Thailand: Oleo Oils Market 2024

Oleo Oils Market Size in Thailand

In 2021, after two years of growth, there was significant decline in the Thai oleo oils market, when its value decreased by -6.7% to $X. Over the period under review, consumption, however, posted a prominent increase. As a result, consumption attained the peak level of $X, and then contracted in the following year.

Oleo Oils Exports

Exports from Thailand

In 2021, after two years of decline, there was significant growth in overseas shipments of lard stearin, lard oil, oleostearin, oleo-oil and tallow oil, when their volume increased by 57% to X tons. Over the period under review, exports showed significant growth. The growth pace was the most rapid in 2016 with an increase of 153% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, oleo oils exports skyrocketed to $X in 2021. Overall, exports continue to indicate a resilient expansion. The growth pace was the most rapid in 2016 when exports increased by 107% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Nepal (X tons) was the main destination for oleo oils exports from Thailand, with a 90% share of total exports. Moreover, oleo oils exports to Nepal exceeded the volume sent to the second major destination, Australia (X kg), tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Nepal totaled +21.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+34.7% per year) and Kuwait (-91.8% per year).

In value terms, Nepal ($X) remains the key foreign market for lard stearin, lard oil, oleostearin, oleo-oil and tallow oil exports from Thailand, comprising 73% of total exports. The second position in the ranking was taken by Australia ($X), with a 24% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Nepal totaled +17.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+28.2% per year) and Kuwait (-70.0% per year).

Export Prices by Country

In 2021, the average oleo oils export price amounted to $X per ton, rising by 26% against the previous year. Over the period under review, the export price, however, saw a pronounced shrinkage. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Kuwait ($X per ton), while the average price for exports to Nepal ($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 Kuwait (+270.0%), while the prices for the other major destinations experienced a decline.

Oleo Oils Imports

Imports into Thailand

In 2021, oleo oils imports into Thailand fell modestly to X tons, flattening at 2020. Overall, imports, however, continue to indicate a buoyant increase. The pace of growth was the most pronounced in 2016 when imports increased by 76% against the previous year. Imports peaked at X tons in 2020, and then fell in the following year.

In value terms, oleo oils imports rose modestly to $X in 2021. Over the period under review, imports, however, showed prominent growth. The most prominent rate of growth was recorded in 2016 when imports increased by 94% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the near future.

Imports by Country

In 2021, the United States (X tons) constituted the largest oleo oils supplier to Thailand, with a 66% share of total imports. Moreover, oleo oils imports from the United States exceeded the figures recorded by the second-largest supplier, the UK (X tons), twofold.

From 2012 to 2021, the average annual growth rate of volume from the United States amounted to +11.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-19.6% per year) and the Philippines (-16.9% per year).

In value terms, the United States ($X) constituted the largest supplier of lard stearin, lard oil, oleostearin, oleo-oil and tallow oil to Thailand, comprising 62% of total imports. The second position in the ranking was held by the UK ($X), with a 24% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States stood at +12.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-17.3% per year) and the Philippines (-10.3% per year).

Import Prices by Country

In 2021, the average oleo oils import price amounted to $X per ton, growing by 2.6% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 14% against the previous year. As a result, import price attained the peak level of $X per ton; afterwards, it flattened through to 2021.

Prices varied noticeably country of origin: the country with the highest price was the Philippines ($X per ton), while the price for the UK ($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 Philippines (+8.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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