Thailand Potato Starch Market: Import Trend Analysis
Thailand import trend for potato starch from 2023 to 2024 experienced a decline with a growth rate of -4.72%. The compound annual growth rate (CAGR) for the period 2020-2024 stood at 0.05%. This decline could be attributed to shifting consumer preferences, changes in trade policies, or market saturation affecting import momentum and market stability.
Potato Starch Market: Thailand vs Top 5 Major Economies in 2027 (Asia)
The Potato Starch market in Thailand is projected to grow at a stable growth rate of 2.84% by 2027, highlighting the country's increasing focus on advanced technologies within the Asia region, where China holds the dominant position, followed closely by India, Japan, Australia and South Korea, shaping overall regional demand.
Thailand Potato Starch Market Synopsis
The potato starch market in Thailand is estimated to be worth around $36 million USD in 2020. It has grown steadily over the last five years due to increasing demand from bakeries and confectionery manufacturers as well as food processors who use potato starch for thickening agents or emulsifiers which helps bind ingredients together while maintaining texture. The market size is expected to grow further during the forecast period at a CAGR of 4%, primarily driven by increased demand from processed food industry applications such as soups, sauces and ready meals.
Drivers of the Market
The Thailand potato starch market pertains to the production and utilization of starch extracted from potatoes. Drivers in this market include its application as a gluten-free alternative to wheat-based starches, increased demand for convenience foods, and its versatility in various food products.
Challenges of the Market
In the Thailand potato starch market, challenges could include the need to secure a stable supply of potatoes for starch extraction, given the perishable nature of the raw material. Additionally, promoting the versatility of potato starch and exploring its applications beyond the food industry might pose challenges.
Trends & Oppourtunites of the Market
With the rise in demand for gluten-free and clean-label products, the potato starch market in Thailand offers an opportunity for growth. Businesses can focus on providing high-quality potato starch as an alternative ingredient for various food applications.
COVID-19 Impact on the Market
The Thailand potato starch market encountered challenges due to disruptions in supply chains and decreased demand from sectors such as food processing and manufacturing. As consumer behavior shifted, the market adjusted to new patterns of consumption, particularly in retail segments. The recovery of the market hinged on the reopening of various industries and the return of normal trade activities.
Key Players in the Market
In the Thailand potato starch market, companies like Siam Modified Starch Co., Ltd., play a vital role in producing potato-based starch used in various industries, including food and textiles.
Key Highlights of the Report:
- Thailand Potato Starch Market Outlook
- Market Size of Thailand Potato Starch Market, 2023
- Forecast of Thailand Potato Starch Market, 2030
- Historical Data and Forecast of Thailand Potato Starch Revenues & Volume for the Period 2020-2030
- Thailand Potato Starch Market Trend Evolution
- Thailand Potato Starch Market Drivers and Challenges
- Thailand Potato Starch Price Trends
- Thailand Potato Starch Porter's Five Forces
- Thailand Potato Starch Industry Life Cycle
- Historical Data and Forecast of Thailand Potato Starch Market Revenues & Volume By Nature for the Period 2020-2030
- Historical Data and Forecast of Thailand Potato Starch Market Revenues & Volume By Organic for the Period 2020-2030
- Historical Data and Forecast of Thailand Potato Starch Market Revenues & Volume By Conventional for the Period 2020-2030
- Historical Data and Forecast of Thailand Potato Starch Market Revenues & Volume By End-users for the Period 2020-2030
- Historical Data and Forecast of Thailand Potato Starch Market Revenues & Volume By Textile & Paper for the Period 2020-2030
- Historical Data and Forecast of Thailand Potato Starch Market Revenues & Volume By Food & Beverages for the Period 2020-2030
- Historical Data and Forecast of Thailand Potato Starch Market Revenues & Volume By Pharmaceuticals for the Period 2020-2030
- Thailand Potato Starch Import Export Trade Statistics
- Market Opportunity Assessment By Nature
- Market Opportunity Assessment By End-users
- Thailand Potato Starch Top Companies Market Share
- Thailand Potato Starch Competitive Benchmarking By Technical and Operational Parameters
- Thailand Potato Starch Company Profiles
- Thailand Potato Starch Key Strategic Recommendations
