Thailand: Vitamin Market 2024

Vitamin Market Size in Thailand

The Thai vitamin market rose to $X in 2021, surging by 4.4% against the previous year. In general, the total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +38.7% against 2019 indices. Vitamin consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Vitamin Production in Thailand

In value terms, vitamin production expanded rapidly to $X in 2021 estimated in export price. In general, the total production indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -9.9% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 28%. Vitamin production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Vitamin Exports

Exports from Thailand

In 2021, shipments abroad of provitamins and vitamins decreased by -51.1% to X tons, falling for the third year in a row after seven years of growth. In general, exports recorded a drastic downturn. The most prominent rate of growth was recorded in 2014 with an increase of 27% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, vitamin exports fell rapidly to $X in 2021. Overall, exports recorded a abrupt contraction. The pace of growth was the most pronounced in 2018 when exports increased by 23%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Myanmar (X tons), Cambodia (X tons) and Vietnam (X tons) were the main destinations of vitamin exports from Thailand, with a combined 65% share of total exports. China, Hong Kong SAR, Lao People's Democratic Republic, Pakistan, Indonesia, Bangladesh, the Philippines, Malaysia and India lagged somewhat behind, together comprising a further 29%.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +89.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Myanmar ($X), Cambodia ($X) and Vietnam ($X) constituted the largest markets for vitamin exported from Thailand worldwide, together comprising 67% of total exports. These countries were followed by China, Hong Kong SAR, Malaysia, Indonesia, Pakistan, Lao People's Democratic Republic, Bangladesh, the Philippines and India, which together accounted for a further 26%.

Hong Kong SAR, with a CAGR of +74.4%, saw the highest growth rate of the value of exports, among the main countries of destination 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 vitamin export price amounted to $X per ton, shrinking by -9.7% against the previous year. Overall, the export price, however, showed tangible growth. The pace of growth appeared the most rapid in 2020 an increase of 125%. As a result, the export price attained the peak level of $X per ton, and then declined in the following year.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Bangladesh ($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 India (+40.3%), while the prices for the other major destinations experienced more modest paces of growth.

Vitamin Imports

Imports into Thailand

In 2021, the amount of provitamins and vitamins imported into Thailand expanded significantly to X tons, picking up by 8.4% on the previous year. The total import volume increased at an average annual rate of +3.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 22%. Imports peaked in 2021 and are likely to see steady growth in the near future.

In value terms, vitamin imports shrank modestly to $X in 2021. Over the period under review, total imports indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -22.3% against 2018 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 37% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of vitamin to Thailand, accounting for a 57% share of total imports. Moreover, vitamin imports from China exceeded the figures recorded by the second-largest supplier, Switzerland (X tons), fourfold. France (X tons) ranked third in terms of total imports with a 9.4% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +6.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+1.7% per year) and France (+1.4% per year).

In value terms, China ($X) constituted the largest supplier of provitamins and vitamins to Thailand, comprising 47% of total imports. The second position in the ranking was held by Switzerland ($X), with a 17% share of total imports. It was followed by France, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +5.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+3.6% per year) and France (+3.2% per year).

Import Prices by Country

The average vitamin import price stood at $X per ton in 2021, with a decrease of -7.9% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 29% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+5.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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