Thailand: Animal Fats Market 2025

Animal Fats Market Size in Thailand

After two years of growth, the Thai animal fats market decreased by -31% to $X in 2021. Overall, consumption, however, recorded a prominent increase. As a result, consumption reached the peak level of $X, and then declined remarkably in the following year.

Animal Fats Production in Thailand

In value terms, animal fats production shrank dramatically to $X in 2021 estimated in export price. Overall, production, however, recorded buoyant growth. The growth pace was the most rapid in 2020 when the production volume increased by 203%. As a result, production reached the peak level of $X, and then declined markedly in the following year.

Animal Fats Exports

Exports from Thailand

In 2021, approx. X kg of animal fats and oils were exported from Thailand; with a decrease of -70.5% on the year before. Over the period under review, exports continue to indicate a sharp decrease. The pace of growth was the most pronounced in 2016 with an increase of 405% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, animal fats exports contracted remarkably to $X in 2021. In general, exports continue to indicate a sharp shrinkage. The most prominent rate of growth was recorded in 2016 when exports increased by 609%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Hong Kong SAR (X kg) and Vietnam (X kg) were the main destinations of animal fats exports from Thailand.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +73.7%).

In value terms, Vietnam ($X) and Hong Kong SAR ($X) constituted the largest markets for animal fats exported from Thailand worldwide.

Vietnam, with a CAGR of +36.2%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review.

Export Prices by Country

The average animal fats export price stood at $X per ton in 2021, increasing by 4.1% against the previous year. Over the period under review, the export price enjoyed buoyant growth. The pace of growth was the most pronounced in 2020 when the average export price increased by 522% against the previous year. Over the period under review, the average export prices reached the maximum in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Hong Kong SAR amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+44.1%), while the prices for the other major destinations experienced more modest paces of growth.

Animal Fats Imports

Imports into Thailand

Animal fats imports into Thailand surged to X tons in 2021, growing by 138% against the year before. Overall, imports, however, showed a precipitous descent. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, animal fats imports surged to $X in 2021. In general, imports, however, continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2016 with an increase of 120%. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Japan (X tons) constituted the largest animal fats supplier to Thailand, with a 87% share of total imports. Moreover, animal fats imports from Japan exceeded the figures recorded by the second-largest supplier, China (X tons), more than tenfold. The third position in this ranking was held by Malaysia (X tons), with a 2.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan amounted to -5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+304.5% per year) and Malaysia (+75.9% per year).

In value terms, the largest animal fats suppliers to Thailand were China ($X), Japan ($X) and Norway ($X), together accounting for 94% of total imports.

In terms of the main suppliers, China, with a CAGR of +478.6%, saw 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

In 2021, the average animal fats import price amounted to $X per ton, with a decrease of -32.5% against the previous year. In general, the import price, however, enjoyed a resilient increase. The pace of growth was the most pronounced in 2020 an increase of 162%. As a result, import price attained the peak level of $X per ton, and then dropped markedly in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+34.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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