Thailand: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Thailand

The Thai virgin olive oil market rose significantly to $X in 2022, picking up by 6.3% 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). The market value increased at an average annual rate of +7.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level in 2022 and is likely to see steady growth in the near future.

Virgin Olive Oil Exports

Exports from Thailand

After two years of growth, overseas shipments of virgin olive oil decreased by -84.7% to X tons in 2021. Over the period under review, exports, however, posted a significant expansion. The growth pace was the most rapid in 2019 when exports increased by 846% against the previous year. The exports peaked at X tons in 2020, and then dropped significantly in the following year.

In value terms, virgin olive oil exports contracted markedly to $X in 2021. In general, exports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2016 with an increase of 824% against the previous year. The exports peaked at $X in 2020, and then shrank markedly in the following year.

Exports by Country

Maldives (X tons) was the main destination for virgin olive oil exports from Thailand, with a 44% share of total exports. Moreover, virgin olive oil exports to Maldives exceeded the volume sent to the second major destination, Malaysia (X kg), threefold. Hong Kong SAR (X kg) ranked third in terms of total exports with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to Maldives stood at +88.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+123.0% per year) and Hong Kong SAR (+134.1% per year).

In value terms, the largest markets for virgin olive oil exported from Thailand were Malaysia ($X), Myanmar ($X) and Maldives ($X), with a combined 63% share of total exports.

In terms of the main countries of destination, Malaysia, with a CAGR of +157.1%, recorded the highest growth rate of 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 2021, the average virgin olive oil export price amounted to $X per ton, with an increase of 21% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average export price increased by 91%. As a result, the export price reached the peak level of $X per ton. From 2019 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 Myanmar ($X per ton), while the average price for exports to Maldives ($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 Malaysia (+15.3%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into Thailand

In 2022, the amount of virgin olive oil imported into Thailand amounted to X tons, picking up by 5.8% against 2021. The total import volume increased at an average annual rate of +4.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 when imports increased by 34%. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, virgin olive oil imports expanded rapidly to $X in 2022. Over the period under review, total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +7.5% 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 +23.1% against 2018 indices. The pace of growth appeared the most rapid in 2013 with an increase of 65% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Greece (X tons) constituted the largest supplier of virgin olive oil to Thailand, accounting for a 72% share of total imports. Moreover, virgin olive oil imports from Greece exceeded the figures recorded by the second-largest supplier, Spain (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Greece stood at +54.8%.

In value terms, Greece ($X) and Spain ($X) were the largest virgin olive oil suppliers to Thailand.

Greece, with a CAGR of +55.4%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review.

Import Prices by Country

In 2022, the average virgin olive oil import price amounted to $X per ton, leveling off at the previous year. Over the last decade, it increased at an average annual rate of +2.5%. The pace of growth was the most pronounced in 2013 when the average import price increased by 29%. Over the period under review, average import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Greece stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+5.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :