Thailand: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Thailand

The Thai refined olive oil market rose modestly to $X in 2022, growing by 3.9% against the previous year. Over the period under review, consumption, however, recorded a pronounced shrinkage. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Refined Olive Oil Production in Thailand

In value terms, refined olive oil production expanded modestly to $X in 2022 estimated in export price. Over the period under review, production recorded a slight setback. The most prominent rate of growth was recorded in 2014 with an increase of 19%. Over the period under review, production reached the maximum level at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Refined Olive Oil Exports

Exports from Thailand

In 2022, exports of refined olive oil from Thailand reduced to X tons, with a decrease of -8.7% compared with 2021. Over the period under review, exports continue to indicate a drastic downturn. The growth pace was the most rapid in 2016 when exports increased by 682% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refined olive oil exports plummeted to $X in 2022. Overall, exports recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2016 when exports increased by 285% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Madagascar (X tons), Maldives (X tons) and Lao People's Democratic Republic (X tons) were the main destinations of refined olive oil exports from Thailand, with a combined 76% share of total exports. The United States, Angola and Cambodia lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cambodia (with a CAGR of +31.4%), while the other leaders experienced more modest paces of growth.

In value terms, Lao People's Democratic Republic ($X) remains the key foreign market for refined olive oil exports from Thailand, comprising 55% of total exports. The second position in the ranking was held by Cambodia ($X), with a 15% share of total exports. It was followed by Maldives, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Lao People's Democratic Republic stood at -3.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (+47.7% per year) and Maldives (-12.1% per year).

Export Prices by Country

The average refined olive oil export price stood at $X per ton in 2022, waning by -45.9% against the previous year. Overall, the export price, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2019 an increase of 62% against the previous year. The export price peaked at $X per ton in 2021, and then contracted sharply in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cambodia ($X per ton), while the average price for exports to Madagascar ($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 Lao People's Democratic Republic (+26.7%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Thailand

Refined olive oil imports into Thailand surged to X tons in 2022, jumping by 18% on 2021. Overall, imports, however, continue to indicate a pronounced decrease. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, refined olive oil imports surged to $X in 2022. The total import value increased at an average annual rate of +1.3% 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, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of refined olive oil to Thailand, with a 63% share of total imports. Moreover, refined olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume from Spain stood at -2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-2.4% per year) and Tunisia (+127.9% per year).

In value terms, Spain ($X), Italy ($X) and Tunisia ($X) were the largest refined olive oil suppliers to Thailand, with a combined 99% share of total imports.

Among the main suppliers, Tunisia, with a CAGR of +109.0%, recorded the highest rates of growth with regard to 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 2022, the average refined olive oil import price amounted to $X per ton, picking up by 3.5% against the previous year. Over the last decade, it increased at an average annual rate of +3.9%. The pace of growth was the most pronounced in 2021 an increase of 27% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+4.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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