Thailand: Manuka Market 2024

Manuka Market Size in Thailand

In 2022, the Thai manuka market decreased by -16.7% to $X, falling for the third consecutive year after two years of growth. Over the period under review, consumption saw a perceptible curtailment. Manuka consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Manuka Production in Thailand

In value terms, manuka production fell to $X in 2022 estimated in export price. In general, production, however, showed a strong expansion. The most prominent rate of growth was recorded in 2019 with an increase of 51%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Manuka Exports

Exports from Thailand

In 2022, shipments abroad of manuka increased by 7% to X tons, rising for the third year in a row after two years of decline. Overall, exports saw a pronounced expansion. The pace of growth appeared the most rapid in 2014 with an increase of 53% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, manuka exports surged to $X in 2022. Over the period under review, exports continue to indicate a temperate expansion. The growth pace was the most rapid in 2014 when exports increased by 60%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Taiwan (Chinese) (X tons) was the main destination for manuka exports from Thailand, with a 39% share of total exports. Moreover, manuka exports to Taiwan (Chinese) exceeded the volume sent to the second major destination, the United States (X tons), twofold. The third position in this ranking was held by Australia (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Taiwan (Chinese) stood at +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) ($X) remains the key foreign market for manuka exports from Thailand, comprising 34% of total exports. The second position in the ranking was held by the United States ($X), with a 16% share of total exports. It was followed by Australia, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Taiwan (Chinese) totaled +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 manuka 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% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: 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.

Manuka Imports

Imports into Thailand

In 2022, purchases abroad of manuka increased by 6.5% to X tons, rising for the third consecutive year after two years of decline. Overall, imports, however, recorded a abrupt slump. The growth pace was the most rapid in 2021 with an increase of 71% against the previous year. Over the period under review, imports attained the maximum at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, manuka imports expanded to $X in 2022. Over the period under review, imports, however, saw a abrupt setback. The most prominent rate of growth was recorded in 2021 with an increase of 73%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Vietnam (X tons) constituted the largest manuka supplier to Thailand, with a 62% share of total imports. Moreover, manuka imports from Vietnam exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Myanmar (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Vietnam amounted to +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 ($X) constituted the largest supplier of manuka to Thailand, comprising 51% of total imports. The second position in the ranking was held by China ($X), with a 15% share of total imports. It was followed by Myanmar, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Vietnam stood at +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 manuka import price stood at $X per ton in 2022, dropping by -3.8% against the previous year. Over the period under review, 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%. Over the period under review, average import prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: 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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