Thailand: Ghee Market 2024

Ghee Market Size in Thailand

In 2022, the Thai ghee market increased by 25% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +3.9% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Ghee consumption peaked in 2022 and is expected to retain growth in years to come.

Ghee Exports

Exports from Thailand

In 2022, overseas shipments of ghee increased by 15% to X tons, rising for the third year in a row after two years of decline. Overall, exports, however, recorded a mild decrease. The pace of growth was the most pronounced in 2017 when exports increased by 104%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, ghee exports expanded modestly to $X in 2022. In general, exports, however, continue to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2017 when exports increased by 81%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Myanmar (X tons), Taiwan (Chinese) (X tons) and Lao People's Democratic Republic (X tons) were the main destinations of ghee exports from Thailand, with a combined 97% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Lao People's Democratic Republic (with a CAGR of +31.2%), while the other leaders experienced mixed trend patterns.

In value terms, the largest markets for ghee exported from Thailand were Myanmar ($X), Taiwan (Chinese) ($X) and Lao People's Democratic Republic ($X), together accounting for 98% of total exports.

Lao People's Democratic Republic, with a CAGR of +18.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average ghee export price amounted to $X per ton, which is down by -10.3% against the previous year. Overall, the export price recorded a noticeable slump. The growth pace was the most rapid in 2018 when the average export price increased by 71%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Lao People's Democratic Republic ($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 United Arab Emirates (+178.4%), while the prices for the other major destinations experienced mixed trend patterns.

Ghee Imports

Imports into Thailand

For the third consecutive year, Thailand recorded growth in purchases abroad of ghee, which increased by 8.8% to X tons in 2022. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 22% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, ghee imports skyrocketed to $X in 2022. In general, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +46.3% against 2020 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 51% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, New Zealand (X tons) constituted the largest ghee supplier to Thailand, accounting for a 66% share of total imports. Moreover, ghee imports from New Zealand exceeded the figures recorded by the second-largest supplier, Australia (X tons), twofold. The third position in this ranking was held by India (X tons), with a 4% share.

From 2012 to 2022, the average annual growth rate of volume from New Zealand was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+1.6% per year) and India (+51.6% per year).

In value terms, New Zealand ($X) constituted the largest supplier of ghee to Thailand, comprising 67% of total imports. The second position in the ranking was held by Australia ($X), with a 26% share of total imports. It was followed by India, with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from New Zealand amounted to +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+6.5% per year) and India (+56.7% per year).

Import Prices by Country

In 2022, the average ghee import price amounted to $X per ton, rising by 23% against the previous year. Overall, import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ghee import price increased by +30.5% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of 59% against the previous year. The import price peaked at $X per ton in 2018; afterwards, it flattened through to 2022.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the United States ($X per ton) and New Zealand ($X per ton), while the price for India ($X per ton) and Australia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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