Thailand: Butter Market 2024

Butter Market Size in Thailand

The Thai butter market dropped to $X in 2022, waning by -13.7% against the previous year. Overall, consumption, however, showed strong growth. Over the period under review, the market reached the peak level at $X in 2021, and then declined in the following year.

Butter Production in Thailand

In value terms, butter production dropped to $X in 2022 estimated in export price. In general, production, however, enjoyed a resilient increase. The pace of growth was the most pronounced in 2014 with an increase of 71%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Butter Exports

Exports from Thailand

In 2022, overseas shipments of butter increased by 82% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports recorded significant growth. The pace of growth was the most pronounced in 2015 when exports increased by 644%. The exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, butter exports surged to $X in 2022. Overall, exports showed significant growth. The growth pace was the most rapid in 2015 when exports increased by 480%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Myanmar (X tons) was the main destination for butter exports from Thailand, accounting for a 41% share of total exports. Moreover, butter exports to Myanmar exceeded the volume sent to the second major destination, Lao People's Democratic Republic (X tons), twofold. The third position in this ranking was taken by the Philippines (X tons), with a 15% share.

From 2012 to 2022, the average annual growth rate of volume to Myanmar amounted to +27.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (+41.8% per year) and the Philippines (+162.6% per year).

In value terms, the Philippines ($X), Myanmar ($X) and Lao People's Democratic Republic ($X) appeared to be the largest markets for butter exported from Thailand worldwide, with a combined 75% share of total exports.

The Philippines, with a CAGR of +215.1%, saw the highest growth rate of the value of exports, among the main countries of destination 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 butter export price amounted to $X per ton, declining by -4.3% against the previous year. Over the period under review, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter export price decreased by -25.2% against 2019 indices. The most prominent rate of growth was recorded in 2019 an increase of 56%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Myanmar ($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 Philippines (+20.0%), while the prices for the other major destinations experienced more modest paces of growth.

Butter Imports

Imports into Thailand

In 2022, butter imports into Thailand fell to X tons, dropping by -6.1% on 2021 figures. Overall, imports, however, enjoyed buoyant growth. The pace of growth appeared the most rapid in 2021 when imports increased by 57%. As a result, imports attained the peak of X tons, and then declined in the following year.

In value terms, butter imports totaled $X in 2022. In general, imports, however, recorded a strong increase. The growth pace was the most rapid in 2021 when imports increased by 77% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

New Zealand (X tons), France (X tons) and Finland (X tons) were the main suppliers of butter imports to Thailand, with a combined 94% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Finland (with a CAGR of +12.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest butter suppliers to Thailand were New Zealand ($X), France ($X) and Finland ($X), together accounting for 94% of total imports.

Finland, with a CAGR of +25.9%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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 butter import price amounted to $X per ton, rising by 8.1% against the previous year. Over the period under review, import price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter import price increased by +33.6% against 2019 indices. The pace of growth was the most pronounced in 2017 an increase of 31% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+11.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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