Thailand: Honey Market 2024

Honey Market Size in Thailand

In 2022, the Thai honey market decreased by -16.7% to $X, falling for the third year in a row after two years of growth. In general, consumption saw a pronounced setback. Honey consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Honey Production in Thailand

In value terms, honey production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, showed a prominent increase. The pace of growth was the most pronounced in 2019 when the production volume increased by 51% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Honey Exports

Exports from Thailand

In 2022, shipments abroad of honey increased by 7% to X tons, rising for the third year in a row after two years of decline. Over the period under review, exports recorded a temperate increase. The pace of growth was the most pronounced in 2014 when exports increased by 53%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, honey exports surged to $X in 2022. Overall, exports recorded a noticeable increase. The pace of growth appeared the most rapid in 2014 when exports increased by 60% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Taiwan (Chinese) (X tons) was the main destination for honey exports from Thailand, accounting for a 39% share of total exports. Moreover, honey exports to Taiwan (Chinese) exceeded the volume sent to the second major destination, the United States (X tons), twofold. Australia (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Taiwan (Chinese) totaled +10.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+14.7% per year) and Australia (+264.4% per year).

In value terms, Taiwan (Chinese) ($X) remains the key foreign market for honey exports from Thailand, comprising 34% of total exports. The second position in the ranking was taken by the United States ($X), with a 16% share of total exports. It was followed by Australia, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Taiwan (Chinese) amounted to +22.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+14.6% per year) and Australia (+246.4% per year).

Export Prices by Country

In 2022, the average honey export price amounted to $X per ton, rising by 7.8% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2019 an increase of 39%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Saudi Arabia ($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 Taiwan (Chinese) (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.

Honey Imports

Imports into Thailand

In 2022, purchases abroad of honey increased by 6.5% to X tons, rising for the third consecutive year after two years of decline. Overall, imports, however, showed a abrupt decrease. The most prominent rate of growth was recorded in 2021 when imports increased by 71% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, honey imports amounted to $X in 2022. In general, imports, however, showed a deep downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 73% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Vietnam (X tons) constituted the largest supplier of honey to Thailand, accounting for a 62% share of total imports. Moreover, honey imports from Vietnam exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was held by Myanmar (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from Vietnam stood at +28.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-20.0% per year) and Myanmar (-1.1% per year).

In value terms, Vietnam ($X) constituted the largest supplier of honey to Thailand, comprising 51% of total imports. The second position in the ranking was taken by China ($X), with a 15% share of total imports. It was followed by Myanmar, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from Vietnam amounted to +28.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-20.7% per year) and Myanmar (-5.3% per year).

Import Prices by Country

The average honey import price stood at $X per ton in 2022, declining by -3.8% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average import price increased by 29%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

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 Australia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+4.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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