Thailand: Composite Laboratory Reagents Market 2024

Composite Laboratory Reagents Market Size in Thailand

The Thai composite laboratory reagents market declined to $X in 2022, dropping by -6.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed strong growth. As a result, consumption reached the peak level of $X, and then reduced in the following year.

Composite Laboratory Reagents Exports

Exports from Thailand

For the third year in a row, Thailand recorded growth in shipments abroad of composite diagnostic or laboratory reagents, which increased by 23% to X tons in 2022. Overall, exports recorded prominent growth. The pace of growth was the most pronounced in 2018 when exports increased by 399% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, composite laboratory reagents exports skyrocketed to $X in 2022. In general, exports recorded significant growth. The growth pace was the most rapid in 2016 when exports increased by 78% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

The United States (X tons), China (X tons) and Malaysia (X tons) were the main destinations of composite laboratory reagents exports from Thailand, with a combined 67% share of total exports. Tanzania, Taiwan (Chinese), Zimbabwe, South Africa, Nigeria, Myanmar, Malawi and South Korea lagged somewhat behind, together accounting for a further 17%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Tanzania (with a CAGR of +215.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for composite laboratory reagents exported from Thailand were China ($X), the United States ($X) and Tanzania ($X), with a combined 52% share of total exports.

Among the main countries of destination, Tanzania, with a CAGR of +261.8%, 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

The average composite laboratory reagents export price stood at $X per ton in 2022, surging by 7.8% against the previous year. Overall, the export price enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2013 an increase of 251%. The export price peaked at $X per ton in 2016; however, from 2017 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 South Korea ($X per ton), while the average price for exports to Malaysia ($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 South Korea (+18.5%), while the prices for the other major destinations experienced more modest paces of growth.

Composite Laboratory Reagents Imports

Imports into Thailand

In 2022, imports of composite diagnostic or laboratory reagents into Thailand expanded modestly to X tons, increasing by 2.1% on 2021. Over the period under review, imports enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2021 with an increase of 127%. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, composite laboratory reagents imports rose to $X in 2022. In general, imports showed resilient growth. The growth pace was the most rapid in 2021 with an increase of 127%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X tons) constituted the largest composite laboratory reagents supplier to Thailand, with a 73% share of total imports. Moreover, composite laboratory reagents imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X tons), ninefold. The third position in this ranking was held by the United States (X tons), with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +47.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-3.8% per year) and the United States (+2.8% per year).

In value terms, China ($X) constituted the largest supplier of composite diagnostic or laboratory reagents to Thailand, comprising 48% of total imports. The second position in the ranking was taken by the United States ($X), with a 15% share of total imports. It was followed by Germany, with a 7.7% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +60.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+11.0% per year) and Germany (+7.1% per year).

Import Prices by Country

In 2022, the average composite laboratory reagents import price amounted to $X per ton, leveling off at the previous year. Overall, the import price, however, enjoyed resilient growth. The growth pace was the most rapid in 2020 an increase of 49%. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then dropped modestly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+38.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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