Thailand: Virgin Olive Oil Market Overview 2021

Virgin Olive Oil Market Size in Thailand

In 2019, the Thai virgin olive oil market was finally on the rise to reach $X for the first time since 2016, thus ending a two-year declining trend. In general, consumption enjoyed a strong increase. The most prominent rate of growth was recorded in 2013 when the market value increased by X% year-to-year. Over the period under review, the market attained the peak level at $X in 2016; however, from 2017 to 2019, consumption stood at a somewhat lower figure.

Virgin Olive Oil Exports

Exports from Thailand

In 2019, overseas shipments of olive oil (virgin) were finally on the rise to reach X tonnes after two years of decline. In general, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of X% year-to-year. Exports peaked in 2019 and are likely to see steady growth in the near future.

In value terms, virgin olive oil exports soared to $X in 2019. Overall, exports saw significant growth. The pace of growth was the most pronounced in 2016 when exports increased by X% y-o-y. Exports peaked in 2019 and are likely to see steady growth in years to come.

Exports by Country

Malaysia (X tonnes), Maldives (X tonnes) and Lao People's Democratic Republic (X tonnes) were the main destinations of virgin olive oil exports from Thailand, with a combined X% share of total exports.

From 2007 to 2019, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Lao People's Democratic Republic (+X% per year), while exports for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) remains the key foreign market for virgin olive oil exports from Thailand, comprising X% of total exports. The second position in the ranking was occupied by Maldives ($X), with a X% share of total exports. It was followed by Lao People's Democratic Republic, with a X% share.

From 2007 to 2019, the average annual rate of growth in terms of value to Malaysia totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (+X% per year) and Lao People's Democratic Republic (+X% per year).

Export Prices by Country

The average virgin olive oil export price stood at $X per tonne in 2019, which is down by -X% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the average export price increased by X% against the previous year. The export price peaked at $X per tonne in 2007; however, from 2008 to 2019, export prices failed to regain the momentum.

Prices varied noticeably by the country of destination; the country with the highest price was Myanmar ($X per tonne), while the average price for exports to Maldives ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to China (+X% per year), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into Thailand

In 2019, the amount of olive oil (virgin) imported into Thailand surged to X tonnes, increasing by X% against the year before. Over the period under review, imports continue to indicate a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, virgin olive oil imports expanded sharply to $X in 2019. In general, imports showed a buoyant expansion. The growth pace was the most rapid in 2013 when imports increased by X% y-o-y. Imports peaked at $X in 2016; however, from 2017 to 2019, imports failed to regain the momentum.

Imports by Country

In 2019, Spain (X tonnes) constituted the largest virgin olive oil supplier to Thailand, with a X% share of total imports. Moreover, virgin olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tonnes), twofold. The third position in this ranking was occupied by Tunisia (X tonnes), with a X% share.

From 2007 to 2019, the average annual growth rate of volume from Spain totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+X% per year) and Tunisia (-X% per year).

In value terms, Spain ($X) constituted the largest supplier of virgin olive oil to Thailand, comprising X% of total imports. The second position in the ranking was occupied by Italy ($X), with a X% share of total imports. It was followed by Tunisia, with a X% share.

From 2007 to 2019, the average annual growth rate of value from Spain amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+X% per year) and Tunisia (-X% per year).

Import Prices by Country

In 2019, the average virgin olive oil import price amounted to $X per tonne, dropping by -X% against the previous year. Overall, the import price showed a slight curtailment. The growth pace was the most rapid in 2013 an increase of X% y-o-y. Over the period under review, average import prices reached the maximum at $X per tonne in 2017; however, from 2018 to 2019, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2019, the countries with the highest prices were Italy ($X per tonne) and Turkey ($X per tonne), while the price for Greece ($X per tonne) and Spain ($X per tonne) were amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Syrian Arab Republic, while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for olive oil (virgin) in the world?

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The countries with the highest volumes of virgin olive oil consumption in 2019 were Spain (969K tonnes), Italy (755K tonnes) and Greece (340K tonnes), together accounting for 55% of global consumption. The U.S., Morocco, France, Tunisia, Algeria, Brazil, Portugal, Syrian Arab Republic and Germany lagged somewhat behind, together comprising a further 28%.

What are the largest producers of olive oil (virgin) in the world?

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Spain (1.7M tonnes) constituted the country with the largest volume of virgin olive oil production, accounting for 45% of total volume. Moreover, virgin olive oil production in Spain exceeded the figures recorded by the second-largest producer, Italy (477K tonnes), fourfold. The third position in this ranking was occupied by Greece (434K tonnes), with a 12% share.

What are the leading suppliers of olive oil (virgin) to Thailand?

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In value terms, Spain ($4.8M) constituted the largest supplier of virgin olive oil to Thailand, comprising 50% of total imports. The second position in the ranking was occupied by Italy ($2.3M), with a 24% share of total imports. It was followed by Tunisia, with a 7.9% share.

What are the leading importers of olive oil (virgin) from Thailand?

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In value terms, Malaysia ($23K) remains the key foreign market for virgin olive oil exports from Thailand, comprising 43% of total exports. The second position in the ranking was occupied by Maldives ($6.2K), with a 12% share of total exports. It was followed by Lao People's Democratic Republic, with a 9.3% share.

What is the average export price for olive oil (virgin) in Thailand?

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The average virgin olive oil export price stood at $5,601 per tonne in 2019, dropping by -5.4% against the previous year.

What is the average import price for olive oil (virgin) in Thailand?

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The average virgin olive oil import price stood at $3,764 per tonne in 2019, with a decrease of -22.6% against the previous year.