Thailand: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Thailand

The Thai chemically modified oils market contracted to $X in 2022, reducing by -8.7% against the previous year. The market value increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Chemically Modified Oils Production in Thailand

In value terms, chemically modified oils production stood at $X in 2022 estimated in export price. Over the period under review, the total production indicated a moderate increase from 2012 to 2022: its value 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, production decreased by -1.1% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 20%. Chemically modified oils production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Chemically Modified Oils Exports

Exports from Thailand

In 2022, overseas shipments of animal or vegetable fats and oils chemically modified increased by 23% to X tons, rising for the sixth year in a row after three years of decline. In general, exports posted resilient growth. The pace of growth appeared the most rapid in 2018 when exports increased by 111%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, chemically modified oils exports skyrocketed to $X in 2022. Overall, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2021 with an increase of 123%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

Malaysia (X tons) was the main destination for chemically modified oils exports from Thailand, accounting for a 80% share of total exports. Moreover, chemically modified oils exports to Malaysia exceeded the volume sent to the second major destination, Myanmar (X tons), sixfold. The Netherlands (X tons) ranked third in terms of total exports with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia stood at +64.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (+70.2% per year) and the Netherlands (+11.5% per year).

In value terms, Malaysia ($X) remains the key foreign market for animal or vegetable fats and oils chemically modified exports from Thailand, comprising 78% of total exports. The second position in the ranking was held by Myanmar ($X), with a 15% share of total exports. It was followed by the Netherlands, with a 3.6% share.

From 2012 to 2022, the average annual growth rate of value to Malaysia totaled +73.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (+70.3% per year) and the Netherlands (+18.8% per year).

Export Prices by Country

In 2022, the average chemically modified oils export price amounted to $X per ton, growing by 24% against the previous year. In general, export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chemically modified oils export price increased by +92.6% against 2019 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by 41%. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Myanmar ($X per ton), while the average price for exports to the Netherlands ($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 Netherlands (+6.5%), while the prices for the other major destinations experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports into Thailand

In 2022, chemically modified oils imports into Thailand fell to X tons, waning by -4.4% on 2021 figures. Over the period under review, imports showed a pronounced downturn. The most prominent rate of growth was recorded in 2015 with an increase of 20%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, chemically modified oils imports rose markedly to $X in 2022. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 40%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest chemically modified oils supplier to Thailand, with a 66% share of total imports. Moreover, chemically modified oils imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), fivefold. The third position in this ranking was held by Vietnam (X tons), with a 5.3% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled -2.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+0.0% per year) and Vietnam (+23.1% per year).

In value terms, China ($X) constituted the largest supplier of animal or vegetable fats and oils chemically modified to Thailand, comprising 60% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 13% share of total imports. It was followed by Malaysia, with a 4.9% share.

From 2012 to 2022, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+2.3% per year) and Malaysia (+21.8% per year).

Import Prices by Country

The average chemically modified oils import price stood at $X per ton in 2022, growing by 16% against the previous year. Overall, import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chemically modified oils import price increased by +124.5% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of 41% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+20.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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