Thailand: Preserved Sardines Market 2024

Preserved Sardines Market Size in Thailand

In 2022, the Thai preserved sardines market decreased by -15.7% to $X, falling for the third year in a row after three years of growth. Overall, consumption recorded a pronounced descent. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Preserved Sardines Production in Thailand

In value terms, preserved sardines production reduced slightly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2018 when the production volume increased by 17% against the previous year. Preserved sardines production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Preserved Sardines Exports

Exports from Thailand

For the third consecutive year, Thailand recorded growth in overseas shipments of sardines (prepared or preserved), which increased by 6.6% to X tons in 2022. Over the period under review, exports, however, recorded a noticeable curtailment. The pace of growth appeared the most rapid in 2020 when exports increased by 31% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, preserved sardines exports soared to $X in 2022. Overall, exports, however, saw a pronounced decrease. The most prominent rate of growth was recorded in 2018 when exports increased by 29%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

South Africa (X tons) was the main destination for preserved sardines exports from Thailand, accounting for a 27% share of total exports. Moreover, preserved sardines exports to South Africa exceeded the volume sent to the second major destination, the United States (X tons), fivefold. The third position in this ranking was taken by Cambodia (X tons), with a 4.4% share.

From 2012 to 2022, the average annual growth rate of volume to South Africa totaled -8.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-4.0% per year) and Cambodia (+9.6% per year).

In value terms, South Africa ($X) remains the key foreign market for sardines (prepared or preserved) exports from Thailand, comprising 24% of total exports. The second position in the ranking was held by the United States ($X), with an 8% share of total exports. It was followed by Japan, with a 7.6% share.

From 2012 to 2022, the average annual growth rate of value to South Africa stood at -8.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-3.5% per year) and Japan (+1.4% per year).

Export Prices by Country

The average preserved sardines export price stood at $X per ton in 2022, with an increase of 9.1% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 30% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Congo ($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 Congo (+2.2%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Sardines Imports

Imports into Thailand

In 2022, after two years of growth, there was significant decline in supplies from abroad of sardines (prepared or preserved), when their volume decreased by -21.4% to X tons. In general, imports, however, recorded a significant expansion. The growth pace was the most rapid in 2018 with an increase of 171%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, preserved sardines imports reduced sharply to $X in 2022. Over the period under review, imports, however, saw a significant expansion. The pace of growth was the most pronounced in 2014 with an increase of 130%. Over the period under review, imports reached the peak figure at $X in 2021, and then dropped sharply in the following year.

Imports by Country

In 2022, Vietnam (X tons) constituted the largest preserved sardines supplier to Thailand, accounting for a 63% share of total imports. Moreover, preserved sardines imports from Vietnam exceeded the figures recorded by the second-largest supplier, China (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Vietnam amounted to +22.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+116.9% per year) and Malaysia (+14.3% per year).

In value terms, Vietnam ($X) constituted the largest supplier of sardines (prepared or preserved) to Thailand, comprising 51% of total imports. The second position in the ranking was held by Malaysia ($X), with a 24% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Vietnam stood at +21.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+16.6% per year) and China (+103.9% per year).

Import Prices by Country

The average preserved sardines import price stood at $X per ton in 2022, surging by 5.3% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 52%. Over the period under review, average import prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Vietnam ($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 (+2.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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