Maize starch market in Thailand

Earlier Report Observations

The market volume for maize starch in Thailand expanded from 109.2 thousand tons in 2018 to 173.5 thousand tons in 2023, with the most significant jump occurring in 2020 when it reached 165.3 thousand tons. This surge coincided with the global COVID-19 pandemic, which disrupted agricultural supply chains and affected demand patterns. The following year, severe drought conditions reduced corn yields, tightening the raw material supply for starch production and contributing to a slight market contraction.

In 2022, domestic corn hoarding by animal feed producers and the enforcement of the 3:1 wheat import control measure drove up local corn prices, increasing production costs for maize starch and leading to a drop in domestic output to 112.8 thousand tons. Despite this, Thailand maintained its position as the world's leading exporter of sweet corn, with listed Thai companies actively involved in the trade, highlighting the sector's resilience.

By 2023, corn prices showed a downward trend due to oversupply, providing slight relief to producers. The El Niño climate phenomenon began affecting corn yields, posing a risk for future raw material availability. Regulatory changes allowing GMO corn imports under specific tariff measures altered the domestic corn market structure, while a shift in consumer behavior towards purchasing organic agricultural products via online channels continued to influence demand.

Production maize starch in Thailand

In kind, 2017-2020, K t

Thailand was among the world's leading producers of maize starch from 2017 to 2020, ranking 27th globally by production volume.

Top producers of maize starch, 2017-2020

World map of production of maize starch, 2017-2020

Thailand's maize starch production increased for the third consecutive year. In 2020, the country produced 117.0 K t of maize starch, representing a robust 23.1% increase over the previous year. Between 2017 and 2020, production grew by 47.4%, equating to an annualized rate of 13.8%.

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

In value, 2017-2020, K $ US

Thailand's maize starch production value rose for the third consecutive year. In 2020, the output was valued at 83 749 K $ US, indicating a gain of 31.5% relative to the prior year. Between 2017 and 2020, production value increased by 67.7%, equating to an annualized rate of 18.8%.

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

Exports maize starch from Thailand

Exports in kind, t

After a two-year decline, Thailand's cross-border shipments of maize starch increased. In 2020, exports amounted to 520 t, showing an uptick of 2.6% compared to 2019. Over the period 2017-2020, exports decreased by 20.9%, with a compound annual growth rate of -7.5%. The minimum value was recorded in 2019 at 506 t, while the largest decline occurred in 2018 at 15.6%.

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

Throughout 2017–2020, Vietnam and Bangladesh remained the principal destinations for Thailand's maize starch exports in kind, jointly accounting for 84.7% of total flows. Other partners each held significantly smaller shares.

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

After a two-year decline, Thailand's foreign maize starch supplies increased. In 2020, exports reached 372 K $ US, up by 9.6% from a year earlier. Between 2017 and 2020, exports decreased by 10%, equating to an annualized rate of -3.5%. The minimum value was recorded in 2019 at 340 K $ US, while the largest decline occurred in 2018 at 16.5%.

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

In 2017–2020, Vietnam (64.8% of exports in value terms), Bangladesh (13.1% of exports in value terms), and South Korea (3.5% of exports in value terms) were the principal destinations for Thailand's maize starch exports in value terms, jointly accounting for 81.4% of total 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 maize starch to Thailand

Imports in kind, t

Thailand's maize starch import volumes increased for the third consecutive year. In 2020, imports totalled 48 864 t, which is 66.0% higher year-over-year. Over the period 2017-2020, imports grew by 368.4%, with a compound annual growth rate of 67.3%.

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

Over 2017–2020, China (45.2% of imports in kind), Indonesia (5.3% of imports in kind), and Italy (5.3% of imports in kind) were the primary suppliers of maize starch to Thailand, jointly accounting for 55.9% of total imports in kind.

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

Thailand's maize starch import values increased for the third consecutive year. In 2020, the country imported 23 646 K $ US of maize starch, amounting to a dramatic rise of 67.4% from 2019. Between 2017 and 2020, import values grew by 344.2%, equating to an annualized rate of 64.4%.

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

During 2017–2020, maize starch was supplied to Thailand from many different markets. Even the largest destinations — China, Italy, and the United States — together represented only 48.5% of total imports in value terms.

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

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