Thailand: Soap Market 2024

Soap Market Size in Thailand

In 2021, the Thai soap market decreased by -6.5% to $X for the first time since 2017, thus ending a three-year rising trend. The market value increased at an average annual rate of +2.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X, and then contracted in the following year.

Soap Production in Thailand

In value terms, soap production dropped to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.0% 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 20%. As a result, production reached the peak level of $X, and then fell in the following year.

Soap Exports

Exports from Thailand

In 2021, overseas shipments of soap decreased by -8.9% to X tons for the first time since 2015, thus ending a five-year rising trend. Over the period under review, total exports indicated perceptible growth from 2012 to 2021: its volume increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +38.5% against 2015 indices. The pace of growth was the most pronounced in 2020 with an increase of 23% against the previous year. As a result, the exports attained the peak of X tons, and then shrank in the following year.

In value terms, soap exports fell to $X in 2021. The total export value increased at an average annual rate of +2.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when exports increased by 22% against the previous year. As a result, the exports attained the peak of $X, and then dropped in the following year.

Exports by Country

Australia (X tons), Myanmar (X tons) and Lao People's Democratic Republic (X tons) were the main destinations of soap exports from Thailand, with a combined 45% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Myanmar (with a CAGR of +36.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Myanmar ($X) and Japan ($X) appeared to be the largest markets for soap exported from Thailand worldwide, together comprising 33% of total exports.

In terms of the main countries of destination, Myanmar, with a CAGR of +28.2%, recorded the highest rates of growth with regard to 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 soap export price amounted to $X per ton, picking up by 4% against the previous year. Overall, the export price, however, recorded a mild descent. The most prominent rate of growth was recorded in 2018 an increase of 5.7%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Vietnam ($X per ton), while the average price for exports to New Zealand ($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 (+4.3%), while the prices for the other major destinations experienced a decline.

Soap Imports

Imports into Thailand

In 2021, the amount of soap imported into Thailand declined modestly to X tons, waning by -2.4% compared with 2020 figures. Overall, total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +5.5% 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 +36.7% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of 73% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, soap imports rose sharply to $X in 2021. The total import value increased at an average annual rate of +5.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when imports increased by 25% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, Indonesia (X tons) constituted the largest soap supplier to Thailand, accounting for a 57% share of total imports. Moreover, soap imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. China (X tons) ranked third in terms of total imports with a 9.2% share.

From 2012 to 2021, the average annual growth rate of volume from Indonesia stood at +5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+4.9% per year) and China (+17.6% per year).

In value terms, Indonesia ($X) constituted the largest supplier of soap to Thailand, comprising 36% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 14% share of total imports. It was followed by China, with an 8.4% share.

From 2012 to 2021, the average annual growth rate of value from Indonesia totaled +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+3.5% per year) and China (+11.8% per year).

Import Prices by Country

The average soap import price stood at $X per ton in 2021, picking up by 17% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the average import price increased by 25%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+3.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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