Beef and buffalo meat market in Thailand

Earlier Report Observations

The beef and buffalo meat market in Thailand showed variable volume trends from 2018 to 2023, starting at 177.3 thousand metric tons in 2018. That year, the government's policy to develop premium domestic beef as an industrial product, focusing on quality, standards, and packaging, alongside the cultivation of high-quality breeds like Korat Wagyu, helped sustain domestic production and consumer interest in value-added meat. Market volume then contracted to 166.0 thousand metric tons by 2020 before recovering sharply to 181.0 thousand metric tons in 2021.

By 2022, the market volume stood at 175.5 thousand metric tons, supported by the growing premium segment and new distribution methods. The launch and international recognition of Thai premium beef such as Korat Wagyu, highlighted at events like the APEC 2022 leaders' dinner, reinforced its image. Simultaneously, the expansion of online sales and temperature-controlled delivery through channels like CP FreshMart and BeefBrother improved consumer access to quality products, reshaping retail dynamics even as total volume softened. The market concluded the period at 163.1 thousand metric tons in 2023.

Production beef and buffalo meat in Thailand

In kind, 2017-2020, K t

Top producers of beef and buffalo meat, 2017-2020

World map of production of beef and buffalo meat, 2017-2020

Thailand produced 147.8 thousand tons of beef and buffalo meat in 2020, marking a 12.2% decrease compared to 2019. Over the period from 2017 to 2020, production fell by 16.1%, which translates to an average annual decline of 5.7%. The only year that saw growth was 2019, with a modest increase of 1.2%.

Annual dynamics of production in Thailand in kind, 2017-2020, K t

Exports beef and buffalo meat from Thailand

Exports in kind, t

Thailand's exports of beef and buffalo meat have grown for three consecutive years. In 2020, exports reached 413 tons, representing a substantial 169.0% increase from 2019. From 2017 to 2020, exports surged by 1 451.2%, averaging an annual growth rate of 149.4%.

Annual dynamics of product's exports from Thailand in kind, 2017-2020, t

From 2017 to 2020, Laos was the primary buyer of beef and buffalo meat from Thailand, accounting for 87.0% of total exports by volume. Other trading partners held relatively small shares during this period.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Thailand in kind, 2017-2020

Exports in value, M $ US

The market displayed an unstable trend throughout the timeframe. The lowest export value occurred in 2017, while the highest was recorded in 2019, with a peak-to-trough ratio of 12.7 times. In 2020, Thailand exported 0.4 million US dollars worth of beef and buffalo meat, which was 22.1% lower than the previous year. The maximum value was 0.5 million US dollars in 2019, and the largest increase happened in 2018, with a jump of 559.8%.

Annual dynamics of product's exports from Thailand in value, 2017-2020, M $ US

Between 2017 and 2020, Laos remained the main destination for Thailand's beef and buffalo meat exports in value terms, taking 88.0% of the total. The remaining value was distributed among other countries.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Thailand in value, 2017-2020

Imports beef and buffalo meat to Thailand

Imports in kind, t

The market showed signs of volatility over the observed period. Import levels fluctuated significantly, with a 60-fold difference between the low of 2019 and the high of 2020. In 2020, Thailand imported 18 624 tons of beef and buffalo meat, reflecting a sharp uptick of 5 938.2% from the previous year. The minimum volume was recorded in 2019 at 308 tons, and the largest decline occurred that same year, with a drop of 97.3%.

Annual dynamics of product's imports to Thailand in kind, 2017-2020, t

From 2017 to 2020, Australia, New Zealand, and Argentina were the key partners for Thailand's beef and buffalo meat imports by volume. Australia accounted for 39.0% of imports, New Zealand for 20.4%, and Argentina for 19.0%, together making up 78.4% of total flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Thailand in kind, 2017-2020

Imports in value, M $ US

Volatility characterized the market behavior during these years. Imports bottomed in 2019 and peaked in 2020, with a 46-fold difference between these years. In 2020, Thailand's beef and buffalo meat imports amounted to 100.8 million US dollars, equivalent to a sharp rise of 4 531.1% versus the previous year. The minimum value was recorded in 2019 at 2.2 million US dollars, and the largest decline occurred that year, with a decrease of 97.0%.

Annual dynamics of product's imports to Thailand in value, 2017-2020, M $ US

Throughout 2017 to 2020, Australia, New Zealand, and Japan formed the core of Thailand's beef and buffalo meat imports in value terms. Australia accounted for 53.8% of imports, New Zealand for 17.8%, and Japan for 14.4%, together taking 86.0% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Thailand in value, 2017-2020