Concentrated milk and cream market in Thailand

Earlier Report Observations

The domestic market for concentrated milk and cream in Thailand reached 54 726 t in 2018, supported by a 3.4% growth in the sweetened condensed milk and cream segment. Manufacturers with their own dairy farming operations and contracts for guaranteed raw milk prices held a competitive advantage. In 2019, the market fell 26% to 40 352 t, primarily due to the impact of the COVID-19 pandemic, which reduced consumer purchasing power and altered behavior, including misconceptions that milk contributes to weight gain. By 2020, the market partially recovered to 45 800 t as producers adapted through online marketing and expanded sales channels, despite ongoing supply chain constraints from the pandemic.

The market surged 38% to 63 346 t in 2021, driven by the launch of new products such as drinking yogurt in various flavors, targeting health-conscious younger consumers and working adults. Aggressive online marketing on platforms like Lazada and Shopee also boosted sales. Growth continued into 2022, reaching 76 187 t—a 20% increase—as manufacturers kept introducing new drinking yogurt and flavored milk products, responding to rising consumer demand for natural ingredients and high protein content.

In 2023, the market halved to 37 758 t, largely due to a sharp increase in raw material costs, especially for imported soybeans, which raised production expenses and likely consumer prices. Simultaneously, the growing alternative protein market from new food innovations created additional competition, diverting some demand. Into 2024, trends continue shifting toward health and quality, with expanded distribution through modern retail and online channels.

Production concentrated milk and cream in Thailand

In kind, 2017-2020, t

From 2017 to 2020, Thailand ranked 21st globally in the production of concentrated milk and cream.

Top producers of concentrated milk and cream, 2017-2020

World map of production of concentrated milk and cream, 2017-2020

Thailand's production of concentrated milk and cream declined for the third year in a row. In 2020, the country produced 41,331 tonnes, marking a slight year-over-year decrease of 2.4%. Over the 2017–2020 period, production fell by 21.5%, with a compound annual growth rate of -7.7%.

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

In value, 2017-2020, K $ US

In 2020, the output of concentrated milk and cream in Thailand was valued at 61,604 thousand US dollars, up 1.2% from the previous year. Between 2017 and 2020, production value increased by 3.9%, equating to an annualized rate of 1.3%. The highest value was recorded in 2018 at 63,184 thousand US dollars, while the largest decline occurred in 2019 at 3.6%. The largest increase was in 2018 at 6.6%.

Annual dynamics of production in Thailand in value, 2017-2020, K $ US

Exports concentrated milk and cream from Thailand

Exports in kind, t

The market showed noticeable fluctuations during this period. Exports peaked in 2017 and hit their lowest point in 2019, with a 5.7-fold difference between these years. In 2020, Thailand exported 6,439 tonnes of concentrated milk and cream, a 190.1% increase from the previous year. The minimum volume was recorded in 2019 at 2,219 tonnes, with the largest decline that year at 74.8%.

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

From 2017 to 2020, the main destinations for Thailand's exports of concentrated milk and cream in kind were Cambodia (38.6% of exports), the Netherlands (28.6%), and Laos (16.4%). Together, these three countries accounted for 83.6% of total export flows.

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, K $ US

The market exhibited an unstable trend throughout the timeframe. Exports in value terms reached their maximum in 2017 and fell to their lowest point in 2019, a difference of 4.4 times. In 2020, cross-border shipments of concentrated milk and cream from Thailand amounted to 9,597 thousand US dollars, representing a 200.7% increase from 2019. The minimum value was recorded in 2019 at 3,192 thousand US dollars, with the largest decline that year at 69.9%.

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

Throughout 2017–2020, Cambodia (43.5% of exports in value terms), Laos (18.8%), and the Netherlands (17.5%) played the leading roles in Thailand's exports of concentrated milk and cream. Combined, they accounted for 79.8% of total export flows.

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

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

Imports concentrated milk and cream to Thailand

Imports in kind, t

The data reveals irregular changes, indicating a volatile market environment. Import volumes peaked in 2018 and sank to their lowest in 2019, with a top-to-bottom ratio of 48 times. In 2020, foreign supplies of concentrated milk and cream to Thailand reached 10,907 tonnes, corresponding to a 4,659.3% increase compared to the previous year. The minimum volume was recorded in 2019 at 229 tonnes, while the maximum was in 2018 at 10,947 tonnes. The largest decline occurred in 2019 at 97.9%.

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

Throughout 2017–2020, Malaysia played the leading role in imports in kind, accounting for 74.2% of total flows, with other markets making up the remainder.

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, K $ US

Volatility characterized the market behavior during these years. Import values climbed to their maximum in 2018 and dropped to a minimum in 2019, a 31-fold shift. In 2020, cross-border shipments of concentrated milk and cream to Thailand amounted to 17,515 thousand US dollars, reflecting a 2,383.5% advance compared to the previous year. The minimum value was recorded in 2019 at 705 thousand US dollars, while the maximum was in 2018 at 21,871 thousand US dollars. The largest decline occurred in 2019 at 96.8%.

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

Throughout 2017–2020, two countries—Malaysia and France—concentrated most of the imports in value terms of concentrated milk and cream to Thailand, while other markets were less significant individually.

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

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