Thailand: Frozen Cuttlefishes Market 2024

Frozen Cuttlefishes Market Size in Thailand

In 2021, after two years of growth, there was significant decline in the Thai frozen cuttlefishes market, when its value decreased by -8.1% to $X. In general, consumption saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Frozen Cuttlefishes Production in Thailand

In value terms, frozen cuttlefishes production reduced to $X in 2021 estimated in export price. Over the period under review, the total production indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +3.3% 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 increased by +47.5% against 2015 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 30% against the previous year. As a result, production attained the peak level of $X, and then shrank in the following year.

Frozen Cuttlefishes Exports

Exports from Thailand

In 2021, exports of frozen cuttlefishes from Thailand dropped remarkably to X tons, which is down by -58.6% compared with the year before. Over the period under review, exports showed a dramatic decrease. The most prominent rate of growth was recorded in 2019 with an increase of 12%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, frozen cuttlefishes exports contracted slightly to $X in 2021. Overall, exports faced a sharp curtailment. The most prominent rate of growth was recorded in 2019 when exports increased by 28%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Japan (X tons) was the main destination for frozen cuttlefishes exports from Thailand, with a 56% share of total exports. Moreover, frozen cuttlefishes exports to Japan exceeded the volume sent to the second major destination, the United States (X tons), fourfold. Hong Kong SAR (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual growth rate of volume to Japan stood at -41.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-43.1% per year) and Hong Kong SAR (-29.6% per year).

In value terms, Japan ($X) remains the key foreign market for frozen cuttlefishes exports from Thailand, comprising 59% of total exports. The second position in the ranking was taken by the United States ($X), with a 16% share of total exports. It was followed by Hong Kong SAR, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan stood at -35.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-31.1% per year) and Hong Kong SAR (-18.9% per year).

Export Prices by Country

In 2021, the average frozen cuttlefishes export price amounted to $X per ton, increasing by 137% against the previous year. In general, the export price posted prominent growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to Cambodia ($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 Vietnam (+24.9%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Cuttlefishes Imports

Imports into Thailand

After five years of decline, supplies from abroad of frozen cuttlefishes increased by 11% to X tons in 2021. Overall, imports, however, showed a sharp slump. The pace of growth appeared the most rapid in 2013 when imports increased by 80%. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, frozen cuttlefishes imports expanded modestly to $X in 2021. Over the period under review, imports, however, faced a abrupt slump. The most prominent rate of growth was recorded in 2013 when imports increased by 51% against the previous year. Over the period under review, imports reached the peak figure at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Vietnam (X tons) constituted the largest supplier of frozen cuttlefishes to Thailand, accounting for a 86% share of total imports. Moreover, frozen cuttlefishes imports from Vietnam exceeded the figures recorded by the second-largest supplier, China (X tons), tenfold. Cambodia (X tons) ranked third in terms of total imports with a 5.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Vietnam totaled +2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-21.8% per year) and Cambodia (+13.5% per year).

In value terms, Vietnam ($X) constituted the largest supplier of frozen cuttlefishes to Thailand, comprising 91% of total imports. The second position in the ranking was taken by China ($X), with a 5.1% share of total imports. It was followed by Cambodia, with a 4% share.

From 2012 to 2021, the average annual growth rate of value from Vietnam stood at +4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-16.4% per year) and Cambodia (+24.8% per year).

Import Prices by Country

The average frozen cuttlefishes import price stood at $X per ton in 2021, declining by -6% against the previous year. In general, the import price, however, saw prominent growth. The most prominent rate of growth was recorded in 2020 an increase of 64%. As a result, import price reached the peak level of $X per ton, and then shrank in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+33.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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