Thailand: Market for Sweet Biscuits, Waffles and Wafers 2024

Market Size for Sweet Biscuits, Waffles and Wafers in Thailand

In 2021, the Thai market for sweet biscuits, waffles and wafers was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. The market value increased at an average annual rate of +2.7% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Production of Sweet Biscuits, Waffles and Wafers in Thailand

In value terms, sweet biscuit, waffle and wafer production stood at $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 when the production volume increased by 12% against the previous year. Sweet biscuit, waffle and wafer production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Exports of Sweet Biscuits, Waffles and Wafers

Exports from Thailand

In 2021, sweet biscuit, waffle and wafer exports from Thailand soared to X tons, rising by 18% compared with the previous year's figure. Over the period under review, exports recorded resilient growth. The pace of growth appeared the most rapid in 2013 when exports increased by 37%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, sweet biscuit, waffle and wafer exports skyrocketed to $X in 2021. Overall, exports showed a buoyant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 46% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see gradual growth in years to come.

Exports by Country

The United States (X tons), Indonesia (X tons) and Lao People's Democratic Republic (X tons) were the main destinations of sweet biscuit, waffle and wafer exports from Thailand, together accounting for 42% of total exports. These countries were followed by Cambodia, Malaysia, Vietnam, Taiwan (Chinese), Myanmar, China, Ghana, Hong Kong SAR and Singapore, which together accounted for a further 44%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Myanmar (with a CAGR of +114.4%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Indonesia ($X) and Lao People's Democratic Republic ($X) appeared to be the largest markets for sweet biscuit, waffle and wafer exported from Thailand worldwide, with a combined 46% share of total exports. Taiwan (Chinese), Vietnam, Malaysia, Cambodia, China, Myanmar, Hong Kong SAR, Singapore and Ghana lagged somewhat behind, together accounting for a further 38%.

Among the main countries of destination, Myanmar, with a CAGR of +116.2%, saw the highest growth rate of 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

The average export price for sweet biscuits, waffles and wafers stood at $X per ton in 2021, approximately mirroring the previous year. In general, the export price, however, continues to indicate a slight downturn. The pace of growth appeared the most rapid in 2013 an increase of 6.8%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Cambodia ($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 Myanmar (+0.8%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Sweet Biscuits, Waffles and Wafers

Imports into Thailand

In 2021, approx. X tons of sweet biscuits, waffles and wafers were imported into Thailand; picking up by 25% on the previous year's figure. Over the period under review, total imports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +6.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +67.9% against 2019 indices. The pace of growth appeared the most rapid in 2020 when imports increased by 34%. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, sweet biscuit, waffle and wafer imports soared to $X in 2021. The total import value increased at an average annual rate of +2.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Indonesia (X tons) constituted the largest supplier of sweet biscuit, waffle and wafer to Thailand, with a 60% share of total imports. Moreover, sweet biscuit, waffle and wafer imports from Indonesia exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. The third position in this ranking was taken by Malaysia (X tons), with a 14% share.

From 2012 to 2021, the average annual growth rate of volume from Indonesia amounted to +6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+7.0% per year) and Malaysia (+3.3% per year).

In value terms, Indonesia ($X) constituted the largest supplier of sweet biscuits, waffles and wafers to Thailand, comprising 45% of total imports. The second position in the ranking was taken by Malaysia ($X), with an 18% share of total imports. It was followed by China, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Indonesia totaled +3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-0.9% per year) and China (+3.6% per year).

Import Prices by Country

In 2021, the average import price for sweet biscuits, waffles and wafers amounted to $X per ton, approximately equating the previous year. Overall, the import price recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2014 when the average import price increased by 4.1% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+3.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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