Thailand: Sesame Oil Market 2024

Sesame Oil Market Size in Thailand

In 2021, the Thai sesame oil market decreased by -0.3% to $X for the first time since 2018, thus ending a two-year rising trend. Over the period under review, consumption, however, saw a mild slump. The pace of growth was the most pronounced in 2016 when the market value increased by 8.5%. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Sesame Oil Production in Thailand

In value terms, sesame oil production reduced modestly to $X in 2021 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the production volume increased by 29% against the previous year. Sesame oil production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Sesame Oil Exports

Exports from Thailand

In 2021, the amount of sesame oil exported from Thailand dropped to X tons, shrinking by -9.1% on the year before. Over the period under review, total exports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +7.3% 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 +27.8% against 2017 indices. The pace of growth appeared the most rapid in 2013 with an increase of 58% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, sesame oil exports reached $X in 2021. Overall, exports, however, continue to indicate strong growth. The pace of growth appeared the most rapid in 2013 when exports increased by 47%. The exports peaked in 2021 and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons), Sweden (X tons) and Cambodia (X tons) were the main destinations of sesame oil exports from Thailand, with a combined 62% share of total exports. These countries were followed by Lebanon, France, Germany, Hong Kong SAR, South Africa, Indonesia, the United Arab Emirates and Japan, which together accounted for a further 25%.

From 2012 to 2021, the biggest increases were in Hong Kong SAR (with a CAGR of +116.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Sweden ($X) and Cambodia ($X) appeared to be the largest markets for sesame oil exported from Thailand worldwide, with a combined 62% share of total exports. Lebanon, France, Germany, South Africa, the United Arab Emirates, Hong Kong SAR, Indonesia and Japan lagged somewhat behind, together comprising a further 23%.

Hong Kong SAR, with a CAGR of +106.3%, 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

The average sesame oil export price stood at $X per ton in 2021, picking up by 16% against the previous year. In general, export price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sesame oil export price increased by +86.9% against 2014 indices. The most prominent rate of growth was recorded in 2016 when the average export price increased by 24% against the previous year. The export price peaked in 2021 and is likely to see steady growth in the near future.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was South Africa ($X per ton), while the average price for exports to Japan ($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 the United Arab Emirates (+12.0%), while the prices for the other major destinations experienced more modest paces of growth.

Sesame Oil Imports

Imports into Thailand

Sesame oil imports into Thailand fell notably to X tons in 2021, which is down by -15.4% compared with the previous year. Overall, imports, however, saw a prominent expansion. The pace of growth was the most pronounced in 2020 when imports increased by 81% against the previous year. As a result, imports reached the peak of X tons, and then shrank sharply in the following year.

In value terms, sesame oil imports dropped to $X in 2021. In general, imports, however, saw a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of 70% against the previous year. Imports peaked at $X in 2020, and then shrank in the following year.

Imports by Country

In 2021, Singapore (X tons) constituted the largest sesame oil supplier to Thailand, with a 49% share of total imports. Moreover, sesame oil imports from Singapore exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), twofold. The third position in this ranking was held by China (X tons), with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Singapore stood at +36.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+2.3% per year) and China (+19.8% per year).

In value terms, Singapore ($X), China ($X) and Japan ($X) were the largest sesame oil suppliers to Thailand, together comprising 71% of total imports. Malaysia, the Netherlands, Taiwan (Chinese) and South Korea lagged somewhat behind, together accounting for a further 25%.

Taiwan (Chinese), with a CAGR of +201.7%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average sesame oil import price stood at $X per ton in 2021, surging by 8.8% against the previous year. Over the last nine years, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2019 an increase of 26% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was South Korea ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (+12.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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