
Thailand - Fish Fats and Oils - Market Analysis, Forecast, Size, Trends and Insights
Thailand: Market for Fish Fats And Oils 2023
Market Size for Fish Fats And Oils in Thailand
The Thai fish fat and oil market expanded slightly to $X in 2021, with an increase of 4.5% against the previous year. In general, consumption, however, continues to indicate prominent growth. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.
Production of Fish Fats And Oils in Thailand
In value terms, fish fat and oil production expanded rapidly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded resilient growth. The most prominent rate of growth was recorded in 2019 with an increase of 68%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.
Exports of Fish Fats And Oils
Exports from Thailand
For the fourth year in a row, Thailand recorded growth in shipments abroad of fish fats and oils, which increased by 18% to X tons in 2021. In general, exports showed resilient growth. The most prominent rate of growth was recorded in 2020 with an increase of 41% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in the near future.
In value terms, fish fat and oil exports reached $X in 2021. Overall, total exports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +112.3% against 2014 indices. The pace of growth was the most pronounced in 2018 with an increase of 25% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in years to come.
Exports by Country
Vietnam (X tons), China (X tons) and Malaysia (X tons) were the main destinations of fish fat and oil exports from Thailand, with a combined 58% share of total exports.
From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +258.5%), while shipments for the other leaders experienced more modest paces of growth.
In value terms, Japan ($X), Australia ($X) and China ($X) appeared to be the largest markets for fish fat and oil exported from Thailand worldwide, together accounting for 69% of total exports.
China, with a CAGR of +325.9%, 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
In 2021, the average fish fat and oil export price amounted to $X per ton, reducing by -9.6% against the previous year. Overall, the export price continues to indicate a noticeable slump. The most prominent rate of growth was recorded in 2017 when the average export price increased by 21%. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.
There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Switzerland ($X per ton), while the average price for exports to Malaysia ($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 China (+19.1%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Fish Fats And Oils
Imports into Thailand
In 2021, overseas purchases of fish fats and oils increased by 1.4% to X tons, rising for the second consecutive year after two years of decline. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when imports increased by 65% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.
In value terms, fish fat and oil imports stood at $X in 2021. Over the period under review, imports showed mild growth. The most prominent rate of growth was recorded in 2016 when imports increased by 33%. Imports peaked in 2021 and are likely to see gradual growth in the near future.
Imports by Country
In 2021, Chile (X tons) constituted the largest fish fat and oil supplier to Thailand, accounting for a 59% share of total imports. Moreover, fish fat and oil imports from Chile exceeded the figures recorded by the second-largest supplier, New Zealand (X tons), fivefold. The third position in this ranking was taken by Norway (X tons), with an 8.3% share.
From 2012 to 2021, the average annual rate of growth in terms of volume from Chile amounted to +1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (+27.7% per year) and Norway (+1.5% per year).
In value terms, Chile ($X) constituted the largest supplier of fish fats and oils to Thailand, comprising 44% of total imports. The second position in the ranking was taken by Australia ($X), with a 14% share of total imports. It was followed by New Zealand, with a 9.6% share.
From 2012 to 2021, the average annual growth rate of value from Chile totaled +1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+12.8% per year) and New Zealand (+22.5% per year).
Import Prices by Country
The average fish fat and oil import price stood at $X per ton in 2021, rising by 4.2% against the previous year. Over the last nine years, it increased at an average annual rate of +2.1%. The growth pace was the most rapid in 2013 when the average import price increased by 28%. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.
Prices varied noticeably country of origin: the country with the highest price was China ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.
From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+26.2%), while the prices for the other major suppliers experienced more modest paces of growth.
Base Year | Historical Period | Forecast Period | Units |
---|---|---|---|
2022 | 2012-2022 | 2023-2030 | US$, Tons |
Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the market for fish fat and oil in Thailand. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Making Data-Driven Decisions to Grow Your Business
A Quick Overview of Market Performance
Understanding the Current State of The Market and Its Prospects
Finding New Products to Diversify Your Business
Choosing the Best Countries to Establish Your Sustainable Supply Chain
Choosing the Best Countries to Boost Your Exports
The Latest Trends and Insights into The Industry
The Largest Import Supplying Countries
The Largest Destinations for Exports
The Largest Producers on The Market and Their Profiles
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