Thailand: Biological Product Market 2024

Biological Product Market Size in Thailand

The Thai biological product market dropped sharply to $X in 2022, waning by X% against the previous year. Over the period under review, consumption, however, continues to indicate a noticeable expansion. Biological product consumption peaked at $X in 2021, and then dropped significantly in the following year.

Biological Product Production in Thailand

In value terms, biological product production fell to $X in 2022 estimated in export price. Over the period under review, the total production indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by X% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Biological Product Exports

Exports from Thailand

In 2022, biological product exports from Thailand dropped notably to X tons, with a decrease of X% compared with the previous year. Over the period under review, exports continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, biological product exports shrank markedly to $X in 2022. In general, exports showed a drastic downturn. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, the exports reached the peak of $X, and then reduced notably in the following year.

Exports by Country

India (X tons), South Korea (X tons) and Myanmar (X tons) were the main destinations of biological product exports from Thailand, together accounting for X% of total exports. Vietnam, Ecuador, Malaysia, Australia, Cambodia, Cuba, Lao People's Democratic Republic, the Philippines and Bangladesh lagged somewhat behind, together accounting for a further X%.

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

In value terms, South Korea ($X), India ($X) and Vietnam ($X) were the largest markets for biological product exported from Thailand worldwide, with a combined X% share of total exports. Lao People's Democratic Republic, Cambodia, Myanmar, Australia, Ecuador, Cuba, the Philippines, Malaysia and Bangladesh lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Cuba, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average biological product export price amounted to $X per ton, with a decrease of X% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 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 Lao People's Democratic Republic ($X per ton), while the average price for exports to Malaysia ($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 Bangladesh (X%), while the prices for the other major destinations experienced more modest paces of growth.

Biological Product Imports

Imports into Thailand

In 2022, after two years of growth, there was significant decline in overseas purchases of biological products, when their volume decreased by X% to X tons. Overall, imports continue to indicate a pronounced descent. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, imports attained the peak of X tons, and then dropped sharply in the following year.

In value terms, biological product imports dropped sharply to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X, and then shrank rapidly in the following year.

Imports by Country

In 2022, the United States (X tons) constituted the largest biological product supplier to Thailand, with a X% share of total imports. Moreover, biological product imports from the United States exceeded the figures recorded by the second-largest supplier, South Korea (X tons), twofold. The third position in this ranking was held by Germany (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (X% per year) and Germany (X% per year).

In value terms, the largest biological product suppliers to Thailand were Germany ($X), Switzerland ($X) and the United States ($X), with a combined X% share of total imports. South Korea, China, Argentina, Italy, Belgium, India, the Netherlands, France, Brazil and Hungary lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Argentina, with a CAGR of X.5%, 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

In 2022, the average biological product import price amounted to $X per ton, growing by X% against the previous year. Overall, import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, biological product import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

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

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

Source: IndexBox Platform

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