Thailand: Banana Market 2024

Banana Market Size in Thailand

The Thai banana market rose sharply to $X in 2022, surging by 6.7% against the previous year. Overall, consumption enjoyed buoyant growth. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Banana Production in Thailand

In value terms, banana production rose remarkably to $X in 2022 estimated in export price. In general, production continues to indicate a remarkable increase. The most prominent rate of growth was recorded in 2014 when the production volume increased by 41%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

In 2022, the average yield of bananas in Thailand shrank slightly to X tons per ha, flattening at 2021 figures. Over the period under review, the yield, however, saw a strong increase. The pace of growth was the most pronounced in 2013 when the yield increased by 103%. The banana yield peaked at X tons per ha in 2014; however, from 2015 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The banana harvested area in Thailand expanded to X ha in 2022, with an increase of 1.9% compared with 2021 figures. Overall, the harvested area, however, continues to indicate a perceptible decline. The most prominent rate of growth was recorded in 2016 when the harvested area increased by 30% against the previous year. Over the period under review, the harvested area dedicated to banana production reached the maximum at X ha in 2012; however, from 2013 to 2022, the harvested area remained at a lower figure.

Banana Exports

Exports from Thailand

In 2022, approx. X tons of bananas were exported from Thailand; waning by -36.2% on the previous year. In general, exports continue to indicate a deep contraction. The growth pace was the most rapid in 2014 when exports increased by 48% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, banana exports declined sharply to $X in 2022. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 43% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for banana exports from Thailand, accounting for a 65% share of total exports. Moreover, banana exports to China exceeded the volume sent to the second major destination, Japan (X tons), threefold. The third position in this ranking was held by Malaysia (X tons), with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at -7.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+3.6% per year) and Malaysia (+9.7% per year).

In value terms, the largest markets for banana exported from Thailand were China ($X), the United States ($X) and Japan ($X), with a combined 86% share of total exports. Malaysia, Hong Kong SAR and Vietnam lagged somewhat behind, together comprising a further 1.8%.

In terms of the main countries of destination, Malaysia, with a CAGR of +14.0%, 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 more modest paces of growth.

Export Prices by Country

In 2022, the average banana export price amounted to $X per ton, growing by 3.6% against the previous year. Over the period under review, the export price recorded a resilient increase. The most prominent rate of growth was recorded in 2020 when the average export price increased by 33%. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in years to come.

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 the United States ($X per ton), while the average price for exports to Malaysia ($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 Vietnam (+36.9%), while the prices for the other major destinations experienced more modest paces of growth.

Banana Imports

Imports into Thailand

In 2022, purchases abroad of bananas decreased by -29.7% to X tons, falling for the second year in a row after two years of growth. Overall, imports, however, saw measured growth. The growth pace was the most rapid in 2019 when imports increased by 1,356%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, banana imports fell notably to $X in 2022. Over the period under review, imports, however, enjoyed a moderate expansion. The most prominent rate of growth was recorded in 2019 with an increase of 1,229% against the previous year. Over the period under review, imports reached the peak figure at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Lao People's Democratic Republic (X tons) constituted the largest supplier of banana to Thailand, accounting for a 90% share of total imports. Moreover, banana imports from Lao People's Democratic Republic exceeded the figures recorded by the second-largest supplier, Myanmar (X tons), ninefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Lao People's Democratic Republic stood at +3.8%.

In value terms, Lao People's Democratic Republic ($X) constituted the largest supplier of bananas to Thailand, comprising 91% of total imports. The second position in the ranking was held by Myanmar ($X), with an 8% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Lao People's Democratic Republic stood at +3.7%.

Import Prices by Country

In 2022, the average banana import price amounted to $X per ton, waning by -2.7% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 9.7% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Lao People's Democratic Republic ($X per ton), while the price for Myanmar totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lao People's Democratic Republic (-0.0%).

Source: IndexBox Platform

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