Thailand: Maize Oil Market 2024

Maize Oil Market Size in Thailand

The Thai maize oil market surged to $X in 2022, jumping by 46% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption showed a resilient expansion. Maize oil consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Maize Oil Exports

Exports from Thailand

In 2022, the amount of maize oil exported from Thailand skyrocketed to X tons, jumping by 1,231% on 2021. Over the period under review, exports, however, continue to indicate a deep contraction. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, maize oil exports skyrocketed to $X in 2022. Overall, exports, however, showed a precipitous setback. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Myanmar (X tons) was the main destination for maize oil exports from Thailand, with a 96% share of total exports. Moreover, maize oil exports to Myanmar exceeded the volume sent to the second major destination, Lao People's Democratic Republic (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Myanmar totaled +143.8%.

In value terms, Myanmar ($X) emerged as the key foreign market for maize oil exports from Thailand, comprising 94% of total exports. The second position in the ranking was taken by Lao People's Democratic Republic ($X), with a 5.8% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Myanmar stood at +150.2%.

Export Prices by Country

In 2022, the average maize oil export price amounted to $X per ton, dropping by -21.7% against the previous year. In general, the export price recorded a pronounced setback. The pace of growth appeared the most rapid in 2021 an increase of 68%. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lao People's Democratic Republic ($X per ton), while the average price for exports to Myanmar totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lao People's Democratic Republic (+51.2%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Oil Imports

Imports into Thailand

Maize oil imports into Thailand soared to X tons in 2022, with an increase of 34% compared with 2021. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 113%. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, maize oil imports soared to $X in 2022. In general, total imports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +2.6% 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 +105.8% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, South Korea (X tons) constituted the largest maize oil supplier to Thailand, accounting for a 78% share of total imports. Moreover, maize oil imports from South Korea exceeded the figures recorded by the second-largest supplier, China (X tons), fivefold. Japan (X tons) ranked third in terms of total imports with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from South Korea stood at +10.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-3.9% per year) and Japan (+5.3% per year).

In value terms, South Korea ($X) constituted the largest supplier of maize oil to Thailand, comprising 78% of total imports. The second position in the ranking was taken by China ($X), with a 15% share of total imports. It was followed by Japan, with a 5.8% share.

From 2012 to 2022, the average annual growth rate of value from South Korea totaled +14.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-1.3% per year) and Japan (+1.7% per year).

Import Prices by Country

In 2022, the average maize oil import price amounted to $X per ton, increasing by 25% against the previous year. Overall, import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize oil import price increased by +99.6% against 2019 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by 38%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

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 Japan ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+4.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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