Thailand: Cheese Market 2024

Cheese Market Size in Thailand

The Thai cheese market reached $X in 2021, increasing by 3.3% against the previous year. In general, the total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +8.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +3.0% against 2018 indices. Cheese consumption peaked in 2021 and is likely to continue growth in years to come.

Cheese Production in Thailand

In value terms, cheese production rose slightly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a deep reduction. The pace of growth appeared the most rapid in 2015 when the production volume increased by 20%. As a result, production reached the peak level of $X. From 2016 to 2021, production growth remained at a lower figure.

Cheese Exports

Exports from Thailand

Cheese exports from Thailand surged to X tons in 2021, increasing by 15% compared with the year before. Over the period under review, exports posted buoyant growth. The pace of growth was the most pronounced in 2015 when exports increased by 39%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, cheese exports soared to $X in 2021. In general, exports posted significant growth. The most prominent rate of growth was recorded in 2015 when exports increased by 55%. The exports peaked in 2021 and are likely to see gradual growth in the near future.

Exports by Country

Cambodia (X tons) was the main destination for cheese exports from Thailand, with a 52% share of total exports. Moreover, cheese exports to Cambodia exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), fourfold. The third position in this ranking was taken by China (X tons), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Cambodia amounted to +21.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+15.1% per year) and China (+120.6% per year).

In value terms, Cambodia ($X) remains the key foreign market for cheese exports from Thailand, comprising 50% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 16% share of total exports. It was followed by China, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Cambodia amounted to +22.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+21.6% per year) and China (+124.6% per year).

Export Prices by Country

In 2021, the average cheese export price amounted to $X per ton, approximately mirroring the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2013 an increase of 18% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Singapore ($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 Japan (+8.1%), while the prices for the other major destinations experienced more modest paces of growth.

Cheese Imports

Imports into Thailand

In 2021, the amount of cheese imported into Thailand stood at X tons, picking up by 3% against the previous year's figure. Overall, imports recorded a buoyant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 28% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, cheese imports expanded rapidly to $X in 2021. In general, total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +8.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +1.3% against 2018 indices. The growth pace was the most rapid in 2014 with an increase of 22%. Over the period under review, imports reached the maximum in 2021 and are likely to continue growth in the near future.

Imports by Country

New Zealand (X tons), Australia (X tons) and Belgium (X tons) were the main suppliers of cheese imports to Thailand, together comprising 75% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of +29.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, New Zealand ($X), Australia ($X) and the United States ($X) were the largest cheese suppliers to Thailand, with a combined 69% share of total imports. These countries were followed by Belgium, France, Italy and Germany, which together accounted for a further 18%.

Belgium, with a CAGR of +27.4%, saw the highest growth rate of the value of imports, among 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 2021, the average cheese import price amounted to $X per ton, surging by 3.7% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 13% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+2.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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