growth with regard to 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

The average animal feed import price stood at $X per ton in 2022, picking up by 9.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2021 an increase of 18% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2019; afterwards, it flattened through to 2022.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for Norway ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+13.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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