Thailand: Millet Market 2023

Millet Market Size in Thailand

In 2022, the Thai millet market increased by 48% to $X, rising for the fifth consecutive year after two years of decline. In general, consumption enjoyed buoyant growth. Millet consumption peaked in 2022 and is expected to retain growth in years to come.

Millet Production in Thailand

In value terms, millet production totaled $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume decreased by 99.9%. Over the period under review, production attained the maximum level in 2022 and is likely to see steady growth in years to come.

In 2022, the average yield of millet in Thailand amounted to less than X kg per ha, remaining stable against the previous year's figure. In general, the yield recorded a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of millet production in Thailand was estimated at less than X ha, almost unchanged from 2021. Overall, the harvested area saw a relatively flat trend pattern.

Millet Exports

Exports from Thailand

After two years of growth, overseas shipments of millet decreased by -8.3% to X tons in 2022. Overall, exports showed a deep reduction. The pace of growth appeared the most rapid in 2021 with an increase of 706% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, millet exports soared to $X in 2022. Over the period under review, exports, however, saw a tangible expansion. The pace of growth appeared the most rapid in 2014 with an increase of 516%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The Philippines (X tons) was the main destination for millet exports from Thailand, with a 69% share of total exports. Moreover, millet exports to the Philippines exceeded the volume sent to the second major destination, Pakistan (X tons), fourfold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to the Philippines amounted to +5.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+240.7% per year) and Taiwan (Chinese) (-12.9% per year).

In value terms, Pakistan ($X) remains the key foreign market for millet exports from Thailand, comprising 75% of total exports. The second position in the ranking was taken by the Philippines ($X), with an 18% share of total exports. It was followed by the United States, with a 5.2% share.

From 2012 to 2022, the average annual growth rate of value to Pakistan totaled +378.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+6.1% per year) and the United States (+4.0% per year).

Export Prices by Country

The average millet export price stood at $X per ton in 2022, picking up by 32% against the previous year. In general, the export price showed a resilient expansion. The growth pace was the most rapid in 2018 an increase of 698%. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Pakistan ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Pakistan (+40.5%), while the prices for the other major destinations experienced more modest paces of growth.

Millet Imports

Imports into Thailand

In 2022, millet imports into Thailand surged to X tons, growing by 20% against the year before. Overall, imports continue to indicate strong growth. The pace of growth appeared the most rapid in 2020 with an increase of 39% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the immediate term.

In value terms, millet imports skyrocketed to $X in 2022. Over the period under review, imports enjoyed a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Ukraine (X tons), Russia (X tons) and Australia (X tons) were the main suppliers of millet imports to Thailand, with a combined 83% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +70.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ukraine ($X), Russia ($X) and Australia ($X) were the largest millet suppliers to Thailand, with a combined 79% share of total imports.

In terms of the main suppliers, Australia, with a CAGR of +73.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average millet import price stood at $X per ton in 2022, jumping by 30% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the average import price increased by 34% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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