Thailand: Glucose Market 2024

Glucose Market Size in Thailand

In 2021, the Thai glucose market increased by 7.3% to $X, rising for the second consecutive year after three years of decline. Overall, consumption continues to indicate a perceptible slump. Glucose consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Glucose Production in Thailand

In value terms, glucose production stood at less than $X in 2021 estimated in export price. Overall, production showed a relatively flat trend pattern.

Glucose Exports

Exports from Thailand

In 2021, the amount of glucose and glucose syrup exported from Thailand skyrocketed to X tons, growing by 27% against the year before. Overall, total exports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +7.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -5.3% against 2019 indices. The most prominent rate of growth was recorded in 2019 when exports increased by 76%. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports remained at a lower figure.

In value terms, glucose exports surged to $X in 2021. Over the period under review, total exports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +8.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +78.8% against 2018 indices. The pace of growth appeared the most rapid in 2019 when exports increased by 49%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the near future.

Exports by Country

The United States (X tons), Malaysia (X tons) and Singapore (X tons) were the main destinations of glucose exports from Thailand, with a combined 85% share of total exports. Cambodia, Myanmar, the Philippines and Indonesia lagged somewhat behind, together accounting for a further 10%.

From 2012 to 2021, the biggest increases were recorded for Myanmar (with a CAGR of +56.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for glucose and glucose syrup exports from Thailand, comprising 63% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 19% share of total exports. It was followed by Cambodia, with a 5.3% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +21.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+19.0% per year) and Cambodia (+24.7% per year).

Export Prices by Country

The average glucose export price stood at $X per ton in 2021, leveling off at the previous year. Over the last nine-year period, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2020 when the average export price increased by 28% against the previous year. Over the period under review, the average export prices reached the peak figure 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 export markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Myanmar ($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 Indonesia (+2.2%), while the prices for the other major destinations experienced more modest paces of growth.

Glucose Imports

Imports into Thailand

In 2021, imports of glucose and glucose syrup into Thailand contracted markedly to X tons, shrinking by -15.4% on the year before. In general, imports, however, continue to indicate a resilient increase. The growth pace was the most rapid in 2013 when imports increased by 85% against the previous year. Over the period under review, imports hit record highs at X tons in 2020, and then shrank rapidly in the following year.

In value terms, glucose imports soared to $X in 2021. Over the period under review, total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +9.3% 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 +87.2% against 2016 indices. The pace of growth appeared the most rapid in 2013 with an increase of 67%. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, China (X tons) was the main glucose supplier to Thailand, with a 94% share of total imports. Moreover, glucose imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+130.7% per year) and France (-4.0% per year).

In value terms, China ($X) constituted the largest supplier of glucose and glucose syrup to Thailand, comprising 93% of total imports. The second position in the ranking was taken by India ($X), with a 3% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+115.7% per year) and France (-3.6% per year).

Import Prices by Country

In 2021, the average glucose import price amounted to $X per ton, surging by 38% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+0.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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