Starches; Inulin Price in Thailand - 2023

Starches; Inulin Price in Thailand (FOB) - 2023

In September 2023, the average starches; inulin export price amounted to $557 per ton, stabilizing at the previous month. Over the period from September 2022 to September 2023, it increased at an average monthly rate of +1.2%. The most prominent rate of growth was recorded in March 2023 when the average export price increased by 9% against the previous month. Over the period under review, the average export prices reached the peak figure in September 2023.

Average prices varied noticeably for the major overseas markets. In September 2023, the countries with the highest prices were the United States ($642 per ton) and the Philippines ($587 per ton), while the average price for exports to Singapore ($516 per ton) and China ($547 per ton) were amongst the lowest.

From September 2022 to September 2023, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+1.6%), while the prices for the other major destinations experienced more modest paces of growth.

Starches; Inulin Price in Thailand (CIF) - 2022

The average starches; inulin import price stood at $793 per ton in 2022, with an increase of 23% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The import price peaked at $850 per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Belgium ($1,804 per ton), while the price for Lao People's Democratic Republic ($470 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lao People's Democratic Republic (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Starches; Inulin Exports in Thailand

Starches; inulin exports from Thailand amounted to 3.6M tons in 2022, remaining relatively unchanged against the previous year. The total export volume increased at an average annual rate of +11.2% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 32% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, starches; inulin exports expanded sharply to $1.8B in 2022. Over the period under review, total exports indicated a prominent expansion from 2019 to 2022: its value increased at an average annual rate of +13.0% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +55.0% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 44%. The exports peaked in 2022 and are likely to continue growth in the near future.

Export of Starches; Inulin in Thailand (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	652	711	1,172	1,075	18.1%
Indonesia	134	58.3	26.2	143	2.2%
Taiwan (Chinese)	114	96.4	126	140	7.1%
Malaysia	47.5	33.1	44.5	78.1	18.0%
Japan	65.1	52.8	65.5	70.2	2.5%
Philippines	41.8	37.3	42.3	67.0	17.0%
United States	55.4	54.7	61.1	62.3	4.0%
Singapore	26.6	26.5	24.6	34.6	9.2%
Others	100	80.1	93.4	113	4.2%
Total	1,236	1,150	1,655	1,782	13.0%

Top Export Markets for Starches; Inulin from Thailand in 2022:

China (2268.7K tons)
Indonesia (291.4K tons)
Taiwan (Chinese) (289.5K tons)
Malaysia (162.5K tons)
Philippines (134.3K tons)
Japan (130.6K tons)
United States (101.5K tons)
Singapore (70.1K tons)

Starches; Inulin Imports in Thailand

Starches; inulin imports into Thailand rose rapidly to 129K tons in 2022, with an increase of 5.3% compared with the previous year. Overall, total imports indicated resilient growth from 2019 to 2022: its volume increased at an average annual rate of +15.0% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +52.1% against 2019 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 45%. Imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, starches; inulin imports surged to $102M in 2022. In general, total imports indicated buoyant growth from 2019 to 2022: its value increased at an average annual rate of +18.3% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +65.4% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Import of Starches; Inulin in Thailand (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	17.5	16.8	8.9	19.0	2.8%
Germany	11.7	12.3	14.9	13.2	4.1%
Ukraine	N/A	1.7	3.0	12.2	167.9%
Denmark	6.2	9.1	9.3	11.4	22.5%
India	1.1	1.2	5.9	8.9	100.8%
Australia	4.8	4.7	4.2	5.8	6.5%
Italy	0.5	2.7	5.4	5.1	116.9%
Netherlands	3.1	2.6	2.4	2.7	-4.5%
United States	1.4	2.5	2.0	2.7	24.5%
Lao People's Democratic Republic	N/A	1.7	1.5	2.5	21.3%
France	4.6	1.9	2.7	2.3	-20.6%
Others	10.7	18.2	18.2	16.2	14.8%
Total	61.6	75.2	78.5	102	18.3%