Thailand: Non-Cane Molasses Market 2023

Non-Cane Molasses Market Size in Thailand

The Thai non-cane molasses market shrank to $X in 2021, reducing by -6.6% against the previous year. Overall, consumption showed a mild reduction. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Non-Cane Molasses Production in Thailand

In value terms, non-cane molasses production contracted to $X in 2021 estimated in export price. Over the period under review, production recorded a mild setback. The pace of growth appeared the most rapid in 2018 when the production volume increased by 19%. Non-cane molasses production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Non-Cane Molasses Exports

Exports from Thailand

In 2021, shipments abroad of molasses (excluding cane molasses) increased by 18% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, showed a pronounced setback. The most prominent rate of growth was recorded in 2016 with an increase of 21%. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, non-cane molasses exports reduced slightly to $X in 2021. Over the period under review, exports, however, showed a pronounced curtailment. The pace of growth was the most pronounced in 2018 when exports increased by 8.2%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Malaysia (X tons) was the main destination for non-cane molasses exports from Thailand, with a 80% share of total exports. Moreover, non-cane molasses exports to Malaysia exceeded the volume sent to the second major destination, Cambodia (X tons), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Malaysia stood at -2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (+13.0% per year) and Norway (-68.0% per year).

In value terms, Malaysia ($X) remains the key foreign market for non-cane molasses exports from Thailand, comprising 94% of total exports. The second position in the ranking was taken by Cambodia ($X), with a 4.2% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Malaysia stood at -1.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (-1.6% per year) and Norway (-62.9% per year).

Export Prices by Country

In 2021, the average non-cane molasses export price amounted to $X per ton, falling by -15.7% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the average export price increased by 25% against the previous year. The export price peaked at $X per ton in 2020, and then fell remarkably in the following year.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Norway ($X per ton), while the average price for exports to Cambodia ($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 Norway (+16.0%), while the prices for the other major destinations experienced mixed trend patterns.

Non-Cane Molasses Imports

Imports into Thailand

In 2021, supplies from abroad of molasses (excluding cane molasses) decreased by -65% to X tons, falling for the fourth year in a row after two years of growth. In general, imports recorded a deep reduction. The growth pace was the most rapid in 2017 when imports increased by 61%. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, non-cane molasses imports fell significantly to $X in 2021. Overall, imports showed a abrupt decrease. The most prominent rate of growth was recorded in 2017 when imports increased by 92% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, the United States (X tons) was the main non-cane molasses supplier to Thailand, accounting for a approx. 99% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from the United States amounted to -8.7%.

In value terms, the United States ($X) constituted the largest supplier of non-cane molasses to Thailand.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States totaled -7.1%.

Import Prices by Country

In 2021, the average non-cane molasses import price amounted to $X per ton, increasing by 36% against the previous year. Over the period under review, the import price enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2020 when the average import price increased by 158%. The import price peaked in 2021 and is expected to retain growth in years to come.

As there is only one major supplying country, the average price level is determined by prices for the United States.

From 2012 to 2021, the rate of growth in terms of prices for the United States amounted to +1.8% per year.

Source: IndexBox Platform

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