Thailand: Inulin Market 2024

Inulin Market Size in Thailand

The Thai inulin market was finally on the rise to reach $X in 2021, after five years of decline. In general, consumption continues to indicate a perceptible descent. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Inulin Production in Thailand

In value terms, inulin production expanded notably to $X in 2021 estimated in export price. Overall, production, however, saw a perceptible decline. The most prominent rate of growth was recorded in 2014 when the production volume increased by 43% against the previous year. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Inulin Exports

Exports from Thailand

For the fourth year in a row, Thailand recorded growth in shipments abroad of inulin, which increased by 14% to X tons in 2021. In general, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2014 when exports increased by 2,762%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, inulin exports skyrocketed to $X in 2021. Overall, exports showed significant growth. The pace of growth appeared the most rapid in 2014 when exports increased by 4,241% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the near future.

Exports by Country

Japan (X tons) was the main destination for inulin exports from Thailand, accounting for a 68% share of total exports. Moreover, inulin exports to Japan exceeded the volume sent to the second major destination, Vietnam (X tons), ninefold. Indonesia (X tons) ranked third in terms of total exports with a 7.9% share.

From 2012 to 2021, the average annual growth rate of volume to Japan stood at +29.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+72.0% per year) and Indonesia (+34.2% per year).

In value terms, Japan ($X) remains the key foreign market for inulin exports from Thailand, comprising 75% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 6.2% share of total exports. It was followed by Indonesia, with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan amounted to +28.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+62.6% per year) and Indonesia (+28.6% per year).

Export Prices by Country

In 2021, the average inulin export price amounted to $X per ton, jumping by 21% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 52% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to the Philippines ($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 Japan (-0.5%), while the prices for the other major destinations experienced a decline.

Inulin Imports

Imports into Thailand

In 2021, overseas purchases of inulin increased by 4.8% to X tons, rising for the fourth year in a row after five years of decline. The total import volume increased at an average annual rate of +2.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 28%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, inulin imports soared to $X in 2021. Overall, total imports indicated a modest expansion from 2012 to 2021: its value increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +86.8% against 2017 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 28% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

Belgium (X tons), Chile (X tons) and the Netherlands (X tons) were the main suppliers of inulin imports to Thailand, with a combined 100% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Chile (with a CAGR of +27.9%), while imports for the other leaders experienced a decline.

In value terms, the largest inulin suppliers to Thailand were Belgium ($X), Chile ($X) and the Netherlands ($X), together comprising 100% of total imports.

Among the main suppliers, Chile, with a CAGR of +19.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average inulin import price stood at $X per ton in 2021, growing by 12% against the previous year. Over the period under review, the import price, however, continues to indicate a slight setback. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Chile ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+1.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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