Milk and cream market in Thailand

Earlier Report Observations

The market for milk and cream in Thailand expanded to 1 369 thousand tons in 2019 but subsequently contracted over the following three years. This decline was largely attributable to the COVID-19 pandemic, which weakened consumer spending power and created supply chain challenges, leading to a 4% reduction in market volume by 2022.

A recovery emerged in 2023, with market volume increasing to 1 299 thousand tons. This growth was facilitated by government policy, specifically the exemption of pasteurized and UHT milk from value-added tax, which aimed to stimulate domestic consumption. During this period, evolving health trends also encouraged major companies like Thai-Denmark to introduce new products such as drinking yogurt, catering to shifting consumer preferences.

Production milk and cream in Thailand

In kind, 2017-2020, K t

Top producers of milk and cream, 2017-2020

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

Thailand's milk and cream production volume has increased for the third consecutive year. In 2020, Thailand produced 1 422 thousand tonnes of milk and cream, representing a 1.6% year-over-year increase. Between 2017 and 2020, production grew by 12.4%, which translates to an annualized growth rate of 4.0%.

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

In value, 2017-2020, M $ US

After two years of growth, Thailand's milk and cream production volume declined. In 2020, the output of milk and cream was valued at 1 977 million US dollars in Thailand, marking a significant decline of 17.3% year-over-year. Over the period from 2017 to 2020, production increased by 4.7%, with a compound annual growth rate of 1.5%. The maximum value was recorded in 2019 at 2 391 million US dollars, which also saw the largest increase of 12.9%.

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

Exports milk and cream from Thailand

Exports in kind, t

The data shows irregular changes, indicating a volatile market environment. Exports reached their lowest point in 2017 and peaked in 2020, with a threefold difference between these years. In 2020, Thailand exported 88 405 tonnes of milk and cream, constituting a steep gain of 188.0% compared to the previous year. The largest decline was recorded in 2019 at 3.5%.

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

From 2017 to 2020, two markets—Cambodia and Singapore—played the leading roles in exports in kind, together accounting for 92.6% of total flows, while the rest was distributed among other destinations.

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

Thailand's volume of milk and cream exports has increased for the third consecutive year. In 2020, exports amounted to 122.9 million US dollars, up by 134.3% compared to the previous year. Over the period from 2017 to 2020, exports increased by 181.8%, with a compound annual growth rate of 41.3%.

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

From 2017 to 2020, Cambodia took the dominant position in exports in value terms, accounting for 77.8% of total flows, whereas the remaining share was split among various smaller destinations.

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

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

Imports milk and cream to Thailand

Imports in kind, t

There were noticeable fluctuations in market performance during the period. The lowest volume was recorded in 2019, while the highest was reached in 2020, with a peak-to-trough ratio of 63 times. In 2020, milk and cream deliveries to Thailand totalled 3 627 tonnes, amounting to a sudden advance of 6,158.2% versus the previous year. The minimum value was recorded in 2019 at 58 tonnes, which also saw the largest decline of 98.2%.

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

From 2017 to 2020, the country structure of imports in kind was strongly focused on New Zealand, whose share reached 78.1% of total flows, with other partners accounting for the remaining volume.

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

The data reveals irregular changes, indicating a volatile market environment. Volumes dropped to a minimum in 2019 and climbed to their maximum in 2018, with a 286-fold shift. In 2020, milk and cream volumes in Thailand amounted to 9.8 million US dollars, which is 26,665.0% above the 2019 level. The minimum value was recorded in 2019 at 0.0 million US dollars, which also saw the largest decline of 99.7%, while the maximum value was recorded in 2018 at 10.5 million US dollars.

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

From 2017 to 2020, New Zealand took the dominant position in imports in value terms, accounting for 79.7% of total flows, whereas the remaining share was split among various smaller destinations.

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

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