Thailand: Beef Market 2024

Beef Market Size in Thailand

The Thai beef market expanded modestly to $X in 2021, rising by 2.4% against the previous year. The market value increased at an average annual rate of +2.0% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Beef consumption peaked in 2021 and is likely to continue growth in years to come.

Beef Production in Thailand

In value terms, beef production rose to $X in 2021 estimated in export price. In general, the total production indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -3.5% against 2019 indices. The pace of growth was the most pronounced in 2019 with an increase of 98%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

In 2021, the average beef yield in Thailand declined modestly to X kg per head, with a decrease of -1.9% compared with the year before. In general, the yield, however, continues to indicate mild growth. The most prominent rate of growth was recorded in 2015 when the yield increased by 8.7% against the previous year. The beef yield peaked at X kg per head in 2019; however, from 2020 to 2021, the yield failed to regain momentum.

The number of animals slaughtered for beef production in Thailand fell to X heads in 2021, which is down by -2.1% on the year before. Overall, the number of producing animals recorded a noticeable slump. The most prominent rate of growth was recorded in 2020 when the number of producing animals increased by 2.9% against the previous year. Over the period under review, this number attained the maximum level at X heads in 2012; however, from 2013 to 2021, producing animals failed to regain momentum.

Beef Exports

Exports from Thailand

In 2021, shipments abroad of beef (cattle meat) decreased by -70.8% to X tons, falling for the second year in a row after two years of growth. Overall, exports continue to indicate a dramatic setback. The pace of growth appeared the most rapid in 2018 when exports increased by 404% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, beef exports dropped rapidly to $X in 2021. Over the period under review, exports recorded a precipitous shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 560% against the previous year. 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 tons) was the main destination for beef exports from Thailand, accounting for a 85% share of total exports. Moreover, beef exports to Hong Kong SAR exceeded the volume sent to the second major destination, Lao People's Democratic Republic (X tons), sevenfold.

From 2012 to 2021, the average annual growth rate of volume to Hong Kong SAR stood at +185.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (-61.0% per year) and Cambodia (-7.4% per year).

In value terms, Hong Kong SAR ($X) emerged as the key foreign market for beef (cattle meat) exports from Thailand, comprising 61% of total exports. The second position in the ranking was held by Lao People's Democratic Republic ($X), with a 30% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Hong Kong SAR stood at +214.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (-54.9% per year) and Cambodia (+10.7% per year).

Export Prices by Country

In 2021, the average beef export price amounted to $X per ton, with an increase of 15% against the previous year. Over the period under review, the export price showed a prominent increase. The most prominent rate of growth was recorded in 2019 an increase of 96%. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cambodia ($X per ton), while the average price for exports to Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cambodia (+19.6%), while the prices for the other major destinations experienced more modest paces of growth.

Beef Imports

Imports into Thailand

In 2021, the amount of beef (cattle meat) imported into Thailand soared to X tons, growing by 20% on the year before. In general, imports, however, saw a slight curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 48% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, beef imports soared to $X in 2021. Overall, imports recorded a strong expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 53%. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

Australia (X tons), Argentina (X tons) and New Zealand (X tons) were the main suppliers of beef imports to Thailand, together comprising 81% of total imports. Brazil, the United States and India lagged somewhat behind, together comprising a further 17%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Brazil (with a CAGR of +125.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X) constituted the largest supplier of beef (cattle meat) to Thailand, comprising 65% of total imports. The second position in the ranking was taken by New Zealand ($X), with a 12% share of total imports. It was followed by the United States, with a 4.7% share.

From 2012 to 2021, the average annual growth rate of value from Australia totaled +18.0%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (+9.0% per year) and the United States (+19.6% per year).

Import Prices by Country

In 2021, the average beef import price amounted to $X per ton, increasing by 17% against the previous year. In general, import price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +7.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the average import price increased by 23% against the previous year. The import price peaked at $X per ton in 2018; afterwards, it flattened through to 2021.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+2.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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