Thailand: Margarine And Shortening Market 2024

Margarine And Shortening Market Size in Thailand

The Thai margarine and shortening market rose rapidly to $X in 2022, surging by 14% against the previous year. Overall, consumption, however, showed a prominent expansion. Margarine and shortening consumption peaked in 2022 and is expected to retain growth in the near future.

Margarine And Shortening Production in Thailand

In value terms, margarine and shortening production dropped to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 29%. Margarine and shortening production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Margarine And Shortening Exports

Exports from Thailand

In 2022, exports of margarine and shortening from Thailand rose markedly to X tons, surging by 5% compared with the previous year. Overall, exports, however, faced a abrupt setback. The pace of growth appeared the most rapid in 2013 when exports increased by 36%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, margarine and shortening exports soared to $X in 2022. In general, exports, however, faced a deep reduction. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Myanmar (X tons), Lao People's Democratic Republic (X tons) and Cambodia (X tons) were the main destinations of margarine and shortening exports from Thailand, with a combined 66% share of total exports. Taiwan (Chinese), Indonesia, New Zealand and the Philippines lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +45.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for margarine and shortening exported from Thailand were Myanmar ($X), Cambodia ($X) and Lao People's Democratic Republic ($X), with a combined 59% share of total exports. Taiwan (Chinese), Indonesia, New Zealand and the Philippines lagged somewhat behind, together comprising a further 32%.

Among the main countries of destination, Indonesia, with a CAGR of +83.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average margarine and shortening export price amounted to $X per ton, increasing by 34% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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 Indonesia ($X per ton), while the average price for exports to Lao People's Democratic Republic ($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 Indonesia (+26.2%), while the prices for the other major destinations experienced more modest paces of growth.

Margarine And Shortening Imports

Imports into Thailand

In 2022, purchases abroad of margarine and shortening decreased by -7.8% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, recorded strong growth. The most prominent rate of growth was recorded in 2016 when imports increased by 95%. Over the period under review, imports attained the maximum at X tons in 2021, and then fell in the following year.

In value terms, margarine and shortening imports soared to $X in 2022. Overall, imports, however, enjoyed a resilient increase. The growth pace was the most rapid in 2016 with an increase of 47% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest margarine and shortening supplier to Thailand, accounting for a 65% share of total imports. Moreover, margarine and shortening imports from Malaysia exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia totaled +7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+17.2% per year) and Singapore (+6.7% per year).

In value terms, Malaysia ($X) constituted the largest supplier of margarine and shortening to Thailand, comprising 55% of total imports. The second position in the ranking was held by Indonesia ($X), with a 12% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia stood at +11.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+20.2% per year) and Singapore (+9.6% per year).

Import Prices by Country

In 2022, the average margarine and shortening import price amounted to $X per ton, with an increase of 27% against the previous year. In general, import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, margarine and shortening import price increased by +72.2% against 2016 indices. The import price peaked at $X per ton in 2013; afterwards, it flattened through to 2022.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+4.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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