Thailand: Sauce And Seasoning Market 2024

Sauce And Seasoning Market Size in Thailand

In 2021, the Thai sauce and seasoning market decreased by -7.5% to $X, falling for the second year in a row after two years of growth. Overall, consumption saw a slight downturn. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Sauce And Seasoning Production in Thailand

In value terms, sauce and seasoning production expanded modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2019 with an increase of 19% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Sauce And Seasoning Exports

Exports from Thailand

Sauce and seasoning exports from Thailand expanded rapidly to X tons in 2021, increasing by 14% on the previous year's figure. Over the period under review, total exports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +7.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +39.8% against 2019 indices. The pace of growth appeared the most rapid in 2020 when exports increased by 22%. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, sauce and seasoning exports expanded sharply to $X in 2021. Overall, total exports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +7.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +57.0% against 2014 indices. The growth pace was the most rapid in 2018 with an increase of 13% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X tons), Cambodia (X tons) and the Philippines (X tons) were the main destinations of sauce and seasoning exports from Thailand, with a combined 27% share of total exports. These countries were followed by Japan, Lao People's Democratic Republic, Australia, the Netherlands, the UK, Malaysia, Myanmar, Germany, China and South Korea, which together accounted for a further 45%.

From 2012 to 2021, the biggest increases were recorded for Myanmar (with a CAGR of +58.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Japan ($X) and the Philippines ($X) appeared to be the largest markets for sauce and seasoning exported from Thailand worldwide, with a combined 29% share of total exports. Australia, the Netherlands, the UK, Malaysia, Cambodia, Germany, Lao People's Democratic Republic, China, Myanmar and South Korea lagged somewhat behind, together accounting for a further 42%.

Among the main countries of destination, Myanmar, with a CAGR of +46.5%, 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 sauce and seasoning export price amounted to $X per ton, dropping by -3.2% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 20%. As a result, the export price reached the peak level of $X per ton. From 2020 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 Japan ($X per ton), while the average price for exports to Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+3.2%), while the prices for the other major destinations experienced more modest paces of growth.

Sauce And Seasoning Imports

Imports into Thailand

In 2021, sauce and seasoning imports into Thailand skyrocketed to X tons, rising by 57% against the previous year's figure. Overall, imports continue to indicate a significant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, sauce and seasoning imports expanded rapidly to $X in 2021. Over the period under review, total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +80.3% against 2014 indices. The most prominent rate of growth was recorded in 2018 with an increase of 23%. Imports peaked in 2021 and are likely to see steady growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of sauce and seasoning to Thailand, accounting for a 60% share of total imports. Moreover, sauce and seasoning imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), sixfold. The third position in this ranking was held by Singapore (X tons), with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +48.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+6.6% per year) and Singapore (+3.4% per year).

In value terms, the largest sauce and seasoning suppliers to Thailand were Japan ($X), China ($X) and Singapore ($X), together accounting for 52% of total imports. South Korea, Indonesia, Malaysia, Myanmar, the United States and Vietnam lagged somewhat behind, together comprising a further 35%.

In terms of the main suppliers, Myanmar, with a CAGR of +98.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average sauce and seasoning import price amounted to $X per ton, waning by -28.6% against the previous year. Overall, the import price continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2019 when the average import price decreased by -2.4%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, 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 Malaysia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Myanmar (+11.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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